Updated Half-Duplex Income
For Sale
$550,000
Pending
3946 Perry St, Denver, CO 80212
Updated interiors include a finished basement, flex room, and private backyard.
Property Size1,520 SF
Days on Market119
Property Features for 3946 Perry St
General Information
Standard status
Pending
Size
1,520 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,782
Amenities
warm wood floors
updated kitchen
updated bathroom
finished basement
bonus flex room
private backyard
Building Details
Building Size
1,520 SF
Year Built
1910
Listing Agency:
RE/MAX of Cherry Creek
Listed By:
Michael Thomas · License #FA100029856
(303) 522-1333
Source:
Corken
Added: May 13
Changed: Sep 5
Last Checked: Sep 7 at 6:25AM
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 RE/MAX of Cherry Creek
Investment Insights
Based on property information with market context.
This 2-bedroom, 1-bath half duplex combines historic construction with a series of interior updates. Built in 1910, the home features wood flooring, an updated kitchen, an updated bathroom, abundant natural light, and an open interior arrangement. A finished basement expands the usable space, while a main-level flex room adds versatility. The property also includes a private backyard area.
Located in Denver’s Berkeley and Highlands neighborhoods, the home is within blocks of dining, shopping, coffee shops, and other local destinations. Its setting offers convenient access to the walkable neighborhood environment described in the listing, with residential character and amenities close by.
Located in Denver’s Berkeley and Highlands neighborhoods, the home is within blocks of dining, shopping, coffee shops, and other local destinations. Its setting offers convenient access to the walkable neighborhood environment described in the listing, with residential character and amenities close by.
Key Highlights
- 2‑bedroom, 1‑bath half duplex
- Finished basement provides additional usable space
- Updated kitchen and bathroom
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
$23,079
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
4.20%
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%
$461,580
$461.6K
Cap Rate 7%
$329,700
$329.7K
Cap Rate 9%
$256,433
$256.4K
Market Conditions
NOI Build-Up for 1,520 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
$44.7K $29.40/SF
− Vacancy
−$2.7K −$1.79/SF
EGI
$42.0K $27.61/SF
− OpEx
−$18.9K −$12.42/SF
NOI
$23.1K $15.18/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$461,580
Cap Rate 7%
$329,700
Cap Rate 9%
$256,433
Alternative Uses
Best Use
Apartment 5plus
$329.7K
$288.5K – $384.7K
NOI $23,079 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.9K
$423.4K – $564.5K
NOI $33,871 @ 7.0% cap · market cap 6.16%
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
1,510
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated interiors include a finished basement, flex room, and private backyard.
Where is this residential income property located?
The property is located at 3946 Perry St Denver, CO.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2‑bedroom, 1‑bath half duplex; Finished basement provides additional usable space; Updated kitchen and bathroom
