Updated Victorian
For Sale
$849,000
4601 W 38th Avenue, Denver, CO 80212
Three one-bedroom units offer separate living spaces, private outdoor areas, and in-unit laundry in Berkeley.
Property Size1,440 SF
Price / SF$589.58
Days on Market49
Property Features for 4601 W 38th Avenue
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,678
Building Details
Year Built
1900
Buildings
1
Stories
2
Construction
Victorian
Tenancy
Multi
Listing Agency:
Khaya Real Estate LLC
(303) 956-7437
Listed By:
Lisa Schoen · License #100081454
(303) 931-0689
Source:
Exitrealty
Added: Jul 29
Changed: Sep 1
Last Checked: Sep 15 at 5:24AM
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 Khaya Real Estate LLC
Investment Insights
Based on property information with market context.
This 1900 Victorian triplex includes three one-bedroom, one-bath units with updated kitchens and baths, new appliances, newer furnaces, new windows, and AC units in each unit. Separate electrical panels and meters serve the property. Unit 1 offers 700 square feet, a laundry room, original wood trim, an open kitchen and living area, a private yard with dog run, storage shed, and raised garden beds. Unit 2 includes 500 square feet, an upper-level layout, reading or office nook, in-unit washer and dryer, butcher block counters, and a large living and dining area. Unit 3 includes 650 square feet, a dedicated off-street driveway, private yard access, exterior storage, and in-unit washer and dryer.
The property is located at 4601 W 38th Ave in Denver’s Berkeley neighborhood, one block from Tennyson St. and directly across from Starbucks and Sprouts. Walk Score is 92, Bike Score is 69, and Transit Score is 37. Unit 2 is rented through July 2027; Unit 1 is owner occupied, and Unit 3 is scheduled for tenant move-out September 1st.
The property is located at 4601 W 38th Ave in Denver’s Berkeley neighborhood, one block from Tennyson St. and directly across from Starbucks and Sprouts. Walk Score is 92, Bike Score is 69, and Transit Score is 37. Unit 2 is rented through July 2027; Unit 1 is owner occupied, and Unit 3 is scheduled for tenant move-out September 1st.
Key Highlights
- Three‑unit Victorian property built in 1900 with 1‑bedroom/1‑bath layouts
- Unit sizes of 700 sq ft, 500 sq ft, and 650 sq ft
- Separate electrical panels and meters, updated kitchens and baths, new appliances, windows, and AC units
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
$23,931
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
2.82%
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%
$478,620
$478.6K
Cap Rate 7%
$341,871
$341.9K
Cap Rate 9%
$265,900
$265.9K
Market Conditions
NOI Build-Up for 1,440 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
$36.3K $25.20/SF
− Vacancy
−$2.1K −$1.46/SF
EGI
$34.2K $23.74/SF
− OpEx
−$10.3K −$7.12/SF
NOI
$23.9K $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%
$478,620
Cap Rate 7%
$341,871
Cap Rate 9%
$265,900
Alternative Uses
Best Use
Multifamily LT 5
$341.9K
$299.1K – $398.9K
NOI $23,931 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$312.3K
$273.3K – $364.4K
NOI $21,864 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$458.4K
$401.1K – $534.8K
NOI $32,088 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,565
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
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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?
Triplex - Three one-bedroom units offer separate living spaces, private outdoor areas, and in-unit laundry in Berkeley.
Where is this triplex located?
The property is located at 4601 W 38th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Three‑unit Victorian property built in 1900 with 1‑bedroom/1‑bath layouts; Unit sizes of 700 sq ft, 500 sq ft, and 650 sq ft; Separate electrical panels and meters, updated kitchens and baths, new appliances, windows, and AC units
