Renovated Triplex with
New
For Sale
$1,400,000
2454 Irving St, Denver, CO 80211
Three independent residences provide separate entrances, varied layouts, and flexible owner-occupant or rental use.
Property Size4,359 SF
Lot Size0.22 Acres
Price / SF$318.18
Days on Market4
Property Features for 2454 Irving St
General Information
Standard status
Active
Size
4,359 SF
Total Parking Spaces
5
Lot size
0.22 Acres
Property subtype
Investment
Lease Term
12 months
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,337
Building Details
Building Size
4,359 SF
Year Built
1885
Listed By:
Brian Harvey · License #100074025
(720) 453-5883
Source:
Elliman
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 12 at 6:51AM
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 Brian Harvey
Investment Insights
Based on property information with market context.
This triplex includes nearly 4,400 square feet on a 9,583 sq ft corner lot, with eight bedrooms and six bathrooms across three separate residences. Each unit has its own entrance. The renovated two-story main house offers an open floor plan with three bedrooms and two bathrooms. Unit A includes an open layout, larger bedrooms, and a private courtyard, while Unit B is a renovated lower-level residence with three bedrooms, two bathrooms, and a separate entry. Recent capital work includes a new roof, HVAC system, and updated electrical service.
Parking is provided by a three-car garage and two-car carport. The property is near Sloan's Lake and downtown Denver, with walkability and bikeability scores of 89 and 76, respectively. TransitScore is 49. Existing lease terms extend through May 14th, 2026 for the main house and July 31st, 2027 for Unit B; Unit A is scheduled for tenant departure in mid-October.
Parking is provided by a three-car garage and two-car carport. The property is near Sloan's Lake and downtown Denver, with walkability and bikeability scores of 89 and 76, respectively. TransitScore is 49. Existing lease terms extend through May 14th, 2026 for the main house and July 31st, 2027 for Unit B; Unit A is scheduled for tenant departure in mid-October.
Key Highlights
- Nearly 4,400 square feet on a 9,583 sq ft corner lot
- Triplex with 8 bedrooms and 6 bathrooms across three independent units
- New roof, HVAC system, and updated electrical
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
$73,122
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
5.22%
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%
$1,462,440
$1.5M
Cap Rate 7%
$1,044,600
$1.0M
Cap Rate 9%
$812,467
$812.5K
Market Conditions
NOI Build-Up for 4,400 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
$110.9K $25.20/SF
− Vacancy
−$6.4K −$1.46/SF
EGI
$104.5K $23.74/SF
− OpEx
−$31.3K −$7.12/SF
NOI
$73.1K $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%
$1,462,440
Cap Rate 7%
$1,044,600
Cap Rate 9%
$812,467
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$914.0K – $1.22M
NOI $73,122 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$954.4K
$835.1K – $1.11M
NOI $66,808 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,047 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 80211, CO
37,940
Population
20,973
Households
1.8
Avg Household Size
34
Median Age
71%
College-Educated
92%
High-School Grad
4.5 sq mi
ZIP Area
8,431
Density / Sq Mi
$117,685
Median Household Income
$78,573
Median Earnings
$1,931
Median Rent
$747,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three independent residences provide separate entrances, varied layouts, and flexible owner-occupant or rental use.
Where is this triplex located?
The property is located at 2454 Irving St Denver, CO.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Nearly 4,400 square feet on a 9,583 sq ft corner lot; Triplex with 8 bedrooms and 6 bathrooms across three independent units; New roof, HVAC system, and updated electrical
