3233-3249 Steele St 6 Unit Apartment Building $2,088,754 CAD ($348,126 CAD/Unit) 6.97% Cap Rate Denver, CO 80205

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.