Up-and-Down
For Sale
$599,000
1632 Irving St, Denver, CO 80204
Two refreshed residential units offer separate entrances, shared laundry, and rear off-street parking.
Property Size2,343 SF
Days on Market11
Property Features for 1632 Irving St
General Information
Standard status
Active
Size
2,343 SF
Total Parking Spaces
6
Property subtype
Duplex
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,981
Amenities
shared washer/dryer
separate entrances
Building Details
Building Size
2,343 SF
Year Built
1923
Buildings
1
Tenancy
Multi
Listing Agency:
Atlas Real Estate Group
Listed By:
Kelly Taylor Blakesley · License #100086004
(720) 383-8708
Source:
Guidere
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 26 at 1:59PM
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 Atlas Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1923, this two-unit residential property is arranged with one main-floor apartment and one basement apartment on a single parcel. Each unit includes 2 bedrooms and 1 bathroom, with recent flooring, paint, kitchen, and bathroom improvements. Separate entrances support independent access, while a shared washer and dryer serve both units. Six off-street parking spaces are located at the rear.
The property sits in Denver’s Cheltenham Heights, within a half mile of Mile High Stadium and Sloan’s Lake. Cheltenham Elementary School is one block away, with shopping, dining, parks, and recreational options in the surrounding area. Downtown Denver and I-25 are minutes away.
The property sits in Denver’s Cheltenham Heights, within a half mile of Mile High Stadium and Sloan’s Lake. Cheltenham Elementary School is one block away, with shopping, dining, parks, and recreational options in the surrounding area. Downtown Denver and I-25 are minutes away.
Key Highlights
- Two‑unit property with 2 bedrooms and 1 bathroom in each unit
- Main‑floor and basement layout with separate entrances
- Recently updated flooring, paint, kitchens, and bathrooms
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
$38,937
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
6.50%
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%
$778,740
$778.7K
Cap Rate 7%
$556,243
$556.2K
Cap Rate 9%
$432,633
$432.6K
Market Conditions
NOI Build-Up for 2,343 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
$59.0K $25.20/SF
− Vacancy
−$3.4K −$1.46/SF
EGI
$55.6K $23.74/SF
− OpEx
−$16.7K −$7.12/SF
NOI
$38.9K $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%
$778,740
Cap Rate 7%
$556,243
Cap Rate 9%
$432,633
Alternative Uses
Best Use
Multifamily LT 5
$556.2K
$486.7K – $649.0K
NOI $38,937 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$508.2K
$444.7K – $592.9K
NOI $35,575 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$745.9K
$652.6K – $870.2K
NOI $52,210 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 80204, CO
35,269
Population
18,378
Households
1.9
Avg Household Size
33
Median Age
51%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$79,265
Median Household Income
$58,860
Median Earnings
$1,724
Median Rent
$579,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed residential units offer separate entrances, shared laundry, and rear off-street parking.
Where is this duplex located?
The property is located at 1632 Irving St Denver, CO.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑unit property with 2 bedrooms and 1 bathroom in each unit; Main‑floor and basement layout with separate entrances; Recently updated flooring, paint, kitchens, and bathrooms
