Updated Duplex with Finished
For Sale
$499,900
1562 S Spruce St, Denver, CO 80231
Two-story layout with a loft, renovated kitchen, finished basement, and attached garage.
Property Size2,064 SF
Days on Market17
Property Features for 1562 S Spruce St
General Information
Standard status
Active
Size
2,064 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,391
Amenities
community pool
hot tub
tennis courts
Building Details
Building Size
2,064 SF
Year Built
1983
Buildings
1
Listing Agency:
Brokers Guild Real Estate
(720) 320-0027
Listed By:
Lina Koval
(720) 320-0027
Source:
Guidere
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 22 at 11:31AM
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 Real Estate
Investment Insights
Based on property information with market context.
This updated duplex property features a two-story interior with vaulted ceilings, large windows, hardwood flooring, a brick fireplace, fresh paint, and newer carpet. The kitchen includes soft-white cabinetry, quartz countertops and backsplash, stainless steel appliances, black hardware, and a quartz breakfast bar. The main-level kitchen connects with the dining and living areas, while two bedrooms, an updated full bathroom, and an open loft occupy the upper level. A finished basement adds a flexible sleeping area with a closet, and the attached two-car garage provides parking and storage. A washer and dryer are included.
The property is located in Denver’s Indian Creek neighborhood near Cherry Creek, Lowry, the Denver Tech Center, parks, trails, shopping, and dining. Community amenities include a pool, hot tub, and tennis courts, with low HOA fees noted in the property information.
The property is located in Denver’s Indian Creek neighborhood near Cherry Creek, Lowry, the Denver Tech Center, parks, trails, shopping, and dining. Community amenities include a pool, hot tub, and tennis courts, with low HOA fees noted in the property information.
Key Highlights
- Updated two‑story duplex property built in 1983
- Kitchen with quartz counters, matching backsplash, stainless steel appliances, and breakfast bar
- Two bedrooms, updated full bathroom, and open loft
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
$34,301
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
6.86%
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%
$686,020
$686.0K
Cap Rate 7%
$490,014
$490.0K
Cap Rate 9%
$381,122
$381.1K
Market Conditions
NOI Build-Up for 2,064 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
$52.0K $25.20/SF
− Vacancy
−$3.0K −$1.46/SF
EGI
$49.0K $23.74/SF
− OpEx
−$14.7K −$7.12/SF
NOI
$34.3K $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%
$686,020
Cap Rate 7%
$490,014
Cap Rate 9%
$381,122
Alternative Uses
Best Use
Multifamily LT 5
$490.0K
$428.8K – $571.7K
NOI $34,301 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$447.7K
$391.7K – $522.3K
NOI $31,339 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$657.0K
$574.9K – $766.6K
NOI $45,993 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 80231, CO
36,014
Population
18,252
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
4.9 sq mi
ZIP Area
7,350
Density / Sq Mi
$73,961
Median Household Income
$48,062
Median Earnings
$1,727
Median Rent
$489,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-story layout with a loft, renovated kitchen, finished basement, and attached garage.
Where is this duplex located?
The property is located at 1562 S Spruce St Denver, CO.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Updated two‑story duplex property built in 1983; Kitchen with quartz counters, matching backsplash, stainless steel appliances, and breakfast bar; Two bedrooms, updated full bathroom, and open loft
