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1340 Race St 7 Unit Apartment Building $1,265,000 ($180,714/Unit) 3.32% Cap Rate Denver, CO 80206
INVESTMENT HIGHLIGHTS
- TIMELESS ELEGANCE - BEAUTIFUL TURN OF THE CENTURY VICTORIAN HOME STEPS AWAY FROM CHEESMAN PARK AND LESS THAN HALF A MILE TO BOTH CITY & CONGRESS PARK
- RECENT UPGRADES - RECENT CAPITAL EXPENDITURES INCLUDE THE ROOF, BOILER, HOT WATER HEATER, AND TUCKPOINTING
- VALUE ADD OPPORTUNITY - OPPORTUNITY TO ADD PAID WASHERS AND DRYERS, CHARGING UTILITY BILL BACKS, AND CHARGING FOR PARKING
- PRIME LOCATION - CLOSE PROXIMITY TO COLFAX FOR QUICK 10 MINUTE DRIVE TO DOWNTOWN DENVER
- INCOME GENERATING POTENTIAL - POTENTIAL TO COMPLETE AND REACTIVATE THE BASEMENT, WHICH WAS PREVIOUSLY UTILIZED AS A RENTAL
EXECUTIVE SUMMARY
This property offers investors a rare opportunity to acquire a turn-of-the-century Victorian apartment building in one of Denver’s most desirable urban neighborhoods. Located just steps from Cheesman Park and within walking distance to both City and Congress Parks, the asset sits in a high-demand rental corridor with strong long-term
fundamentals. Built in 1898, the property consists of six existing units— two 1-bedroom units and four large, “bedroom-separated” studios—providing flexible leasing options for tenants seeking vintage charm and functional layout spaces. A previously occupied basement unit presents an immediate path to increase unit count and NOI by bringing the 7th unit back online. The current owner has completed several major capital improvements including a new roof, boiler, hot water heater, and tuckpointing—offering new ownership limited deferred maintenance. Additional revenue opportunities include billing back utilities, monetizing parking, and adding coin or app-operated laundry. With close proximity to Colfax Avenue transit routes and only a 10-minute drive to Downtown Denver, 1340 Race represents a rare chance to acquire a stabilized core asset with clear upside in a supply-constrained submarket.
fundamentals. Built in 1898, the property consists of six existing units— two 1-bedroom units and four large, “bedroom-separated” studios—providing flexible leasing options for tenants seeking vintage charm and functional layout spaces. A previously occupied basement unit presents an immediate path to increase unit count and NOI by bringing the 7th unit back online. The current owner has completed several major capital improvements including a new roof, boiler, hot water heater, and tuckpointing—offering new ownership limited deferred maintenance. Additional revenue opportunities include billing back utilities, monetizing parking, and adding coin or app-operated laundry. With close proximity to Colfax Avenue transit routes and only a 10-minute drive to Downtown Denver, 1340 Race represents a rare chance to acquire a stabilized core asset with clear upside in a supply-constrained submarket.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$105,300
|
$19.60
|
| Other Income |
$15,730
|
$2.93
|
| Vacancy Loss |
$5,265
|
$0.98
|
| Effective Gross Income |
$115,765
|
$21.55
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$29,888
|
$5.56
|
| Net Operating Income |
$85,877
|
$15.98
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $105,300 |
| Annual Per SF | $19.60 |
| Other Income | |
|---|---|
| Annual | $15,730 |
| Annual Per SF | $2.93 |
| Vacancy Loss | |
|---|---|
| Annual | $5,265 |
| Annual Per SF | $0.98 |
| Effective Gross Income | |
|---|---|
| Annual | $115,765 |
| Annual Per SF | $21.55 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $29,888 |
| Annual Per SF | $5.56 |
| Net Operating Income | |
|---|---|
| Annual | $85,877 |
| Annual Per SF | $15.98 |
PROPERTY FACTS
| Price | $1,265,000 | Apartment Style | Low-Rise |
| Price Per Unit | $180,714 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.32% | Building Size | 5,373 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1898 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Zoning | G-MU-3 | ||
| Price | $1,265,000 |
| Price Per Unit | $180,714 |
| Sale Type | Investment |
| Cap Rate | 3.32% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 5,373 SF |
| No. Stories | 3 |
| Year Built | 1898 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | G-MU-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Fireplace
- Microwave
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Stainless Steel Appliances
- Range
- Wi-Fi
- Yard
- Family Room
- Freezer
- Garden
- Lawn
- Porch
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Wi-Fi
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 1+1 | 3 | - | - |
1 of 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5021-14-007 | Improvements Assessment | $55,950 (2024) |
| Land Assessment | $28,070 (2024) | Total Assessment | $84,020 (2024) |
PROPERTY TAXES
Parcel Number
5021-14-007
Land Assessment
$28,070 (2024)
Improvements Assessment
$55,950 (2024)
Total Assessment
$84,020 (2024)
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1340 Race St
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