Renovated Duplex
For Sale
$1,895,000
120 S Monroe St, Denver, CO 80209
Reworked interiors combine custom millwork, premium finishes, entertaining areas, and a private fenced courtyard.
Property Size3,690 SF
Days on Market12
Property Features for 120 S Monroe St
General Information
Standard status
Active
Size
3,690 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$7,642
Building Details
Building Size
3,690 SF
Year Built
1998
Listing Agency:
LIV Sotheby's International Realty
Listed By:
Jane Brennan
(303) 807-0135
Source:
Guidere
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 26 at 2:31PM
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 LIV Sotheby's International Realty
Investment Insights
Based on property information with market context.
This duplex property at 120 S Monroe St has undergone an extensive renovation with updated interior finishes and custom detailing throughout. The main level includes white oak flooring, built-ins, a bar area, and a kitchen equipped with white oak cabinetry, marble counters, a Dacor refrigerator, Bosch dishwasher and microwave, and an AGA five-burner gas range. A family room with a gas fireplace adds additional living space.
The home includes four bedrooms, including a primary suite with custom cabinetry and a five-piece bathroom. The finished lower level provides a recreation room, media wall, third bedroom, and three-quarter bath. A separate bedroom is arranged as a wellness room with a sauna and treadmill. Additional features include a fenced courtyard with drip irrigation, attached two-car garage, marble-floored mudroom, and proximity to Cherry Creek Shopping Center, Gates Tennis Center, parks, boutiques, and restaurants.
The home includes four bedrooms, including a primary suite with custom cabinetry and a five-piece bathroom. The finished lower level provides a recreation room, media wall, third bedroom, and three-quarter bath. A separate bedroom is arranged as a wellness room with a sauna and treadmill. Additional features include a fenced courtyard with drip irrigation, attached two-car garage, marble-floored mudroom, and proximity to Cherry Creek Shopping Center, Gates Tennis Center, parks, boutiques, and restaurants.
Key Highlights
- Extensively renovated duplex property at 120 S Monroe St, Denver, CO 80209
- Built in 1998 with custom interior finishes and millwork
- Kitchen includes AGA five‑burner gas range, Dacor refrigerator, and Bosch dishwasher and microwave
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
$61,323
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
3.24%
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%
$1,226,460
$1.2M
Cap Rate 7%
$876,043
$876.0K
Cap Rate 9%
$681,367
$681.4K
Market Conditions
NOI Build-Up for 3,690 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
$93.0K $25.20/SF
− Vacancy
−$5.4K −$1.46/SF
EGI
$87.6K $23.74/SF
− OpEx
−$26.3K −$7.12/SF
NOI
$61.3K $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%
$1,226,460
Cap Rate 7%
$876,043
Cap Rate 9%
$681,367
Alternative Uses
Best Use
Multifamily LT 5
$876.0K
$766.5K – $1.02M
NOI $61,323 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$800.4K
$700.4K – $933.8K
NOI $56,028 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,226 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,099
Businesses Nearby
Explore this area
Business Placement
Demographics for 80209, CO
27,061
Population
16,045
Households
1.7
Avg Household Size
38
Median Age
80%
College-Educated
99%
High-School Grad
3.5 sq mi
ZIP Area
7,732
Density / Sq Mi
$118,759
Median Household Income
$81,604
Median Earnings
$1,981
Median Rent
$971,500
Median Home Value
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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 - Reworked interiors combine custom millwork, premium finishes, entertaining areas, and a private fenced courtyard.
Where is this duplex located?
The property is located at 120 S Monroe St Denver, CO.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Extensively renovated duplex property at 120 S Monroe St, Denver, CO 80209; Built in 1998 with custom interior finishes and millwork; Kitchen includes AGA five‑burner gas range, Dacor refrigerator, and Bosch dishwasher and microwave
