Non-Conforming Duplex
For Sale
$440,000
832 Elmira Street, Aurora, CO 80010
Non-conforming duplex with two 2-bed, 1-bath units, in-unit laundry, off-street parking, and a fenced back yard.
Property Size1,618 SF
Price / SF$271.94
Days on Market110
Property Features for 832 Elmira Street
General Information
Standard status
Active
Size
1,618 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Cap Rate
7.1%
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,886
Amenities
open kitchens
laundry in-unit
ample off-street parking
Building Details
Year Built
1951
Listing Agency:
Khaya Real Estate LLC
(303) 931-0689
Listed By:
Lisa Schoen · License #100081454
(303) 931-0689
Source:
Exitrealty
Added: Apr 22
Changed: Aug 7
Last Checked: Aug 8 at 7:40AM
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 non-conforming duplex has been configured with two separate units, each offering 2 bedrooms and 1 bathroom, along with spacious open kitchens and in-unit laundry. The home also includes a second full kitchen in the basement as approved use. Both units include bedrooms with egress windows, though they do not show up in County Records. Cosmetic updates may be needed at the turn, but several major systems have been updated, including a new sewer line in 2022 and a new roof in 2023, plus additional updates such as a new water heater in the lower unit in 2026, updated electrical in 2026, and a new shower in the lower unit in 2026.
Current rents are listed at $3,520, and the property includes ample off-street parking and a large fenced back yard. Tenant occupancy is in place, with the upper lease through August and the lower lease through November; tenants are described as wanting to stay and handling yard maintenance. The seller notes a recent FHA appraisal at $455,000 and advises buyers to perform their own due diligence. Pro forma and offering materials are available in the supplements, with the appraisal and inspection available upon request.
Current rents are listed at $3,520, and the property includes ample off-street parking and a large fenced back yard. Tenant occupancy is in place, with the upper lease through August and the lower lease through November; tenants are described as wanting to stay and handling yard maintenance. The seller notes a recent FHA appraisal at $455,000 and advises buyers to perform their own due diligence. Pro forma and offering materials are available in the supplements, with the appraisal and inspection available upon request.
Key Highlights
- 1951‑built non‑conforming duplex converted from a SFR, currently generating $3,520 in rents
- Two 2‑bed, 1‑bath units; both bedrooms have egress windows, but bedroom details do not show in county records
- Each unit includes in‑unit laundry and a spacious open kitchen layout
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
$23,258
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
5.29%
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%
$465,160
$465.2K
Cap Rate 7%
$332,257
$332.3K
Cap Rate 9%
$258,422
$258.4K
Market Conditions
NOI Build-Up for 1,618 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
$35.9K $22.20/SF
− Vacancy
−$2.7K −$1.67/SF
EGI
$33.2K $20.54/SF
− OpEx
−$10.0K −$6.16/SF
NOI
$23.3K $14.37/SF
Area
Aurora, CO
Vacancy
7.50%
Lease Rate
$22.20 /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%
$465,160
Cap Rate 7%
$332,257
Cap Rate 9%
$258,422
Alternative Uses
Best Use
Multifamily LT 5
$332.3K
$290.7K – $387.6K
NOI $23,258 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,648 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 80010, CO
42,303
Population
15,394
Households
2.7
Avg Household Size
32
Median Age
19%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
8,295
Density / Sq Mi
$60,755
Median Household Income
$36,349
Median Earnings
$1,400
Median Rent
$385,700
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 - Non-conforming duplex with two 2-bed, 1-bath units, in-unit laundry, off-street parking, and a fenced back yard.
Where is this duplex located?
The property is located at 832 Elmira Street Aurora, CO.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 1951‑built non‑conforming duplex converted from a SFR, currently generating $3,520 in rents; Two 2‑bed, 1‑bath units; both bedrooms have egress windows, but bedroom details do not show in county records; Each unit includes in‑unit laundry and a spacious open kitchen layout
