3233-3249 Steele St - Apartments FOR SALE


Denver, CO 80205- Clayton
$1,495,000 USD
720-495-2412
3233-3249 Steele St, Denver, CO for Sale
$1,495,000 USD
Apartments - FOR SALE
1/20
null | 6.97% Cap Rate

3233-3249 Steele St
Denver, CO 80205
Clayton


HIGHLIGHTS

  • Unit mix of (5) 2br/1ba and (1) 3br/1ba ranging from 900-1100 SF
  • No Shared Walls - Corner-Connected Units with Windows on All Sides, Great Natural Light, Added Privacy
  • Individually Metered for Gas & Electric
  • Shared Laundry Room (opportunity to convert to paid machines for additional income)
  • 6 Off-Street Spaces + 4 Individual Garages (income-producing)
  • Recent Capital Improvements (New Furnaces & Water Heaters, Plumbing Updates, Exterior Paint, Concrete Replacement)

OVERVIEW

Opportunities with this combination of land size, unit size, and long-term flexibility are exceptionally hard to find in Denver, especially for this price. Sitting on an extraordinary 16,600 sq ft lot, this 6-unit multi-family property features large 2 and 3 bedroom layouts ranging from 900 to 1,000 sq ft, offering far more livability, privacy, and tenant retention than typical multifamily buildings. Each unit connects only at the corners, meaning no shared walls, windows on all sides, abundant natural light, and a level of privacy that is almost unheard of in a 6-unit asset. The massive lot provides extensive outdoor space, including detached garages, off-street parking for every unit, and a large fenced yard, making this property feel more like a small residential community than a standard multifamily. All units are individually metered for gas and electric, helping keep expenses low and NOI strong. Recent improvements include new furnaces, new water heaters, new gutters, plumbing upgrades, exterior paint, and concrete replacement, creating a profitable and stable asset today with meaningful room for additional income growth through unit improvements, laundry income, garage income, adding ADUs, and light cosmetic enhancements. Located just minutes from City Park, City Park Golf Course, the Denver Zoo, and the Museum of Nature & Science, the surrounding area is filled with newer builds and renovated homes, reinforcing long-term neighborhood value. With U-RH-2.5 zoning and one of the largest multifamily parcels in the neighborhood, this site offers exceptional redevelopment flexibility including the potential for up to 10 townhomes, up to 12 small apartments, or adding ADUs to the existing structure, subject to city approval. Combined with strong in-place income, multiple growth pathways, and a formal appraisal of $1,900,000, Steele Street stands out as one of the most versatile and compelling multifamily opportunities available in Denver for this price.

FOR SALE DETAILS

PRICE

$1,495,000 USD

PRICE/SF

$255 USD /SF

# OF UNITS

6

PRICE/UNIT

$249,167

CAP RATE

6.97%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1951

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.38 AC

LAND SF

16,601 SF

ZONING

U-RH-2.5

APN/PARCEL ID

2251-46-001

ASK ABOUT THIS PROPERTY

Jay PetersonWest Peak PropertiesMore Info
720-495-2412

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Jay PetersonWest Peak PropertiesMore Info
720-495-2412

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.