Renovated Fourplex with ADU
New
For Sale
$1,500,000
3243 Kearney St, Denver, CO 80207
Four updated units include two three-bedroom residences and two two-bedroom residences, plus a detached garage and off-street parking.
Property Size7,545 SF
Days on Market5
Property Features for 3243 Kearney St
General Information
Standard status
Active
Size
7,545 SF
Property subtype
Investment
Lease Term
Call to inquire
Financials
Cap Rate
5.12%
Gross Income
$101,340
Units
Unit Mix
2 x 3BR, 2 x 2BR
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,285
Amenities
central air conditioning
professional landscaping
paver patio
Building Details
Building Size
7,545 SF
Year Built
1955
Buildings
1
Listing Agency:
(970) 402-9329
Listed By:
Katherine McCaslin · License #100072124
(970) 402-9329
Source:
Elliman
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 24 at 10:16AM
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 Katherine McCaslin
Investment Insights
Based on property information with market context.
This fourplex contains a balanced mix of two three-bedroom units and two two-bedroom units. All four residences have received updates, including windows, interior doors, paint, blinds, LED lighting, appliances, electrical breakers, central air conditioning, exterior paint and siding. Additional work includes restored hardwood floors, a remodeled bathroom and a remodeled kitchen. One unit is scheduled to be vacant at closing.
The property includes an oversized detached two-car garage with approximately 676 SF framed for a potential ADU or fifth unit. Electrical wiring has been installed through the existing framing; zoning, permitting and feasibility require verification with the City and County of Denver. At least five off-street parking spaces are available. Gas and electric are separately metered, while water, sewer and trash are billed back to the units at a 25% share each. The property is in Northeast Park Hill and has a 5.12% cap rate.
The property includes an oversized detached two-car garage with approximately 676 SF framed for a potential ADU or fifth unit. Electrical wiring has been installed through the existing framing; zoning, permitting and feasibility require verification with the City and County of Denver. At least five off-street parking spaces are available. Gas and electric are separately metered, while water, sewer and trash are billed back to the units at a 25% share each. The property is in Northeast Park Hill and has a 5.12% cap rate.
Key Highlights
- Fourplex with two 3‑bedroom units and two 2‑bedroom units
- Improvements completed throughout 2024–2026, including HVAC, windows, appliances and exterior work
- Detached 2‑car garage with approximately 676 SF framed for potential ADU or fifth unit
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
$125,388
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
8.36%
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%
$2,507,760
$2.5M
Cap Rate 7%
$1,791,257
$1.8M
Cap Rate 9%
$1,393,200
$1.4M
Market Conditions
NOI Build-Up for 7,545 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
$190.1K $25.20/SF
− Vacancy
−$11.0K −$1.46/SF
EGI
$179.1K $23.74/SF
− OpEx
−$53.7K −$7.12/SF
NOI
$125.4K $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%
$2,507,760
Cap Rate 7%
$1,791,257
Cap Rate 9%
$1,393,200
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,388 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,560 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,129 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 80207, CO
21,170
Population
9,291
Households
2.3
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
5,428
Density / Sq Mi
$112,325
Median Household Income
$71,163
Median Earnings
$1,819
Median Rent
$661,900
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?
Quadplex - Four updated units include two three-bedroom residences and two two-bedroom residences, plus a detached garage and off-street parking.
Where is this quadplex located?
The property is located at 3243 Kearney St Denver, CO.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fourplex with two 3‑bedroom units and two 2‑bedroom units; Improvements completed throughout 2024–2026, including HVAC, windows, appliances and exterior work; Detached 2‑car garage with approximately 676 SF framed for potential ADU or fifth unit
