Two-Unit Duplex with Private
New
For Sale
$789,000
40 S Garrison St, Denver, CO 80226
Side-by-side residential income property with separate addresses, private outdoor areas, garages, and individually metered gas and electric.
Property Size3,982 SF
Days on Market4
Property Features for 40 S Garrison St
General Information
Standard status
Active
Size
3,982 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$4,661
Building Details
Building Size
3,982 SF
Year Built
1968
Listing Agency:
Madison \u0026 Company Properties
Listed By:
Brandon Svitak
(970) 308-3969
Source:
Corken
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 3:04PM
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 Madison \u0026 Company Properties
Investment Insights
Based on property information with market context.
This two-unit duplex at 40 S Garrison St includes distinct residences with separate mailing addresses and private yards with covered patios. The larger unit offers 5 bedrooms and 2 baths, including a nonconforming fifth bedroom, plus an attached 2-car garage. The second unit has 3 bedrooms, 2 baths, and its own 1-car garage. Additional parking is available in front of the property.
Gas and electric service are separately metered for each unit, while water is shared. The roof was replaced in 2017, and both furnaces were replaced in 2021. Built in 1968, the property provides a duplex configuration with separate outdoor space, garage parking, and distinct utility metering for each residence.
Gas and electric service are separately metered for each unit, while water is shared. The roof was replaced in 2017, and both furnaces were replaced in 2021. Built in 1968, the property provides a duplex configuration with separate outdoor space, garage parking, and distinct utility metering for each residence.
Key Highlights
- Two‑unit duplex with separate mailing addresses at 40 S Garrison St and 50 S Garrison St
- Larger unit includes 5 bedrooms, 2 baths, and an attached 2‑car garage
- Second unit offers 3 bedrooms, 2 baths, and a dedicated 1‑car garage
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
$66,175
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
8.39%
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%
$1,323,500
$1.3M
Cap Rate 7%
$945,357
$945.4K
Cap Rate 9%
$735,278
$735.3K
Market Conditions
NOI Build-Up for 3,982 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
$100.3K $25.20/SF
− Vacancy
−$5.8K −$1.46/SF
EGI
$94.5K $23.74/SF
− OpEx
−$28.4K −$7.12/SF
NOI
$66.2K $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%
$1,323,500
Cap Rate 7%
$945,357
Cap Rate 9%
$735,278
Alternative Uses
Best Use
Multifamily LT 5
$945.4K
$827.2K – $1.10M
NOI $66,175 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$863.7K
$755.8K – $1.01M
NOI $60,461 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,733 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 80226, CO
33,142
Population
14,742
Households
2.2
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
4,092
Density / Sq Mi
$78,466
Median Household Income
$44,640
Median Earnings
$1,738
Median Rent
$547,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residential income property with separate addresses, private outdoor areas, garages, and individually metered gas and electric.
Where is this duplex located?
The property is located at 40 S Garrison St Denver, CO.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Two‑unit duplex with separate mailing addresses at 40 S Garrison St and 50 S Garrison St; Larger unit includes 5 bedrooms, 2 baths, and an attached 2‑car garage; Second unit offers 3 bedrooms, 2 baths, and a dedicated 1‑car garage
