Updated Duplex with Fenced
For Sale
$499,000
3505 N Elizabeth St, Denver, CO 80205
Flexible finished lower level, central air conditioning, and no HOA support adaptable residential use.
Property Size1,496 SF
Days on Market53
Property Features for 3505 N Elizabeth St
General Information
Standard status
Active
Size
1,496 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,661
Amenities
central air conditioning
fenced yard
finished lower level
Building Details
Building Size
1,496 SF
Year Built
1953
Buildings
1
Listing Agency:
eXp Realty, LLC
(720) 545-5326
Listed By:
Dianne Schell
(720) 545-5326
Source:
Corken
Added: Jul 11
Changed: Aug 31
Last Checked: Aug 30 at 11:44PM
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.
This updated duplex includes three bedrooms, two bathrooms, and nearly 1,500 finished square feet. Interior improvements include a modernized kitchen, refreshed bathrooms, comfortable living areas, and a finished lower level that expands the usable floor plan. Central air conditioning adds year-round comfort, while the property’s layout supports a range of residential arrangements.
Outside, the private fenced yard provides dedicated space for outdoor use, and two off-street parking spaces are included. The property is near City Park, RiNo, Downtown Denver, restaurants, shopping, recreation, and major commuter routes. No HOA is associated with the property.
Outside, the private fenced yard provides dedicated space for outdoor use, and two off-street parking spaces are included. The property is near City Park, RiNo, Downtown Denver, restaurants, shopping, recreation, and major commuter routes. No HOA is associated with the property.
Key Highlights
- Nearly 1,500 finished square feet with 3 bedrooms and 2 bathrooms
- Finished lower level adds flexible living or workspace
- Private fenced yard
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
$24,861
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
4.98%
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%
$497,220
$497.2K
Cap Rate 7%
$355,157
$355.2K
Cap Rate 9%
$276,233
$276.2K
Market Conditions
NOI Build-Up for 1,496 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
$37.7K $25.20/SF
− Vacancy
−$2.2K −$1.46/SF
EGI
$35.5K $23.74/SF
− OpEx
−$10.7K −$7.12/SF
NOI
$24.9K $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%
$497,220
Cap Rate 7%
$355,157
Cap Rate 9%
$276,233
Alternative Uses
Best Use
Multifamily LT 5
$355.2K
$310.8K – $414.4K
NOI $24,861 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$324.5K
$283.9K – $378.6K
NOI $22,715 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$476.2K
$416.7K – $555.6K
NOI $33,336 @ 7.0% cap · market cap 6.68%
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
851
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
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Frequently Asked Questions
What type of property is this?
Duplex - Flexible finished lower level, central air conditioning, and no HOA support adaptable residential use.
Where is this duplex located?
The property is located at 3505 N Elizabeth St Denver, CO.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Nearly 1,500 finished square feet with 3 bedrooms and 2 bathrooms; Finished lower level adds flexible living or workspace; Private fenced yard
