Updated Half-Duplex
For Sale
$425,000
1562 S Spruce St, Denver, CO 80231
Three-level layout includes a finished lower level, private yard, deck, and attached two-car garage.
Property Size2,029 SF
Price / SF$209.46
Days on Market32
Property Features for 1562 S Spruce St
General Information
Standard status
Active
Size
2,029 SF
Total Parking Spaces
2
Property subtype
Duplex
Site & Location
Neighborhood
Indian Creek
Additional Details
Multifamily Units
1
Building Details
Year Built
1983
Stories
3
Listing Agency:
NoCo Flex Real Estate
Listed By:
Ian Johnston
(970) 237-4749
Source:
Nocoflex
Added: Sep 30
Changed: Oct 30
Last Checked: Oct 30 at 2:03AM
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 NoCo Flex Real Estate
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Investment Insights
Based on property information with market context.
This half duplex offers 2,029 square feet of finished space across three levels. Interior features include vaulted ceilings, hardwood floors, a brick fireplace, fresh paint, and newer carpet. The kitchen has quartz countertops and backsplash, stainless steel appliances, white cabinetry, and a breakfast bar. Two bedrooms, an updated full bathroom, and an open loft occupy the upper level. The finished lower level adds more than 700 square feet, with a second living area and a separate finished room. Outside, the property has a private yard, deck, and attached two-car garage.
Neighborhood amenities within a short walk include a swimming pool, hot tub, and tennis courts. Cherry Creek, Lowry, the Denver Tech Center, parks, trails, shopping, and dining are also identified as nearby destinations. Built in 1983.
Neighborhood amenities within a short walk include a swimming pool, hot tub, and tennis courts. Cherry Creek, Lowry, the Denver Tech Center, parks, trails, shopping, and dining are also identified as nearby destinations. Built in 1983.
Key Highlights
- 2,029 square feet of finished space across three levels
- Finished lower level with more than 700 square feet, a second living area, and a separate finished room
- Two bedrooms, an open loft, and an updated full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,808
Cap Rate
7.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$616,160
$616.2K
Cap Rate 7%
$440,114
$440.1K
Cap Rate 9%
$342,311
$342.3K
Market Conditions
NOI Build-Up for 2,029 SF
Gross rent
$59.7K $29.40/SF
− Vacancy
−$3.6K −$1.79/SF
EGI
$56.0K $27.61/SF
− OpEx
−$25.2K −$12.42/SF
NOI
$30.8K $15.18/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$616,160
Cap Rate 7%
$440,114
Cap Rate 9%
$342,311
Alternative Uses
Best Use
Apartment 5plus
$440.1K
$385.1K – $513.5K
NOI $30,808 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,213 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-level layout includes a finished lower level, private yard, deck, and attached two-car garage.
Where is this residential income property located?
The property is located at 1562 S Spruce St Denver, CO.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,029 square feet of finished space across three levels; Finished lower level with more than 700 square feet, a second living area, and a separate finished room; Two bedrooms, an open loft, and an updated full bathroom
