Updated Duplex with Attached
For Sale
$365,000
603 S Carriage Dr, Milliken, CO 80543
Residential, Milliken, CO
Property Size1,370 SF
Lot Size0.14 Acres
Price / SF$266.42
Days on Market51
Property Features for 603 S Carriage Dr
General Information
Property type
Residential
Property subtype
Duplex
Zoning
PUD
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 2
Parking features
Open
Window features
Window Coverings
Interior features
Eat-in Kitchen, Open Floorplan, Kitchen Island
Fencing
Fenced
Fireplace
1
Appliances
Gas Range, Dishwasher, Refrigerator, Microwave, Disposal, Fire Alarm
Subdivision
Settlers Village
Lot features
Paved, Curbs, Gutters, Sidewalks, Street Light, Fire Hydrant within 500 Feet
Elementary school
Milliken
Middle school
Roosevelt
High school
Roosevelt
Elementary school district
Weld RE-5J
Middle school district
Weld RE-5J
High school district
Weld RE-5J
Directions
From CO-60. Turn onto Centennial Dr (South). Turn right onto S Trailblazer Ln. Turn left at the 2nd cross street onto Carriage Dr. Destination will be on the right.
Standard status
Active
APN
R0804501
Size
1,370 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2481
HOA Fee
$200 Annually
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Amenities
gas fireplace
fully fenced backyard
Building Details
Year built
2004
Floors in Building
1
Building materials
Stone, Composition
Roof type
Composition
Listing Agency:
Group Mulberry
(970) 221-0700
Listed By:
Rondi DuPont
(970) 401-0123
Added: Aug 6
Changed: Sep 15
Last Checked: Sep 25 at 7:06AM
MLS# 1065889
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This updated duplex in Milliken offers a three-bedroom, two-bath residential layout with refreshed finishes and practical living spaces. The interior includes new LVP flooring and trim, an open floorplan, an eat-in kitchen, and a gas fireplace in the living room. The renovated kitchen is equipped with quartz countertops, an island, tile backsplash, and 2025 stainless steel appliances. Both bathrooms feature quartz counters.
The property includes 1,370 square feet on a 0.14-acre lot, an attached two-car garage, and a fully fenced backyard. A Class 4 composition roof provides a recent exterior improvement, while forced-air heating, central air, and ceiling fans serve the home. Public sewer is available, and the property is zoned PUD. Located in Milliken, Colorado, the duplex was built in 2004.
The property includes 1,370 square feet on a 0.14-acre lot, an attached two-car garage, and a fully fenced backyard. A Class 4 composition roof provides a recent exterior improvement, while forced-air heating, central air, and ceiling fans serve the home. Public sewer is available, and the property is zoned PUD. Located in Milliken, Colorado, the duplex was built in 2004.
Key Highlights
- Duplex with 3 bedrooms and 2 bathrooms
- 1,370 square feet on a 0.14‑acre lot
- Renovated kitchen with quartz counters, island, tile backsplash, and 2025 stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,767
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$315,340
$315.3K
Cap Rate 7%
$225,243
$225.2K
Cap Rate 9%
$175,189
$175.2K
Market Conditions
NOI Build-Up for 1,370 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.8K $17.40/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$22.5K $16.44/SF
− OpEx
−$6.8K −$4.93/SF
NOI
$15.8K $11.51/SF
Area
Weld County, CO
Vacancy
5.51%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$315,340
Cap Rate 7%
$225,243
Cap Rate 9%
$175,189
Alternative Uses
Best Use
Multifamily LT 5
$225.2K
$197.1K – $262.8K
NOI $15,767 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$206.9K
$181.0K – $241.3K
NOI $14,480 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office B
$249.7K
$218.5K – $291.3K
NOI $17,478 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 80543, CO
8,696
Population
3,281
Households
2.7
Avg Household Size
33
Median Age
30%
College-Educated
90%
High-School Grad
30.9 sq mi
ZIP Area
281
Density / Sq Mi
$95,056
Median Household Income
$47,782
Median Earnings
$403,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated interiors, a fenced yard, and central air support comfortable residential use in a two-story-style commercial income property.
Where is this duplex located?
The property is located at 603 S Carriage Dr Milliken, CO.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Duplex with 3 bedrooms and 2 bathrooms; 1,370 square feet on a 0.14‑acre lot; Renovated kitchen with quartz counters, island, tile backsplash, and 2025 stainless steel appliances
