Retail Duplex with Loft
For Sale
$760,000
109 S Federal Boulevard, Denver, CO 80219
Flexible retail duplex with loft office in prime location.
Property Size1,950 SF
Days on Market311
Property Features for 109 S Federal Boulevard
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$13,481
Building Details
Building Size
1,950 SF
Year Built
2000
Listing Agency:
LoKation
(720) 635-0441
Listed By:
Jonathan Coyle · License #055739
Source:
Corken
Added: Oct 18, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:01AM
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 LoKation
Investment Insights
Based on property information with market context.
This property is a versatile retail duplex with a loft office space, situated in a high-visibility location south of 6th Avenue off South Federal Blvd. Zoned E-MX-3, the property offers a range of commercial possibilities. Each side of the duplex features its own HVAC system, bathroom, and loft storage, making it suitable for dual tenants or an owner-user setup. The duplex units are currently open to one another but can be easily separated. A third unit is a closed loft office space featuring skylights, suitable for creative use, administration, or additional rental income. The property has parking with 8 front spaces and 4 in the rear, providing access for customers and staff. This property is located in a rapidly developing corridor.
Key Highlights
- Prime South Federal Blvd location with high visibility.
- Flexible E‑MX‑3 zoning allows for a range of commercial possibilities.
- Duplex configuration ideal for dual tenants or owner‑user, with separate HVAC and bathrooms for each unit.
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
$32,934
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
4.33%
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%
$658,680
$658.7K
Cap Rate 7%
$470,486
$470.5K
Cap Rate 9%
$365,933
$365.9K
Market Conditions
NOI Build-Up for 1,950 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
$51.5K $26.40/SF
− Vacancy
−$7.6K −$3.88/SF
EGI
$43.9K $22.52/SF
− OpEx
−$11.0K −$5.63/SF
NOI
$32.9K $16.89/SF
Area
ZIP 80219
Vacancy
14.70%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$658,680
Cap Rate 7%
$470,486
Cap Rate 9%
$365,933
Alternative Uses
Best Use
Office B
$470.5K
$411.7K – $548.9K
NOI $32,934 @ 7.0% cap · market cap 4.33%
Second Best
Retail
$405.4K
$354.7K – $473.0K
NOI $28,378 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$556.3K
$486.7K – $649.0K
NOI $38,938 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 80219, CO
61,585
Population
21,729
Households
2.8
Avg Household Size
33
Median Age
22%
College-Educated
72%
High-School Grad
7.4 sq mi
ZIP Area
8,322
Density / Sq Mi
$67,325
Median Household Income
$41,153
Median Earnings
$1,464
Median Rent
$426,200
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible retail duplex with loft office in prime location.
Where is this retail space located?
The property is located at 109 S Federal Boulevard Denver, CO.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Prime South Federal Blvd location with high visibility.; Flexible E‑MX‑3 zoning allows for a range of commercial possibilities.; Duplex configuration ideal for dual tenants or owner‑user, with separate HVAC and bathrooms for each unit.
