342 S Lincoln St, Denver, CO 80209

Property Description

342 S Lincoln Street is a rare Denver opportunity with flexibility at its core. This classic early-1900s bungalow is currently active as an income-producing residential property with three rental units, while also offering exciting potential for a buyer who wants to reimagine it as a single-family residence over time. Original character remains throughout, including a wood-burning fireplace with a decorative vintage cast iron cover that adds warmth and architectural charm to the main living space. The current layout includes Unit 1, accessed from the main front door, which spans the primary living spaces of the original home across the main and upper levels. Unit 2 is tucked into the north rear corner of the original structure and is accessed privately from the backyard. Unit 3 occupies the basement level with its own private backyard access and includes a kitchen, living area, bedroom, and bathroom. Each unit has separate access, allowing occupants to maintain separation while sharing the outdoor space. For a buyer looking for both lifestyle and income potential, there may be an opportunity to combine Unit 1 with one of the additional units to create a more spacious primary residence while retaining one separate rental unit. For those with a larger vision, all three units could potentially be combined to create an expansive single-family home in a central Denver location. The flexible layout may also appeal to buyers seeking live/work potential, creative studio space, multigenerational living, or an owner-occupied arrangement with income potential. Three off-street parking spaces in the alley add everyday convenience and may offer future potential for a garage, garage studio, or ADU concept, subject to buyer verification of zoning, permitting, utilities, and City and County of Denver requirements. Buyer to verify zoning, rental use, short-term rental eligibility, and any desired conversion plans. Cap rate is 6.65%, projected is 6.94%