Modern Duplex with Private
New
For Sale
$699,000
948 Raleigh St, Denver, CO 80204
Custom-built residence with open living areas, premium kitchen finishes, and a fenced outdoor setting near transit.
Property Size1,821 SF
Days on Market6
Property Features for 948 Raleigh St
General Information
Standard status
Active
Size
1,821 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/3BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,811
Amenities
deck
fenced yard
custom shaker cabinets
quartz countertops
apron sink
KitchenAid appliances
hardwood floors
hand troweled walls
five-piece bath
subway tile
walk-in closet
picture window
oversized garage
220V EV charging
tankless water heater
crawl space
Building Details
Building Size
1,821 SF
Year Built
2018
Buildings
1
Construction
modern farmhouse
Listing Agency:
Coldwell Banker Realty 18
(303) 320-5733
Listed By:
Reuben McKelvey
(303) 320-5733
Source:
Guidere
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 7:10AM
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 Coldwell Banker Realty 18
Investment Insights
Based on property information with market context.
Built in 2018, this modern duplex property features a bright, open interior with three bedrooms and three baths. The main level combines living, kitchen, and dining areas, with hardwood flooring and hand-troweled walls. Kitchen appointments include shaker cabinetry, quartz counters, an apron sink, and KitchenAid appliances. A large deck extends to a private fenced yard, while the oversized garage includes an 8-foot door and 220-volt service for electric vehicle charging. Additional features include a tankless water heater and a 5-foot crawl space for storage.
The property is located at 948 Raleigh St in Denver, adjacent to Martinez Park and three blocks from light rail. Light rail service reaches Union Station in 12 minutes, and Sloan’s Lake is a short distance away. The primary bedroom includes a five-piece bath, subway tile, a walk-in closet, and a picture window with downtown views.
The property is located at 948 Raleigh St in Denver, adjacent to Martinez Park and three blocks from light rail. Light rail service reaches Union Station in 12 minutes, and Sloan’s Lake is a short distance away. The primary bedroom includes a five-piece bath, subway tile, a walk-in closet, and a picture window with downtown views.
Key Highlights
- 2018 construction with 3 bedrooms and 3 baths
- Open main‑level living, kitchen, and dining arrangement
- Quartz counters, shaker cabinets, apron sink, and KitchenAid appliances
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
$30,263
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
4.33%
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%
$605,260
$605.3K
Cap Rate 7%
$432,329
$432.3K
Cap Rate 9%
$336,256
$336.3K
Market Conditions
NOI Build-Up for 1,821 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
$45.9K $25.20/SF
− Vacancy
−$2.7K −$1.46/SF
EGI
$43.2K $23.74/SF
− OpEx
−$13.0K −$7.12/SF
NOI
$30.3K $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%
$605,260
Cap Rate 7%
$432,329
Cap Rate 9%
$336,256
Alternative Uses
Best Use
Multifamily LT 5
$432.3K
$378.3K – $504.4K
NOI $30,263 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$395.0K
$345.6K – $460.8K
NOI $27,649 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$579.7K
$507.2K – $676.3K
NOI $40,578 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 80204, CO
35,269
Population
18,378
Households
1.9
Avg Household Size
33
Median Age
51%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$79,265
Median Household Income
$58,860
Median Earnings
$1,724
Median Rent
$579,900
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 - Custom-built residence with open living areas, premium kitchen finishes, and a fenced outdoor setting near transit.
Where is this duplex located?
The property is located at 948 Raleigh St Denver, CO.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2018 construction with 3 bedrooms and 3 baths; Open main‑level living, kitchen, and dining arrangement; Quartz counters, shaker cabinets, apron sink, and KitchenAid appliances
