Updated Duplex with Dual
For Sale
$779,000
235 Spirit Way, New Castle, CO 81647
Residential, New Castle, CO
Property Size2,168 SF
Lot Size0.12 Acres
Price / SF$359.32
Days on Market66
Property Features for 235 Spirit Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 3
Fencing
Fenced
Fireplace
1
Basement
Crawl Space
Subdivision
Lakota Canyon Ranch
Lot features
Cul-De-Sac, Landscaped
Directions
From the New Castle exit, North on Castle Valley Blvd., right on Clubhouse Drive, past Clubhouse, left on Spirit Way, unit is right half of duplex on the left.
Standard status
Active
APN
212332212019
Size
2,168 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SECTION: 32 TOWNSHIP: 5 RANGE: 90 SUBDIVISION: LAKOTA CANYON RANCH BLOCK: E LOT: 13A A RE-SUB OF PARCEL B, EAGLE'S RIDGE
Tax Annual Amount
3374
HOA Fee
$105 Monthly
Legal Description
SECTION: 32 TOWNSHIP: 5 RANGE: 90 SUBDIVISION: LAKOTA CANYON RANCH BLOCK: E LOT: 13A A RE-SUB OF PARCEL B, EAGLE'S RIDGE
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
covered deck
Building Details
Year built
2005
Floors in Building
2
Building materials
Wood Siding, Stone Veneer, Frame
Roof type
Composition
Listing Agency:
The Property Shop
(970) 947-9300
Listed By:
Amy Luetke · License #40014669
(970) 618-4956
Added: Jul 6
Changed: Sep 9
Last Checked: Sep 9 at 7:06PM
MLS# 193683
Copyright © 2026 Aspen Glenwood 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 2,168-square-foot half duplex includes 4 bedrooms and 3.5 baths, with two primary suites and one positioned on the main level. The fourth bedroom is non-conforming because it lacks a closet. Recent work includes a new roof, interior paint, carpet, appliances, landscaping, and fencing. Additional features include a composition roof, wood siding and stone veneer, forced-air natural gas heating, central air, a fireplace, and public water service.
The home is located at 235 Spirit Way in New Castle, Colorado, within Lakota Canyon Ranch. The property is near the recreation center and pool, with trails, parks, and schools described as walkable from the home. I-70 and Glenwood Springs are accessible from the property, while the south-facing covered deck provides outdoor space with views.
The parcel measures 0.12 acres and includes a fenced yard. The residential zoning and duplex configuration support its use as a residential income property.
The home is located at 235 Spirit Way in New Castle, Colorado, within Lakota Canyon Ranch. The property is near the recreation center and pool, with trails, parks, and schools described as walkable from the home. I-70 and Glenwood Springs are accessible from the property, while the south-facing covered deck provides outdoor space with views.
The parcel measures 0.12 acres and includes a fenced yard. The residential zoning and duplex configuration support its use as a residential income property.
Key Highlights
- 2,168‑square‑foot half duplex with 4 bedrooms and 3.5 baths
- Two primary suites, including one on the main level
- Recent improvements include roof, paint, carpet, appliances, landscaping, and fencing
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
$28,396
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
3.65%
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%
$567,920
$567.9K
Cap Rate 7%
$405,657
$405.7K
Cap Rate 9%
$315,511
$315.5K
Market Conditions
NOI Build-Up for 2,168 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
$42.9K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.6K $18.71/SF
− OpEx
−$12.2K −$5.61/SF
NOI
$28.4K $13.10/SF
Area
Garfield County, CO
Vacancy
5.50%
Lease Rate
$19.80 /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%
$567,920
Cap Rate 7%
$405,657
Cap Rate 9%
$315,511
Alternative Uses
Best Use
Multifamily LT 5
$405.7K
$355.0K – $473.3K
NOI $28,396 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$378.7K
$331.4K – $441.8K
NOI $26,510 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$567.8K
$496.8K – $662.4K
NOI $39,744 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
Explore this area
Business Placement
Demographics for 81647, CO
7,445
Population
2,808
Households
2.7
Avg Household Size
37
Median Age
31%
College-Educated
95%
High-School Grad
284.9 sq mi
ZIP Area
26
Density / Sq Mi
$80,139
Median Household Income
$48,493
Median Earnings
$1,581
Median Rent
$470,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated half-duplex residence with natural-light interiors and a south-facing covered deck.
Where is this duplex located?
The property is located at 235 Spirit Way New Castle, CO.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 2,168‑square‑foot half duplex with 4 bedrooms and 3.5 baths; Two primary suites, including one on the main level; Recent improvements include roof, paint, carpet, appliances, landscaping, and fencing
