Duplex with Open-Space
New
For Sale
$589,900
1228 Shale Way, Erie, CO 80516
Residential, Erie, CO
Property Size1,831 SF
Lot Size0.05 Acres
Price / SF$322.17
Days on Market5
Property Features for 1228 Shale Way
General Information
Property type
Residential
Property subtype
Duplex
Zoning
Res
Bedrooms
4
Bathrooms
3
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Dining Room, Bathroom 2, Bedroom 1, Laundry Room, Laundry Room
Window features
Window Coverings
Patio and Porch features
Deck
Pets allowed
Dogs OK
Interior features
Eat-in Kitchen, Open Floorplan, Washer/Dryer Hookup, High Ceilings
Fencing
Fenced
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer, Microwave, Disposal
Subdivision
Flatiron Meadows Filing 13
Lot features
Corner Lot, Level, Abuts Public Open Space, House Faces West, Paved
Elementary school
Meadowlark K-8
Middle school
Meadowlark K-8
High school
Centaurus
Elementary school district
Boulder Valley Dist RE2
Middle school district
Boulder Valley Dist RE2
High school district
Boulder Valley Dist RE2
Directions
You can put in 1228 Shale Drive into google for it to map, there is no "drive", but instead it is Way, it maps easier to use 1228 Shale Drive.
Standard status
Active
APN
R0612737
Size
1,831 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5458
HOA Fee
$130 Monthly
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
luxury vinyl plank flooring
quartz countertops
stainless steel appliances
center island
French doors
newly landscaped backyard
new deck
extra-wide front porch
Building Details
Year built
2021
Floors in Building
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Real
(720) 807-2890
Listed By:
Brittany Heckenberg
(303) 877-2641
Added: Aug 26
Changed: Aug 27
Last Checked: Aug 30 at 2:06PM
MLS# 1067268
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,831-square-foot residential property, built in 2021, offers three bedrooms, a private office or den, and 2.5 bathrooms. The interior includes an open floor plan, nine-foot main-level ceilings, luxury vinyl plank flooring on both levels, and abundant natural light. The kitchen is equipped with quartz countertops, 42-inch upper cabinets, soft-close drawers, stainless steel appliances, and a center island. Additional storage is provided by an under-stair closet, a large accessible crawl space, and space beyond the garage.
Outdoor features include a newly landscaped backyard, a new deck, and a west-facing front porch. The rear of the property adjoins open space and offers mountain views, while a fenced yard and an additional parking space beside the garage add practical utility. The property is located in Boulder County within the Boulder Valley School District, with access to Erie, Lafayette, Boulder, parks, trails, shopping, and dining. Zoning is Res.
Outdoor features include a newly landscaped backyard, a new deck, and a west-facing front porch. The rear of the property adjoins open space and offers mountain views, while a fenced yard and an additional parking space beside the garage add practical utility. The property is located in Boulder County within the Boulder Valley School District, with access to Erie, Lafayette, Boulder, parks, trails, shopping, and dining. Zoning is Res.
Key Highlights
- 1,831‑square‑foot property built in 2021
- Three bedrooms, 2.5 bathrooms, and a dedicated office or den
- Kitchen with quartz counters, 42‑inch cabinetry, stainless appliances, and center island
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
$34,226
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
5.80%
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%
$684,520
$684.5K
Cap Rate 7%
$488,943
$488.9K
Cap Rate 9%
$380,289
$380.3K
Market Conditions
NOI Build-Up for 1,831 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
$52.3K $28.56/SF
− Vacancy
−$3.4K −$1.86/SF
EGI
$48.9K $26.70/SF
− OpEx
−$14.7K −$8.01/SF
NOI
$34.2K $18.69/SF
Area
Boulder County, CO
Vacancy
6.50%
Lease Rate
$28.56 /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%
$684,520
Cap Rate 7%
$488,943
Cap Rate 9%
$380,289
Alternative Uses
Best Use
Multifamily LT 5
$488.9K
$427.8K – $570.4K
NOI $34,226 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$455.3K
$398.4K – $531.2K
NOI $31,874 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$552.4K
$483.4K – $644.5K
NOI $38,671 @ 7.0% cap · market cap 6.56%
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
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 80516, CO
34,376
Population
13,163
Households
2.6
Avg Household Size
37
Median Age
64%
College-Educated
97%
High-School Grad
40.5 sq mi
ZIP Area
849
Density / Sq Mi
$160,590
Median Household Income
$75,277
Median Earnings
$2,718
Median Rent
$683,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained residential property with modern finishes, flexible interior space, and a landscaped outdoor setting bordering open space.
Where is this duplex located?
The property is located at 1228 Shale Way Erie, CO.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 1,831‑square‑foot property built in 2021; Three bedrooms, 2.5 bathrooms, and a dedicated office or den; Kitchen with quartz counters, 42‑inch cabinetry, stainless appliances, and center island
