Renovated Duplex with In-Unit
For Sale
$899,000
2551 W Caithness Pl, Denver, CO 80211
Renovated duplex with two 2-bed/1-bath units, private garages, and in-unit washer/dryers.
Property Size1,910 SF
Days on Market94
Property Features for 2551 W Caithness Pl
General Information
Standard status
Active
Size
1,910 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.47%
Multifamily Units
2
Building Details
Building Size
1,910 SF
Year Built
1954
Tenancy
Multi
Listing Agency:
Pinnacle Real Estate Advisors
Listed By:
Connor Knutson · License #100052573
(303) 962-9567
Source:
Pinnaclerea
Added: Jun 7
Changed: Aug 26
Last Checked: Sep 7 at 7:05AM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
This renovated duplex offers two large 2-bedroom, 1-bath units. Each unit includes private garage access and in-unit washer/dryers. The property is presented with zeroscaped landscaping intended to keep ongoing exterior maintenance minimal.
Located in the Highlands neighborhood at 2551 W Caithness Pl in Denver, the home is described as within walking distance to restaurants and entertainment. The seller’s materials also cite a 6.47% actual cap rate (trailing 12 months).
Overall, the configuration provides two separate, well-appointed residential units within a single duplex structure, complemented by private garages and in-unit laundry for tenant convenience.
Located in the Highlands neighborhood at 2551 W Caithness Pl in Denver, the home is described as within walking distance to restaurants and entertainment. The seller’s materials also cite a 6.47% actual cap rate (trailing 12 months).
Overall, the configuration provides two separate, well-appointed residential units within a single duplex structure, complemented by private garages and in-unit laundry for tenant convenience.
Key Highlights
- Renovated duplex built in 1954 with two 2 bed/1 bath units
- Each unit includes private garage space and in‑unit washer/dryers
- Reported 6.47% actual cap rate (trailing 12 months)
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
$31,742
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
3.53%
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%
$634,840
$634.8K
Cap Rate 7%
$453,457
$453.5K
Cap Rate 9%
$352,689
$352.7K
Market Conditions
NOI Build-Up for 1,910 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
$48.1K $25.20/SF
− Vacancy
−$2.8K −$1.46/SF
EGI
$45.3K $23.74/SF
− OpEx
−$13.6K −$7.12/SF
NOI
$31.7K $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%
$634,840
Cap Rate 7%
$453,457
Cap Rate 9%
$352,689
Alternative Uses
Best Use
Multifamily LT 5
$453.5K
$396.8K – $529.0K
NOI $31,742 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$414.3K
$362.5K – $483.4K
NOI $29,001 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$608.0K
$532.0K – $709.4K
NOI $42,562 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,699
Businesses Nearby
Explore this area
Business Placement
Demographics for 80211, CO
37,940
Population
20,973
Households
1.8
Avg Household Size
34
Median Age
71%
College-Educated
92%
High-School Grad
4.5 sq mi
ZIP Area
8,431
Density / Sq Mi
$117,685
Median Household Income
$78,573
Median Earnings
$1,931
Median Rent
$747,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex with two 2-bed/1-bath units, private garages, and in-unit washer/dryers.
Where is this duplex located?
The property is located at 2551 W Caithness Pl Denver, CO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Renovated duplex built in 1954 with two 2 bed/1 bath units; Each unit includes private garage space and in‑unit washer/dryers; Reported 6.47% actual cap rate (trailing 12 months)
