Character-Rich Duplex with Fenced
For Sale
$540,000
3515 Utica St, Denver, CO 80212
Highlands duplex with updated kitchen and bath finishes, flexible office space, and a private backyard with garden beds and patio.
Property Size999 SF
Days on Market17
Property Features for 3515 Utica St
General Information
Standard status
Active
Size
999 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,432
Amenities
exposed brick
hardwood floors
granite countertops
stainless steel appliances
subway tile backsplash
laundry/mudroom
finished exterior office
private fenced backyard
raised garden beds
patio
covered front porch
Building Details
Building Size
999 SF
Year Built
1912
Listing Agency:
Milehimodern
(303) 847-3099
Listed By:
Randi Goldberg · License #40043270
(303) 847-3099
Source:
Corken
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 3:18PM
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 1912, this Highlands duplex pairs period character with practical updates. Interior features include exposed brick, hardwood floors, natural light, and open living and dining areas. The kitchen includes granite countertops, stainless steel appliances, and a subway tile backsplash, while the finished full bath provides a polished complement. A dedicated laundry and mudroom supports daily functionality, and the finished exterior office offers additional flexible space.
The property includes a private fenced backyard with raised garden beds and a patio, along with a covered front porch. Its Denver setting provides access to Pferdesteller Park, shopping, and dining.
The property includes a private fenced backyard with raised garden beds and a patio, along with a covered front porch. Its Denver setting provides access to Pferdesteller Park, shopping, and dining.
Key Highlights
- Duplex built in 1912
- Exposed brick and hardwood floors throughout the interior
- Kitchen with granite countertops and stainless steel appliances
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
$16,602
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
3.07%
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%
$332,040
$332.0K
Cap Rate 7%
$237,171
$237.2K
Cap Rate 9%
$184,467
$184.5K
Market Conditions
NOI Build-Up for 999 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
$25.2K $25.20/SF
− Vacancy
−$1.5K −$1.46/SF
EGI
$23.7K $23.74/SF
− OpEx
−$7.1K −$7.12/SF
NOI
$16.6K $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%
$332,040
Cap Rate 7%
$237,171
Cap Rate 9%
$184,467
Alternative Uses
Best Use
Multifamily LT 5
$237.2K
$207.5K – $276.7K
NOI $16,602 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$216.7K
$189.6K – $252.8K
NOI $15,168 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$318.0K
$278.3K – $371.0K
NOI $22,261 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,345
Businesses Nearby
Explore this area
Business Placement
Demographics for 80212, CO
20,397
Population
10,870
Households
1.9
Avg Household Size
38
Median Age
64%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
5,666
Density / Sq Mi
$118,692
Median Household Income
$76,379
Median Earnings
$1,714
Median Rent
$705,300
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 - Highlands duplex with updated kitchen and bath finishes, flexible office space, and a private backyard with garden beds and patio.
Where is this duplex located?
The property is located at 3515 Utica St Denver, CO.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Duplex built in 1912; Exposed brick and hardwood floors throughout the interior; Kitchen with granite countertops and stainless steel appliances
