Updated Duplex with Historic
For Sale
$469,000
2939 N Josephine St, Denver, CO 80205
Original hardwood floors, vaulted ceilings, outdoor entertaining areas, and a detached garage define this updated residential income property.
Property Size1,012 SF
Days on Market35
Property Features for 2939 N Josephine St
General Information
Standard status
Active
Size
1,012 SF
Total Parking Spaces
1
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,462
Amenities
covered front porch
fenced front yard
turfed backyard
original hardwood floors
vaulted ceilings
butcher block countertops
custom tiled backsplash
laundry and mudroom
washer and dryer
bonus office
back deck with built-in bar area
raised planter boxes
Building Details
Building Size
1,012 SF
Year Built
1901
Buildings
1
Listing Agency:
Milehimodern
(303) 875-8898
Listed By:
Alexandra Rae
(303) 875-8898
Source:
Corken
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 4:48AM
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 Milehimodern
Investment Insights
Based on property information with market context.
Built in 1901, this duplex property pairs historic detailing with extensive modern updates. Interior features include original hardwood floors, vaulted ceilings, abundant natural light, a living area connected to dining space, and a kitchen with butcher block countertops, ample cabinetry, eat-in seating, and a custom tile backsplash. A dedicated laundry and mudroom, office or flex room, spacious bedroom, and updated full bathroom add practical functionality.
Outdoor features include a covered front porch, fenced front yard, turfed backyard, and an expansive rear deck with a built-in bar area and raised planter boxes. A detached one-car garage provides parking and storage. The roof and furnace were replaced in 2023.
The property is located two blocks from City Park and near City Park Golf Course, Fuller Dog Park, coffee shops, restaurants, Syrup, and Ephemeral Rotating Taproom.
Outdoor features include a covered front porch, fenced front yard, turfed backyard, and an expansive rear deck with a built-in bar area and raised planter boxes. A detached one-car garage provides parking and storage. The roof and furnace were replaced in 2023.
The property is located two blocks from City Park and near City Park Golf Course, Fuller Dog Park, coffee shops, restaurants, Syrup, and Ephemeral Rotating Taproom.
Key Highlights
- Duplex property originally built in 1901
- Roof and furnace replaced in 2023
- Original hardwood floors and vaulted ceilings
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
$16,818
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
3.59%
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%
$336,360
$336.4K
Cap Rate 7%
$240,257
$240.3K
Cap Rate 9%
$186,867
$186.9K
Market Conditions
NOI Build-Up for 1,012 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
$25.5K $25.20/SF
− Vacancy
−$1.5K −$1.46/SF
EGI
$24.0K $23.74/SF
− OpEx
−$7.2K −$7.12/SF
NOI
$16.8K $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%
$336,360
Cap Rate 7%
$240,257
Cap Rate 9%
$186,867
Alternative Uses
Best Use
Multifamily LT 5
$240.3K
$210.2K – $280.3K
NOI $16,818 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$219.5K
$192.1K – $256.1K
NOI $15,366 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$322.2K
$281.9K – $375.9K
NOI $22,551 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 80205, CO
34,967
Population
19,040
Households
1.8
Avg Household Size
34
Median Age
61%
College-Educated
94%
High-School Grad
4.6 sq mi
ZIP Area
7,602
Density / Sq Mi
$98,770
Median Household Income
$69,760
Median Earnings
$1,816
Median Rent
$627,600
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 - Original hardwood floors, vaulted ceilings, outdoor entertaining areas, and a detached garage define this updated residential income property.
Where is this duplex located?
The property is located at 2939 N Josephine St Denver, CO.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Duplex property originally built in 1901; Roof and furnace replaced in 2023; Original hardwood floors and vaulted ceilings
