Duplex with Open-Space
For Sale
$589,900
Pending
1228 Shale Way, Erie, CO 80516
Residential, Erie, CO
Property Size1,831 SF
Lot Size0.05 Acres
Days on Market51
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
Laundry Room, Laundry Room, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 4, Dining Room, Bathroom 2, Bathroom 3
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
Pending
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
Water source
Public
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: Oct 14
Last Checked: Oct 15 at 11:06AM
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 duplex property includes a three-bedroom home with 2.5 baths and a dedicated office or den. The open main level has 9-foot ceilings, luxury vinyl plank flooring, and a kitchen appointed with quartz counters, 42-inch upper cabinets, soft-close drawers, stainless steel appliances, and a center island. French doors separate the den from the main living area. A fenced, landscaped backyard and deck face open space, while the west-facing front porch provides another outdoor sitting area. Storage includes an under-stair closet and an accessible crawl space; an additional parking space sits beside the garage.
The property is in Boulder County and within the Boulder Valley School District. Downtown Erie, Lafayette, Boulder, parks, trails, shopping, and dining are identified as accessible nearby destinations. Mountain views are noted from the home’s outdoor areas.
The property is in Boulder County and within the Boulder Valley School District. Downtown Erie, Lafayette, Boulder, parks, trails, shopping, and dining are identified as accessible nearby destinations. Mountain views are noted from the home’s outdoor areas.
Key Highlights
- 1,831‑square‑foot duplex property; 0.05‑acre lot
- Three bedrooms, 2.5 baths, and a dedicated office or den
- Built in 2021 with 9‑foot ceilings on the main level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,073
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$421,460
$421.5K
Cap Rate 7%
$301,043
$301.0K
Cap Rate 9%
$234,144
$234.1K
Market Conditions
NOI Build-Up for 1,831 SF
Gross rent
$31.9K $17.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$30.1K $16.44/SF
− OpEx
−$9.0K −$4.93/SF
NOI
$21.1K $11.51/SF
Area
Weld County, CO
Vacancy
5.51%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$421,460
Cap Rate 7%
$301,043
Cap Rate 9%
$234,144
Alternative Uses
Best Use
Multifamily LT 5
$301.0K
$263.4K – $351.2K
NOI $21,073 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$276.5K
$241.9K – $322.5K
NOI $19,352 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office B
$333.7K
$292.0K – $389.3K
NOI $23,359 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - A 2021-built home pairs a flexible office or den with a landscaped backyard and deck beside 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 duplex property; 0.05‑acre lot; Three bedrooms, 2.5 baths, and a dedicated office or den; Built in 2021 with 9‑foot ceilings on the main level
