Modern New-Construction
For Sale
$1,350,000
4537 N Utica St, Denver, CO 80212
Under-construction duplex with contemporary finishes, rooftop entertaining space, and a two-car garage in Berkeley.
Property Size2,328 SF
Price / SF$570.82
Days on Market39
Property Features for 4537 N Utica St
General Information
Standard status
Active
Size
2,328 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,280
Amenities
rooftop deck
wet bar
Building Details
Building Size
2,328 SF
Year Built
2026
Buildings
1
Construction
Nordic architecture
Listing Agency:
Compass - Denver
(720) 308-2615
Listed By:
Rachel Gallegos · License #100002255
(720) 308-2615
Source:
Corken
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 10:05PM
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 Compass - Denver
Investment Insights
Based on property information with market context.
This under-construction duplex is scheduled for estimated completion in September 2026. The planned residence includes 3 bedrooms, 4 baths, and 2,365 square feet arranged across multiple levels. Smooth stucco, vertical siding, and defined rooflines shape the exterior, while expansive windows bring natural light into the open-concept main level. The interior plan includes contemporary kitchen and living areas, upper-level bedrooms and baths, and a third-level bonus room with a wet bar opening to a rooftop deck. A two-car garage is also included.
The property is located at 4537 N Utica St in Denver’s Berkeley neighborhood. Interior imagery represents a completed home with the same floor plan and finish package; the specific exterior will differ, with the exterior rendering serving as the representation for this property.
The property is located at 4537 N Utica St in Denver’s Berkeley neighborhood. Interior imagery represents a completed home with the same floor plan and finish package; the specific exterior will differ, with the exterior rendering serving as the representation for this property.
Key Highlights
- Duplex under construction with estimated September 2026 completion
- 3 bedrooms, 4 baths, and 2,365 square feet
- Third‑level bonus space includes a wet bar and rooftop deck access
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
$39,303
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
2.91%
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%
$786,060
$786.1K
Cap Rate 7%
$561,471
$561.5K
Cap Rate 9%
$436,700
$436.7K
Market Conditions
NOI Build-Up for 2,365 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
$59.6K $25.20/SF
− Vacancy
−$3.5K −$1.46/SF
EGI
$56.1K $23.74/SF
− OpEx
−$16.8K −$7.12/SF
NOI
$39.3K $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%
$786,060
Cap Rate 7%
$561,471
Cap Rate 9%
$436,700
Alternative Uses
Best Use
Multifamily LT 5
$561.5K
$491.3K – $655.1K
NOI $39,303 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$513.0K
$448.9K – $598.5K
NOI $35,909 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$752.9K
$658.8K – $878.4K
NOI $52,701 @ 7.0% cap · market cap 3.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
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 - Under-construction duplex with contemporary finishes, rooftop entertaining space, and a two-car garage in Berkeley.
Where is this duplex located?
The property is located at 4537 N Utica St Denver, CO.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Duplex under construction with estimated September 2026 completion; 3 bedrooms, 4 baths, and 2,365 square feet; Third‑level bonus space includes a wet bar and rooftop deck access
