RentalCalcs · Denver metro · reviewed 2026-10-19

Denver apartment evidence and buyer worksheet

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Property address, municipality, county and legal units

1. Match the source before choosing a cap

This is one Denver–Aurora–Centennial metro report, identified by CBSA 19740. The cited publishers define their own Denver inventories; a verified county-by-county crosswalk is unavailable. Their statistics are not asserted to cover exactly the CBSA, Denver city or every Aurora property. No neighborhood cap is inferred.

Comparable closing date / price / property formatTrailing or forward NOI; buyer cost adjustmentsPublisher source / period / inventory / statisticCap = annual comparable NOI ÷ price × 100; limitations

2. Build a renewal and competing-opening calendar

Six renewals with one free month at $1,600 each would remove $9,600 from a budget that assumed those months were fully paid. This incremental stress is applied after the baseline 8% loss; do not add it if the baseline already includes those exact concessions.

Subject units expiring by monthCompetitor address, units available, opening or approval stageFace rent, free months and total lease considerationRenewal receipts, concessions and arrears; avoid double loss

Downtown and the Ball Arena district: approval has a different clock from lease-up

Obtain the project's permit/start status and delivery schedule; ask competing buildings for move-in availability and full lease consideration. Separate approval, construction, opening and stabilized occupancy in the worksheet.

Document obtained, date and unresolved item

Aurora versus Denver: compare the apartment first, then identify its regulator

Verify municipality and county from the parcel record. Obtain the applicable rental approvals, legal unit count, meter map, owner utility bills and component inspection. Keep recurring maintenance outside initial capital work.

Document obtained, date and unresolved item

Stabilized older apartments versus recent lease-ups: collected rent controls the recovery

Request monthly rent rolls, concessions, receipts and turn invoices for a trailing year. Match competing units by bedrooms, condition and utility charges; inspect roofs and mechanical systems before pricing an exit.

Document obtained, date and unresolved item

3. Reconcile annual buyer NOI

Scheduled rent ($/year)Other recurring income ($/year)Vacancy, concessions and collection loss ($/year)Effective income ($/year)Buyer property taxes ($/year)Commercial insurance ($/year)Management ($/year)Recurring repairs ($/year)Owner utilities ($/year)Administration and contracts ($/year)NOI = effective income − recurring costs ($/year)

Use the assessor for the actual county and acquisition year, with the relevant assessed value, classification and district levies. A statewide assessment ratio is not a tax rate and the seller's tax line is not automatically the buyer's. Obtain commercial insurance terms, deductibles and exclusions, utility responsibility, inspection and funded replacement work. Within Denver city, verify the rental license and ownership-change steps with the official program; other municipalities require their own check.

4. Debt, work and cash

Purchase price ($)Loan ($), quoted rate (%) and amortization (years)Annual amortizing debt service ($)Replacement reserve below NOI ($/year)Closing, initial capital work and initial reserve deposit ($)Invested cash = price − loan + closing + work + deposit ($)Cash = NOI − debt service − annual reserves ($/year)DSCR before and after reserves; debt yield; cash-on-cashTotal acquisition cost = price + closing + work ($)NOI ÷ total acquisition cost × 100 (%)

5. Combine lower income and a wider exit

Baseline entry cap and source justification (%)Exit NOI after incremental concessions/costs ($/year)Exit cap (%); cumulative versus annual NOI growthGross value = exit NOI ÷ (exit cap ÷ 100) ($)Payoff, sale costs and taxes to deduct ($)What evidence would invalidate this case?

Same reference acquisition as the report

Hypothetical 20 × $1,600 × 12 = $384,000 scheduled rent. Loss $30,720 leaves $353,280; recurring expenses $178,280 leave $175,000 NOI. Price $2,500,000; entry 7.00%. Annual debt $104,291 at assumed 6.5% / 30 years on $1,375,000. Reserve $12,000; cash $58,709. Invested cash $1,350,000 includes closing $75,000 and initial work $150,000; no initial reserve deposit assumed.

DSCR 1.68× before and 1.56× after reserves; debt yield 12.73%; cash-on-cash 4.35%. Yield on price + closing + work 6.42%. A $9,600 incremental concession miss reduces NOI to $165,400; at 8% exit, gross value is $2,067,500. No selling cost, tax, payoff or interim income in this gross value.

Sources and refresh policy. Generated from denver-2026-10-19-v1; benchmark binding colorado-2026-10-19-v1. Rebuild after reviewed input changes.