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Property profile & analytics
OFF-MARKET
Estimated value
$195,765,000
Office buildings
1515 Arapahoe St Denver, CO 80202-3150
Trust Owned
12-yr Hold
~
Est. High Equity
Property ID
US13-0947119
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1985
Construction
STEEL FRAME
Total area
572,915 SF
Lot
1.52 ac (66,400 SF)
Zoning code
D-TD
APN
02345-34-029-000
UPID
US13-0947119
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Tick Stephen D Law Firm
-
Park Central Parking - ParkChirp Parking Lot & Garage
-
Jarcom Television Television Studio Media Distribution
-
one belleview station Gas Station
-
MarkWest Energy Partners, L.P. Gas Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$137.76M
Comparable Approach
Comparable
$242.58M
Blend (final)
Blend
$195.77M
Owner & transaction history
Trust Park Central LLC · 12 yrs held
Trust Park Central LLC
since 2014
Last sale
$212.9M
7 recorded transactions
Zoning & alternative use
D-TD · Denver, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$234.3M
+9.2%
Auto repair, garage
$229.5M
+7.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Denver submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Denver submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$172,785,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$149,235,000
6.5%
$137,755,000
7%
$127,915,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$214,545,000
Current use
RESTAURANT
$234,305,000
Change: +9% · Conversion: Moderate
AUTO REPAIR, GARAGE
$229,470,000
Change: +7% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$185,945,000
Change: -13% · Conversion: Difficult
COMMERCIAL (GENERAL)
$185,435,000
Change: -14% · Conversion: Easy
RETAIL STORES
$184,250,000
Change: -14% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$178,095,000
Change: -17% · Conversion: Easy
MEDICAL BUILDING
$173,965,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$195.77M
Range $176.19M – $215.34M · ±10% · vs last sale $212.85M (Feb 28 2025)
Last sale anchor
$212.85M
Feb 28 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$342 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$3,477,242
Tax year 2023
Assessed value
$43,011,870
Assessed 2023
Previous assessed
$47,442,700
-9.3% YoY
Effective rate
8.08%
On assessed value
Assessed land
$6,475,590
Assessed improvement
$36,536,280
Land market value
$23,240,000
Improvement market value
$130,954,400
Total market value
$154,194,400
Applied tax rate
320.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1985
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
CENTRAL
Buildings
2
Stories
16
Units
5
Total area
572,915 SF
Lot
1.52 ac (66,400 SF)
Zoning code
D-TD
APN
02345-34-029-000
UPID
US13-0947119
Jurisdiction
DENVER
Zoning & alternative use
D-TD · Denver, CO
Zoning D-TD · permitted uses
D-TD · Denver, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Denver. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$214.5M
RESTAURANT
Est. value
$234.3M
AUTO REPAIR, GARAGE
Est. value
$229.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$185.9M
COMMERCIAL (GENERAL)
Est. value
$185.4M
RETAIL STORES
Est. value
$184.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$178.1M
MEDICAL BUILDING
Est. value
$174.0M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1985
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
16
Buildings
2
Units
5
Lot
1.52 ac
Current owner
From public records · entity-resolved
Trust Park Central LLC
Trust
Mailing address
1515 ARAPAHOE ST STE T2-115, DENVER, CO 80202-3150
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2019
—
Trust Park Central LLC
—
Grant Deed
related
$110,100,000 · Mesa W R/e Income Fund IV LLC
May 2, 2014
$212,850,000
Trust Park Central LLC
Wsc 1515 Arapahoe Invtrs V LLC
Grant Deed
—
Sep 11, 2012
—
Wsc 1515 Arapahoe Invtrs V LLC
—
Deed Of Trust
related
$127,800,000 · Aareal Cap Corp
May 6, 2011
—
Wsc 1515 Arapahoe Invtrs V LLC
—
Deed Of Trust
related
$115,000,000 · Us Bank NA Series 2007-c2 (ce)
Jan 11, 2007
$140,000,000
Wsc 1515 Arapahoe Invtrs V LLC
Park Central Property LLC
Deed Of Trust
$115,000,000 · Column Financial INC
Sep 3, 2004
—
Park Central Property LLC
—
Deed Of Trust
related
$65,250,000 · Gmac Commercial Mortgage Bank
Aug 10, 2001
$8,160
Park Central Property LLC
Park Central Denver INC
Grant Deed
related
—
—
—
Trust Park Central LLC
—
Deed Of Trust
related
$107,500,000 · New York Life Insurance
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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