Character Duplex with Modern
For Sale
$769,000
1237 Pearl St, Denver, CO 80203
Original architectural details pair with updated HVAC, windows, electrical, plumbing, and roof in a flexible urban property.
Property Size2,496 SF
Days on Market74
Property Features for 1237 Pearl St
General Information
Standard status
Active
Size
2,496 SF
Total Parking Spaces
1
Property subtype
Duplex
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,182
Amenities
hardwood floors
wood-beam ceilings
built-ins
fireplaces
pocket doors
exposed brick
bay windows
private deck
pergola-covered patio
backyard pizza oven
fenced yards
mudroom
dog door
Building Details
Building Size
2,496 SF
Year Built
1900
Listing Agency:
Kentwood Real Estate Cherry Creek
(720) 308-1585
Listed By:
Keri Duffy
(720) 308-1585
Source:
Corken
Added: Jun 18
Changed: Aug 28
Last Checked: Aug 29 at 3:51PM
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 Kentwood Real Estate Cherry Creek
Investment Insights
Based on property information with market context.
Built in 1900, this duplex combines period craftsmanship with substantial infrastructure improvements. Interior features include inlaid hardwood flooring, wood-beam ceilings, built-in cabinetry, fireplaces, pocket doors, exposed brick, original hardware, and high ceilings. The flexible layout includes three bedrooms, a non-conforming fourth bedroom, three bathrooms, a basement family room, mudroom, and attic storage. Refinished hardwood floors and fresh paint update the main level, while central air conditioning, HVAC, windows, electrical, plumbing, and roofing have been addressed. A detached one-car garage adds storage and utility.
Fully fenced front and rear yards provide private outdoor areas, with a pergola-covered patio, mature trees, backyard pizza oven, and private deck. The property is near Whole Foods Market, restaurants, coffee shops, yoga, and neighborhood conveniences, with access to bike trails, the Colfax Bus Rapid Transit corridor, and the 5280 Trail. There is no HOA.
Fully fenced front and rear yards provide private outdoor areas, with a pergola-covered patio, mature trees, backyard pizza oven, and private deck. The property is near Whole Foods Market, restaurants, coffee shops, yoga, and neighborhood conveniences, with access to bike trails, the Colfax Bus Rapid Transit corridor, and the 5280 Trail. There is no HOA.
Key Highlights
- 1900 construction with inlaid hardwood floors, wood‑beam ceilings, fireplaces, pocket doors, exposed brick, and built‑ins
- Three bedrooms, a non‑conforming fourth bedroom, three bathrooms, basement family room, mudroom, and accessible attic
- Updated HVAC with central air conditioning, windows, electrical, plumbing, and roof
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
$41,480
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
5.39%
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%
$829,600
$829.6K
Cap Rate 7%
$592,571
$592.6K
Cap Rate 9%
$460,889
$460.9K
Market Conditions
NOI Build-Up for 2,496 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
$62.9K $25.20/SF
− Vacancy
−$3.6K −$1.46/SF
EGI
$59.3K $23.74/SF
− OpEx
−$17.8K −$7.12/SF
NOI
$41.5K $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%
$829,600
Cap Rate 7%
$592,571
Cap Rate 9%
$460,889
Alternative Uses
Best Use
Multifamily LT 5
$592.6K
$518.5K – $691.3K
NOI $41,480 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$541.4K
$473.7K – $631.6K
NOI $37,898 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$794.6K
$695.3K – $927.0K
NOI $55,620 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
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 - Original architectural details pair with updated HVAC, windows, electrical, plumbing, and roof in a flexible urban property.
Where is this duplex located?
The property is located at 1237 Pearl St Denver, CO.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: 1900 construction with inlaid hardwood floors, wood‑beam ceilings, fireplaces, pocket doors, exposed brick, and built‑ins; Three bedrooms, a non‑conforming fourth bedroom, three bathrooms, basement family room, mudroom, and accessible attic; Updated HVAC with central air conditioning, windows, electrical, plumbing, and roof
