Two-Lot Triplex Income
For Sale
$729,995
Pending
1435 S Lincoln St, Denver, CO 80210
Three-unit triplex on two lots with two vacant units and one month-to-month tenant, plus fenced outdoor space and parking.
Property Size1,983 SF
Days on Market241
Property Features for 1435 S Lincoln St
General Information
Standard status
Pending
Size
1,983 SF
Total Parking Spaces
4
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,356
Amenities
fenced backyard
private side-yard patio area
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
eXp Realty, LLC
(888) 440-2724
Listed By:
Casey Jacobs · License #100096566
(303) 656-6967
Source:
Exitrealty
Added: Jan 9
Changed: Aug 23
Last Checked: Jul 23 at 11:48AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located just steps from the South Broadway corridor, this two-lot three-unit residential income property offers a straightforward mix of unit sizes. The property totals four bedrooms and three bathrooms across two 1-bedroom/1-bath units and one 2-bedroom/1-bath unit. Two units are currently vacant for immediate leasing, while the occupied unit is on a month-to-month lease.
Outdoor space is a notable feature, including a fenced backyard and a separate private side-yard patio area furnished with tables and chairs. The property also includes four off-street parking spaces, supporting everyday tenant convenience.
With walkScore of 89 (Very Walkable), bikeScore of 82 (Very Bikeable), and transitScore of 54 (Good Transit), the location provides convenient access to South Broadway amenities and major regional connections, including Broadway, Santa Fe Drive (US-85), I-25, and Speer Boulevard.
Outdoor space is a notable feature, including a fenced backyard and a separate private side-yard patio area furnished with tables and chairs. The property also includes four off-street parking spaces, supporting everyday tenant convenience.
With walkScore of 89 (Very Walkable), bikeScore of 82 (Very Bikeable), and transitScore of 54 (Good Transit), the location provides convenient access to South Broadway amenities and major regional connections, including Broadway, Santa Fe Drive (US-85), I-25, and Speer Boulevard.
Key Highlights
- 1910‑built three‑unit triplex on two lots with four bedrooms and three bathrooms total
- Unit mix: two 1‑bedroom/1‑bath units plus one 2‑bedroom/1‑bath unit
- Two units currently vacant for immediate leasing; one occupied unit on a month‑to‑month lease
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
$32,955
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
4.51%
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%
$659,100
$659.1K
Cap Rate 7%
$470,786
$470.8K
Cap Rate 9%
$366,167
$366.2K
Market Conditions
NOI Build-Up for 1,983 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
$50.0K $25.20/SF
− Vacancy
−$2.9K −$1.46/SF
EGI
$47.1K $23.74/SF
− OpEx
−$14.1K −$7.12/SF
NOI
$33.0K $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%
$659,100
Cap Rate 7%
$470,786
Cap Rate 9%
$366,167
Alternative Uses
Best Use
Multifamily LT 5
$470.8K
$411.9K – $549.3K
NOI $32,955 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$430.1K
$376.4K – $501.8K
NOI $30,109 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$631.3K
$552.4K – $736.5K
NOI $44,188 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 80210, CO
39,394
Population
18,496
Households
2.1
Avg Household Size
33
Median Age
76%
College-Educated
99%
High-School Grad
6.1 sq mi
ZIP Area
6,458
Density / Sq Mi
$120,156
Median Household Income
$61,607
Median Earnings
$1,963
Median Rent
$870,500
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?
Triplex - Three-unit triplex on two lots with two vacant units and one month-to-month tenant, plus fenced outdoor space and parking.
Where is this triplex located?
The property is located at 1435 S Lincoln St Denver, CO.
What is the asking price?
The asking price for this property is $729,995.
What are key features of this property?
This property features: 1910‑built three‑unit triplex on two lots with four bedrooms and three bathrooms total; Unit mix: two 1‑bedroom/1‑bath units plus one 2‑bedroom/1‑bath unit; Two units currently vacant for immediate leasing; one occupied unit on a month‑to‑month lease
