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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1380 Mississippi Ave Denver, CO 80223-3057

    • Garden apartment buildings
    • 13,560 SF
    • 0.43 lot acres
    OFF-MARKET
    Last Sale
    Apr 12, 2022
    $4,300,000
    Value Estimations
    $4,140,000
    Show details
    Cap Rate Potential
    4.9%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US13-1119127
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • MOD Prop - 1380 W Mississippi Avenue Apartments / Apartment Building

    Property Details for 1380 Mississippi Ave

    Year built
    1982
    Construction
    WOOD
    Lot size
    0.43 lot acres
    Property size
    13,560 SF
    Zone code
    G-MU-5
    Property type
    Garden apartment buildings
    APN
    05211-06-023-000
    APU
    521106023000

    Description

    This exceptional multifamily property at 1380 W Mississippi Avenue in Denver, CO, presents a rare investment opportunity. Boasting 13,560 square feet on a 0.43-acre lot, this 1980s-constructed building offers a compelling 6.65% current capitalization rate. Recent upgrades include a newer roof, windows, and electrical panels, minimizing immediate capital expenditure needs. Currently experiencing a low 5.55% vacancy rate, this property presents immediate upside potential through rental increases, with proforma rents already being achieved. The strong neighborhood demographics, featuring an average household income exceeding $107,560 within a two-mile radius, ensure consistent demand. Its strategic location provides easy access to major transportation arteries, including I-25, US Hwy 85, and the Broadway Light Rail Station, placing it within close proximity to the Gates District Redevelopment, Downtown Denver, the Denver Tech Center, and the Rocky Mountains. Furthermore, the property enjoys walkability to public transportation, parks, restaurants, and various employment centers. Priced at $4,025,000, this property offers a strong return on investment and significant long-term growth potential. Don't miss this chance to acquire a well-maintained, high-performing multifamily asset in a thriving Denver neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,215,000
      ML approach
      $4,075,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,430,000
      6.5%
      $3,170,000
      7%
      $2,940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,818,000
      Market price range: $3.40M - $5.46M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $4,280,000
      Current use
      RESTAURANT
      $5,545,000
      Change: +30% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $5,430,000
      Change: +27% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,400,000
      Change: +3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,390,000
      Change: +3% Conversion: Moderate
      RETAIL STORES
      $4,360,000
      Change: +2% Conversion: Difficult
      MEDICAL BUILDING
      $4,115,000
      Change: -4% Conversion: Moderate
      OFFICE BUILDING
      $3,990,000
      Change: -7% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Denver
    County
    Denver
    State
    Colorado
    Longitude
    -105.004
    Latitude
    39.6964
    CBSA code
    19740
    CBSA name
    DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,936
    $15,430
    $293,480
    $308,910
    -
    $285,300
    $4,380,300
    $4,665,600

    Comparable in this City

    • Value Estimation
      $49,430,000
      196,755 SF

      1805 Bannock St, Unit 1875

      GARDEN APT, COURT APT (5+ UNITS) • 196,755 SF
      1805 Bannock St, Denver, CO 80223-3636
      View Details
    • Value Estimation
      $735,000
      4,560 SF

      1131 Navajo St

      GARDEN APT, COURT APT (5+ UNITS) • 4,560 SF
      1131 Navajo St, Denver, CO 80223-3016
      View Details
    • Value Estimation
      $640,000
      3,404 SF

      1159 Raritan St

      GARDEN APT, COURT APT (5+ UNITS) • 3,404 SF
      1159 Raritan St, Denver, CO 80223-2943
      View Details
    • Value Estimation
      $8,955,000
      35,598 SF

      2315 Virginia Ave, Unit 2395

      GARDEN APT, COURT APT (5+ UNITS) • 35,598 SF
      2315 Virginia Ave, Denver, CO 80223-1946
      View Details
    • Value Estimation
      $520,000
      1,456 SF

      2216 Cherokee St

      GARDEN APT, COURT APT (5+ UNITS) • 1,456 SF
      2216 Cherokee St, Denver, CO 80223-4134
      View Details
    • Value Estimation
      $625,000
      1,328 SF

      2390 Cherokee St

      GARDEN APT, COURT APT (5+ UNITS) • 1,328 SF
      2390 Cherokee St, Denver, CO 80223-4317
      View Details

    Similar Nearby for Sale

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      Denver Multifamily Property Sold

      Seven-unit multifamily property in Denver, recently sold.
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    • $3,700,000
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      Denver Apartment Building Just Sold

      24-unit apartment building in Denver, sold at 5.99% CAP.
      1400 W Mississippi Ave, Denver, CO 80223
      View Details
    • $3,200,000
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      SoBo 42: Denver Multifamily Development

      Fully entitled 42-unit apartment building, Denver.
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    • $10,500,000
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      Denver Apartment Community For Sale

      51-unit apartment community in Denver with updated electrical panels.
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    Similar Nearby for Lease

    • $5,000 /Mo
      3,100 SF

      Unique Creative Space with Patio

      Cool property with superior corner location, high ceilings, and patio.
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      View Details
    • $14 SF/Yr
      2,662 SF

      Denver Industrial Space For Lease

      2,662 SF industrial space with new build-out in 2024.
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      View Details
    • $12 SF/Yr
      1,355 SF

      Warehouse Space with Drive-In Door

      Warehouse space featuring a drive-in door and exhaust vent.
      2101-2125 South Platte River Dr, Denver, CO 80223
      View Details
    • $15 SF/Yr
      8,496 SF

      Santa Fe Drive Retail/Showroom Space

      8,496 SF retail/showroom with warehouse space on Santa Fe Drive.
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      View Details
    • $9 SF/Yr
      15,142 SF

      Denver Warehouse Space Available

      15,142 SF warehouse space for lease in Denver.
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      View Details
    • $30 SF/Yr
      5,696 SF

      Renovated Office Space Available

      Office space in a renovated industrial warehouse with amenities.
      1401 Zuni St, Denver, CO 80223
      View Details
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    1380 Mississippi Ave
    Denver, CO 80223-3057
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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