Triplex on Oversized Double
For Sale
$799,000
1000 N Tennyson St, Denver, CO 80204
Triplex with income and development potential on a double lot.
Property Size2,120 SF
Lot Size0.29 Acres
Days on Market110
Property Features for 1000 N Tennyson St
General Information
Standard status
Active
Size
2,120 SF
Lot size
0.29 Acres
Property subtype
Investment
Lease Term
Call to inquire
Taxes and HOA fees
Annual Taxes
$3,729
Building Details
Building Size
2,120 SF
Year Built
1943
Listing Agency:
Pinnacle Real Estate Advisors
(970) 946-9365
Listed By:
Robert Lawson · License #100001038
(970) 946-9365
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 15 at 10:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
Located in a rapidly evolving urban corridor of Denver, 1000 Tennyson St is a three-unit property situated on an oversized 12,500 square foot double lot. The property generates $75,180 in annual gross income and $65,003 in NOI. The property consists of three updated residential units plus a detached garage. All units have been updated, providing operational stability. The oversized double lot creates a path for redevelopment. An investor can split the lot and construct two duplexes (4 total units) without rezoning. The City has indicated the potential to develop up to 20 units with a successful rezoning. The property has a bike score of 94, making it a biker's paradise, a walk score of 81, indicating it is very walkable, and a transit score of 48, suggesting some transit options are available.
Key Highlights
- Rare 12,500 SF double lot offers significant redevelopment potential.
- Strong in‑place income with a 7.66% cap rate and $65,003 NOI.
- Triplex with three updated units generating $75,180 in annual gross income.
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
$35,232
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
4.41%
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%
$704,640
$704.6K
Cap Rate 7%
$503,314
$503.3K
Cap Rate 9%
$391,467
$391.5K
Market Conditions
NOI Build-Up for 2,120 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
$53.4K $25.20/SF
− Vacancy
−$3.1K −$1.46/SF
EGI
$50.3K $23.74/SF
− OpEx
−$15.1K −$7.12/SF
NOI
$35.2K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /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%
$704,640
Cap Rate 7%
$503,314
Cap Rate 9%
$391,467
Alternative Uses
Best Use
Multifamily LT 5
$503.3K
$440.4K – $587.2K
NOI $35,232 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$459.8K
$402.4K – $536.5K
NOI $32,189 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$674.9K
$590.5K – $787.4K
NOI $47,241 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 80204, CO
35,269
Population
18,378
Households
1.9
Avg Household Size
33
Median Age
51%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$79,265
Median Household Income
$58,860
Median Earnings
$1,724
Median Rent
$579,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex with income and development potential on a double lot.
Where is this triplex located?
The property is located at 1000 N Tennyson St Denver, CO.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Rare 12,500 SF double lot offers significant redevelopment potential.; Strong in‑place income with a 7.66% cap rate and $65,003 NOI.; Triplex with three updated units generating $75,180 in annual gross income.
