Updated Duplex with Private
For Sale
$640,000
1846 Race St, Denver, CO 80206
Historic property with remodeled kitchen, hardwood floors, flexible rooms, and fenced outdoor space near City Park.
Property Size1,300 SF
Days on Market10
Property Features for 1846 Race St
General Information
Standard status
Active
Size
1,300 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,241
Amenities
hardwood floors
high ceilings
fireplace
formal dining room
original built-ins
skylights
remodeled kitchen
extra room
custom woodwork
built-in closet systems
newly finished room
laundry
fenced-in yard
shaded brick patio
trees
flower/planting beds
storage shed
Building Details
Building Size
1,300 SF
Year Built
1906
Listing Agency:
Compass - Denver
Listed By:
Nick Anderson
(415) 912-9646
Source:
Corken
Added: Sep 18
Changed: Sep 25
Last Checked: Sep 26 at 11:28AM
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 Compass - Denver
Investment Insights
Based on property information with market context.
Built in 1906, this duplex includes a welcoming 3-bedroom residence with hardwood floors, high ceilings, a fireplace, original dining-room built-ins, and three skylights. The remodeled kitchen provides extensive cabinet and counter space, while an additional main-level room can serve as a mudroom or office. The lower level includes a large bedroom with custom woodwork and built-in closet systems, plus a newly finished room for storage, laundry, and creative use.
Outdoor features include a fenced yard, shaded brick patio, mature trees, planting beds, storage shed, and 2-car parking. The property is positioned near City Park, restaurants, shopping, an extensive medical campus, and transportation.
Outdoor features include a fenced yard, shaded brick patio, mature trees, planting beds, storage shed, and 2-car parking. The property is positioned near City Park, restaurants, shopping, an extensive medical campus, and transportation.
Key Highlights
- Duplex property built in 1906
- 3‑bedroom residence with hardwood floors, high ceilings, and three skylights
- Remodeled kitchen with plentiful cabinetry and counter 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
$21,604
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
3.38%
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%
$432,080
$432.1K
Cap Rate 7%
$308,629
$308.6K
Cap Rate 9%
$240,044
$240.0K
Market Conditions
NOI Build-Up for 1,300 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
$32.8K $25.20/SF
− Vacancy
−$1.9K −$1.46/SF
EGI
$30.9K $23.74/SF
− OpEx
−$9.3K −$7.12/SF
NOI
$21.6K $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%
$432,080
Cap Rate 7%
$308,629
Cap Rate 9%
$240,044
Alternative Uses
Best Use
Multifamily LT 5
$308.6K
$270.1K – $360.1K
NOI $21,604 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$282.0K
$246.7K – $329.0K
NOI $19,739 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$413.8K
$362.1K – $482.8K
NOI $28,969 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 80206, CO
26,108
Population
15,580
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
10,443
Density / Sq Mi
$102,248
Median Household Income
$69,908
Median Earnings
$1,694
Median Rent
$892,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Historic property with remodeled kitchen, hardwood floors, flexible rooms, and fenced outdoor space near City Park.
Where is this duplex located?
The property is located at 1846 Race St Denver, CO.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Duplex property built in 1906; 3‑bedroom residence with hardwood floors, high ceilings, and three skylights; Remodeled kitchen with plentiful cabinetry and counter space
