New-Construction Half-Duplex with Rooftop
For Sale
$1,375,000
3227 W 21st Ave, Denver, CO 80211
Includes a private backyard, rooftop entertaining area, and oversized two-car garage.
Property Size3,137 SF
Days on Market19
Property Features for 3227 W 21st Ave
General Information
Standard status
Active
Size
3,137 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Amenities
rooftop deck
wet bar
private backyard
storage
Building Details
Building Size
3,137 SF
Year Built
2026
Buildings
1
Listing Agency:
MODUS Real Estate
(303) 520-5144
Listed By:
Kris Berton
(303) 520-5144
Source:
Corken
Added: Aug 12
Changed: Aug 30
Last Checked: Aug 23 at 5:29AM
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 MODUS Real Estate
Investment Insights
Based on property information with market context.
Completed in 2026, this half-duplex offers four bedrooms and four bathrooms across a contemporary residential layout. The main level centers on an open living area with abundant natural light and includes a study that can serve as an office or additional bedroom. The primary suite has two walk-in closets and a finished private bath. A third-floor loft adds a wet bar and connects to a south-facing rooftop deck with mountain views. Additional features include crawl-space storage, a private backyard, and an oversized two-car garage.
The property is located within a historic district at 3227 W 21st Ave in Denver. Hallack Park is nearby, while Sloan’s Lake is a few blocks away. Restaurants, cafes, and boutique shopping are also located in the surrounding neighborhood.
The property is located within a historic district at 3227 W 21st Ave in Denver. Hallack Park is nearby, while Sloan’s Lake is a few blocks away. Restaurants, cafes, and boutique shopping are also located in the surrounding neighborhood.
Key Highlights
- New‑construction half‑duplex completed in 2026
- Four bedrooms and four bathrooms with a flexible main‑floor study
- Third‑floor loft includes a wet bar and access to the rooftop deck
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
$52,133
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
3.79%
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%
$1,042,660
$1.0M
Cap Rate 7%
$744,757
$744.8K
Cap Rate 9%
$579,256
$579.3K
Market Conditions
NOI Build-Up for 3,137 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
$79.1K $25.20/SF
− Vacancy
−$4.6K −$1.46/SF
EGI
$74.5K $23.74/SF
− OpEx
−$22.3K −$7.12/SF
NOI
$52.1K $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%
$1,042,660
Cap Rate 7%
$744,757
Cap Rate 9%
$579,256
Alternative Uses
Best Use
Multifamily LT 5
$744.8K
$651.7K – $868.9K
NOI $52,133 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$680.4K
$595.4K – $793.9K
NOI $47,631 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$998.6K
$873.8K – $1.17M
NOI $69,903 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,260
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
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Frequently Asked Questions
What type of property is this?
Duplex - Includes a private backyard, rooftop entertaining area, and oversized two-car garage.
Where is this duplex located?
The property is located at 3227 W 21st Ave Denver, CO.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: New‑construction half‑duplex completed in 2026; Four bedrooms and four bathrooms with a flexible main‑floor study; Third‑floor loft includes a wet bar and access to the rooftop deck
