Brick Duplex with Shared
1950 Independence Street, Lakewood, CO 80215
For Sale
$640,000
Two separate residences offer a three-bedroom layout and a two-bedroom layout, with a shared two-car garage.
Property Size2,362 SF
Price / SF$270.96
Days on Market12
Property Features for 1950 Independence Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Property Condition
Severity
Evidence
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Construction
Listing Agency:
RE/MAX Alliance
Listed By:
Greg Smith
(303) 543-5720
Source:
Coloradohomesource
Added: Oct 26
Changed: Nov 6
Last Checked: Nov 6 at 2:43PM
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 RE/MAX Alliance
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Investment Insights
Based on property information with market context.
Built in 1960, this brick ranch-style duplex contains 2,362 square feet across two units. One residence has three bedrooms, two bathrooms, and a basement; the other has two bedrooms and one bathroom. Each unit has a space in the shared two-car garage. Both include functional kitchens and bathrooms, with portions of the property needing new flooring and other cosmetic updates.
Exterior work includes a concrete driveway and front walkways. The building uses gas hot-water heat, and each unit has a separate water heater, installed in 2019 and 2020. The heating boiler may require service or replacement. The property is located at 1950 Independence Street in Lakewood, Colorado.
Exterior work includes a concrete driveway and front walkways. The building uses gas hot-water heat, and each unit has a separate water heater, installed in 2019 and 2020. The heating boiler may require service or replacement. The property is located at 1950 Independence Street in Lakewood, Colorado.
Key Highlights
- 2,362‑square‑foot duplex built in 1960
- Two units: one with 3 bedrooms, 2 bathrooms, and a basement; the other with 2 bedrooms and 1 bathroom
- Shared two‑car garage with a space for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,320
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$686,400
$686.4K
Cap Rate 7%
$490,286
$490.3K
Cap Rate 9%
$381,333
$381.3K
Market Conditions
NOI Build-Up for 2,362 SF
Gross rent
$52.4K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$49.0K $20.76/SF
− OpEx
−$14.7K −$6.23/SF
NOI
$34.3K $14.53/SF
Area
Lakewood, CO
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$686,400
Cap Rate 7%
$490,286
Cap Rate 9%
$381,333
Alternative Uses
Best Use
Multifamily LT 5
$490.3K
$429.0K – $572.0K
NOI $34,320 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$429.1K
$375.5K – $500.7K
NOI $30,040 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$707.5K
$619.0K – $825.4K
NOI $49,523 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,176
Businesses Nearby
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Business Placement
Demographics for 80215, CO
19,908
Population
9,156
Households
2.2
Avg Household Size
42
Median Age
49%
College-Educated
97%
High-School Grad
5.5 sq mi
ZIP Area
3,620
Density / Sq Mi
$85,017
Median Household Income
$49,100
Median Earnings
$1,728
Median Rent
$615,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Jefferson County, CO
Properties on Market for Duplexes in Jefferson County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer a three-bedroom layout and a two-bedroom layout, with a shared two-car garage.
Where is this duplex located?
The property is located at 1950 Independence Street Lakewood, 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: 2,362‑square‑foot duplex built in 1960; Two units: one with 3 bedrooms, 2 bathrooms, and a basement; the other with 2 bedrooms and 1 bathroom; Shared two‑car garage with a space for each unit
