Historic Brownstone
For Sale
$934,500
1454 N Pennsylvania Street, Denver, CO 80203
Independent residences feature original woodwork, flexible living areas, and off-street parking.
Property Size2,700 SF
Price / SF$346.11
Days on Market98
Property Features for 1454 N Pennsylvania Street
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
G-RO-5
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,556
Building Details
Year Built
1906
Buildings
1
Construction
Queen Anne brownstone
Listing Agency:
Brokers Guild Homes
(720) 277-1620
Listed By:
Nikole Strickler · License #100073760
(720) 277-1620
Source:
Exitrealty
Added: May 26
Changed: Aug 29
Last Checked: Aug 30 at 3:50PM
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 Brokers Guild Homes
Investment Insights
Based on property information with market context.
The 2,700-square-foot Shuey Home is a Queen Anne brownstone duplex dating to 1906, with two separately configured residences and no HOA. The main-floor unit includes ten-foot ceilings, original woodwork, three bedrooms, two and a half bathrooms, a lower-level wet bar, and a large flex space. The upper residence offers hardwood floors, treetop views, an open-concept design, two bedrooms, two full bathrooms, and in-unit laundry. Both units include additional entrances serving the alley parking area.
The property provides four off-street parking spaces and carries G-RO-5 zoning. Garage plans are available, supporting consideration of a future garage addition. Its Capitol Hill setting places the home near Cheeseman Park, the Capitol, and Denver dining and entertainment destinations.
The property provides four off-street parking spaces and carries G-RO-5 zoning. Garage plans are available, supporting consideration of a future garage addition. Its Capitol Hill setting places the home near Cheeseman Park, the Capitol, and Denver dining and entertainment destinations.
Key Highlights
- 2,700 SF Queen Anne brownstone duplex built in 1906
- Two independent units with three‑bedroom and two‑bedroom configurations
- Main‑floor residence includes ten‑foot ceilings, original woodwork, wet bar, and flex space
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
$44,870
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
4.80%
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%
$897,400
$897.4K
Cap Rate 7%
$641,000
$641.0K
Cap Rate 9%
$498,556
$498.6K
Market Conditions
NOI Build-Up for 2,700 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
$68.0K $25.20/SF
− Vacancy
−$3.9K −$1.46/SF
EGI
$64.1K $23.74/SF
− OpEx
−$19.2K −$7.12/SF
NOI
$44.9K $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%
$897,400
Cap Rate 7%
$641,000
Cap Rate 9%
$498,556
Alternative Uses
Best Use
Multifamily LT 5
$641.0K
$560.9K – $747.8K
NOI $44,870 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$585.7K
$512.5K – $683.3K
NOI $40,996 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$859.5K
$752.1K – $1.00M
NOI $60,166 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
11,269
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 - Independent residences feature original woodwork, flexible living areas, and off-street parking.
Where is this duplex located?
The property is located at 1454 N Pennsylvania Street Denver, CO.
What is the asking price?
The asking price for this property is $934,500.
What are key features of this property?
This property features: 2,700 SF Queen Anne brownstone duplex built in 1906; Two independent units with three‑bedroom and two‑bedroom configurations; Main‑floor residence includes ten‑foot ceilings, original woodwork, wet bar, and flex space
