1147 Marion Street
Five-unit brick apartment building in Denver's Cheesman Park neighborhood, offered at $995,000 at a 6.41% cap rate ($63,784 NOI). Built in 1902, the 2,768 SF Victorian structure sits on a 4,687 SF lot and is fully occupied with five 1-bed/1-bath units renting at $1,352 per month. The property generates supplemental income from garage rental ($3,000 annually) and parking ($4,800 annually), providing immediate cash flow with near-term upside as leases roll to market rates.
Located on Marion Street just west of Cheesman Park, the property sits in one of Denver's most walkable neighborhoods (Walk Score 89, Bike Score 96). The area centers on the 80-acre Cheesman Park with its expansive lawns, jogging trails, and neoclassical pavilion, and borders the Denver Botanic Gardens to the east. The surrounding Capitol Hill district features casual pizzerias, coffeehouses, and craft-cocktail bars, with strong public transit access (Transit Score 54). The trade area is anchored by nearby retail, restaurants, and cultural attractions, drawing residents and visitors year-round.
The building is well-maintained with forced-air HVAC, pitched roof, and three dedicated off-street parking spaces. Current financials show $89,064 in gross rental income against $25,280 in expenses, yielding $15,492 in before-tax cash flow on a 35% down payment. Pro forma analysis projects a 6.51% cap rate with 4.7% cash-on-cash return. Recent comparable sales in the neighborhood range from $189,286 to $220,000 per unit and $198 to $399 per SF, positioning this property at $199,000 per unit and $359 per SF.
- Five 1-bed/1-bath units, 100% occupied at $1,352/month
- Supplemental income from garage rental and parking
- Historic Victorian charm with forced-air HVAC and on-site parking
- Prime Cheesman Park location with Walk Score 89, Bike Score 96
- 6.41% cap rate, $63,784 NOI; immediate cash flow with lease upside
More property details
Features & amenities
Location
Located in the Cheesman Park neighborhood of Denver, a tranquil residential area centered on its namesake green space with expansive lawns, shady jogging trails, and a dramatic neoclassical pavilion. The area features casual pizzerias, relaxed coffeehouses, and hip craft-cocktail bars. Just east of the park, Denver Botanic Gardens features themed areas and an amphitheater for popular summer concerts. Walkers, runners, and cyclists enjoy views of downtown and the amazing homes that encircle the park.
- Walk Score 89 (Very Walkable), Transit Score 54 (Good Transit), Bike Score 96 (Biker's Paradise). Adjacent to Cheesman Park and Denver Botanic Gardens.
Additional details
Capitol Hill / Cheesman Park neighborhood in Denver, CO. Comparable sales show price/unit range of $189,286–$220,000 and price/SF range of $198–$399. Subject property priced at $199,000/unit and $359/SF.
Confidential Offering Memorandum prepared by NorthPeak Commercial Advisors, LLC. Prospective buyers should perform independent examination and inspection. NorthPeak Commercial Advisors makes no guarantee, warranty, or representation about completeness or accuracy. Information based on assumptions relating to general economy and market factors beyond control of NorthPeak and property owner. Not intended as promise or representation of future performance.
Offering Memorandum and contents intended to remain confidential. Recipient agrees not to photocopy, duplicate, or distribute without prior written authorization from NorthPeak Commercial Advisors. Use limited to evaluating interest in the property.