Classic Denver Duplex
For Sale
$725,000
421 E Alameda Ave, Denver, CO 80209
Prime location duplex, ideal for investment or residential use.
Property Size1,530 SF
Lot Size0.05 Acres
Days on Market275
Property Features for 421 E Alameda Ave
General Information
Standard status
Active
Size
1,530 SF
Lot size
0.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,909
Building Details
Building Size
1,530 SF
Year Built
1909
Listing Agency:
LIV Sotheby's International Realty
(321) 278-7155
Listed By:
Raechel Kimbriel · License #100106250
(321) 278-7155
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 18
Last Checked: Aug 29 at 11:51AM
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 classic duplex offers a residential or investment opportunity in a walkable Denver location. The property at 421 E Alameda Ave provides versatility for living in one unit while renting out the other, or utilizing it as a full investment property. Each side features its own entrance and functional layout, with timeless charm and character throughout. Currently operating as a successful short-term rental, the property can be sold fully furnished for a turnkey experience and immediate income potential. The location provides convenient access to parks, restaurants, and shops.
Key Highlights
- Prime, walkable Denver location near parks, restaurants, and shops.
- Versatile duplex: live in one unit and rent the other, or use as a full investment property.
- Successful short‑term rental with immediate income potential.
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
$25,427
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
3.51%
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%
$508,540
$508.5K
Cap Rate 7%
$363,243
$363.2K
Cap Rate 9%
$282,522
$282.5K
Market Conditions
NOI Build-Up for 1,530 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
$38.6K $25.20/SF
− Vacancy
−$2.2K −$1.46/SF
EGI
$36.3K $23.74/SF
− OpEx
−$10.9K −$7.12/SF
NOI
$25.4K $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%
$508,540
Cap Rate 7%
$363,243
Cap Rate 9%
$282,522
Alternative Uses
Best Use
Multifamily LT 5
$363.2K
$317.8K – $423.8K
NOI $25,427 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$331.9K
$290.4K – $387.2K
NOI $23,231 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$487.1K
$426.2K – $568.2K
NOI $34,094 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,311
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Prime location duplex, ideal for investment or residential use.
Where is this duplex located?
The property is located at 421 E Alameda Ave Denver, CO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Prime, walkable Denver location near parks, restaurants, and shops.; Versatile duplex: live in one unit and rent the other, or use as a full investment property.; Successful short‑term rental with immediate income potential.
