Modern Half-Duplex
For Sale
$775,000
2235 S Cherokee St, Denver, CO 80223
Three-level property with flexible living areas, private outdoor space, and a detached garage without HOA restrictions.
Property Size2,294 SF
Days on Market91
Property Features for 2235 S Cherokee St
General Information
Standard status
Active
Size
2,294 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,517
Amenities
private backyard
hardwood floors
new carpet
open main level
soapstone countertops
stainless steel appliances
large island
French doors
fully fenced backyard
side patio
Trex deck
newer hot tub
grassy area
raised garden beds
potting station
walk-in closet
mini split AC
5 piece bath
soaking tub
separate shower
bonus room with wet bar
rooftop area
mountain views
central AC
Building Details
Building Size
2,294 SF
Year Built
2016
Stories
3
Listing Agency:
eXp Realty, LLC
Listed By:
Kathy Hansen · License #100044644
(303) 589-2462
Source:
Guidere
Added: Jun 18
Changed: Sep 14
Last Checked: Sep 15 at 9:32AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 2016, this modern half duplex offers three levels of flexible living space, including 3 bedrooms, a main-floor office, and an open living level with newly refinished hardwood floors, brand-new carpet, natural light, soapstone countertops, black stainless steel appliances, generous storage, and a large island. French doors open to the fully fenced backyard, while the dining area connects to a side patio. Outdoor improvements include a Trex deck, newer hot tub, grassy pet area, raised garden beds, and space for a potting station.
The primary suite includes a walk-in closet with built-ins, mini split AC, and a 5-piece bath with a soaking tub and separate shower. Two additional bedrooms and a full bath are located upstairs. The third floor adds a bonus room with a wet bar and mini split AC, plus a west-facing rooftop area with mountain views and Colorado sunsets. Central AC, a detached 2-car garage, no HOA, and access to light rail, Broadway, Downtown Denver, and Downtown Littleton complete the property.
The primary suite includes a walk-in closet with built-ins, mini split AC, and a 5-piece bath with a soaking tub and separate shower. Two additional bedrooms and a full bath are located upstairs. The third floor adds a bonus room with a wet bar and mini split AC, plus a west-facing rooftop area with mountain views and Colorado sunsets. Central AC, a detached 2-car garage, no HOA, and access to light rail, Broadway, Downtown Denver, and Downtown Littleton complete the property.
Key Highlights
- Modern 2016 half duplex with three levels of flexible living space
- 3 bedrooms plus a main‑floor office that could become a 4th bedroom with a closet
- Detached 2‑car garage, private fully fenced backyard, Trex deck, and side patio
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
$34,831
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
4.49%
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%
$696,620
$696.6K
Cap Rate 7%
$497,586
$497.6K
Cap Rate 9%
$387,011
$387.0K
Market Conditions
NOI Build-Up for 2,294 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
$67.4K $29.40/SF
− Vacancy
−$4.1K −$1.79/SF
EGI
$63.3K $27.61/SF
− OpEx
−$28.5K −$12.42/SF
NOI
$34.8K $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 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%
$696,620
Cap Rate 7%
$497,586
Cap Rate 9%
$387,011
Alternative Uses
Best Use
Apartment 5plus
$497.6K
$435.4K – $580.5K
NOI $34,831 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.3K
$639.0K – $852.0K
NOI $51,118 @ 7.0% cap · market cap 6.60%
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
1,249
Businesses Nearby
Explore this area
Business Placement
Demographics for 80223, CO
19,862
Population
9,532
Households
2.1
Avg Household Size
34
Median Age
46%
College-Educated
87%
High-School Grad
5.3 sq mi
ZIP Area
3,748
Density / Sq Mi
$80,461
Median Household Income
$50,567
Median Earnings
$1,650
Median Rent
$497,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-level property with flexible living areas, private outdoor space, and a detached garage without HOA restrictions.
Where is this residential income property located?
The property is located at 2235 S Cherokee St Denver, CO.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Modern 2016 half duplex with three levels of flexible living space; 3 bedrooms plus a main‑floor office that could become a 4th bedroom with a closet; Detached 2‑car garage, private fully fenced backyard, Trex deck, and side patio
