Corner-Lot Residential Income
For Sale
$1,695,000
87 S Garfield St, Denver, CO 80209
Modern half-duplex residence with flexible living areas, private outdoor space, and updated systems.
Property Size3,802 SF
Days on Market29
Property Features for 87 S Garfield St
General Information
Standard status
Active
Size
3,802 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$9,269
Amenities
gas fireplace
rooftop deck
private patio
wet bar
wine room
home theater
workout area
Building Details
Building Size
3,802 SF
Year Built
2013
Listing Agency:
Compass - Denver
Listed By:
Chrissy Graham
(303) 947-2043
Source:
Corken
Added: Aug 6
Changed: Aug 31
Last Checked: Sep 1 at 11:41PM
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.
Built in 2013, this corner-lot half duplex combines modern architecture with a bright, open interior. The main level includes a kitchen with quartz counters, a breakfast bar, stainless steel appliances, a gas range, and a Bosch coffee and espresso maker. A gas fireplace anchors the great room, which opens to a private patio with a water feature, fire pit, and built-in seating.
The upper levels provide a primary suite with a walk-in shower, dual-sink vanity, private water closet, built-ins, and stacked laundry, along with two additional bedrooms and a shared Jack and Jill bath. A rooftop level adds a wet bar, half bath, tiled deck, and mountain views. The basement includes a home theater and workout area, plus another wet bar, wine room, bedroom, bath, and laundry.
Recent improvements include refinished hardwood flooring, new carpet, basement tile, and replacement furnaces and air-conditioning units within the last 5 years. The property has no HOA and is within walking distance of Cherry Creek restaurants, shopping, and the Cherry Creek Bike Trail.
The upper levels provide a primary suite with a walk-in shower, dual-sink vanity, private water closet, built-ins, and stacked laundry, along with two additional bedrooms and a shared Jack and Jill bath. A rooftop level adds a wet bar, half bath, tiled deck, and mountain views. The basement includes a home theater and workout area, plus another wet bar, wine room, bedroom, bath, and laundry.
Recent improvements include refinished hardwood flooring, new carpet, basement tile, and replacement furnaces and air-conditioning units within the last 5 years. The property has no HOA and is within walking distance of Cherry Creek restaurants, shopping, and the Cherry Creek Bike Trail.
Key Highlights
- Corner‑lot half duplex with modern architecture, open floorplan, and bright interior
- Kitchen with quartz countertops, breakfast bar, gas range, stainless steel appliances, and Bosch coffee and espresso maker
- Private patio with water feature, fire pit, and built‑in seating
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
$57,728
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
3.41%
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%
$1,154,560
$1.2M
Cap Rate 7%
$824,686
$824.7K
Cap Rate 9%
$641,422
$641.4K
Market Conditions
NOI Build-Up for 3,802 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
$111.8K $29.40/SF
− Vacancy
−$6.8K −$1.79/SF
EGI
$105.0K $27.61/SF
− OpEx
−$47.2K −$12.42/SF
NOI
$57.7K $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%
$1,154,560
Cap Rate 7%
$824,686
Cap Rate 9%
$641,422
Alternative Uses
Best Use
Apartment 5plus
$824.7K
$721.6K – $962.1K
NOI $57,728 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,722 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,317
Businesses Nearby
Explore this area
Business Placement
Demographics for 80209, CO
27,061
Population
16,045
Households
1.7
Avg Household Size
38
Median Age
80%
College-Educated
99%
High-School Grad
3.5 sq mi
ZIP Area
7,732
Density / Sq Mi
$118,759
Median Household Income
$81,604
Median Earnings
$1,981
Median Rent
$971,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Modern half-duplex residence with flexible living areas, private outdoor space, and updated systems.
Where is this residential income property located?
The property is located at 87 S Garfield St Denver, CO.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Corner‑lot half duplex with modern architecture, open floorplan, and bright interior; Kitchen with quartz countertops, breakfast bar, gas range, stainless steel appliances, and Bosch coffee and espresso maker; Private patio with water feature, fire pit, and built‑in seating
