Residential Income Property with Unfinished
For Sale
$638,000
2497 Flats St, Erie, CO 80516
A 2022 paired home combines a dedicated office, an upper-level loft, and an unfinished basement with rough-in plumbing.
Property Size1,920 SF
Price / SF$332.29
Days on Market50
Property Features for 2497 Flats St
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,657
Amenities
gas fireplace
central air conditioning
walk-in closet
ensuite bathroom
soaking tub
glass-enclosed shower
laundry room
basement rough-in plumbing
Building Details
Building Size
1,920 SF
Year Built
2022
Buildings
1
Listing Agency:
Distinct Real Estate LLC
Listed By:
Kelly Mates
(720) 343-9686
Source:
Flatironsbrokerage
Added: Sep 8
Changed: Oct 27
Last Checked: Oct 27 at 3:16AM
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 Distinct Real Estate LLC
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Investment Insights
Based on property information with market context.
Built in 2022, this paired home offers 1,920 square feet of finished space and an 887-square-foot unfinished basement with rough-in plumbing. The main floor pairs a French-door office with an open kitchen, dining, and living area anchored by a gas fireplace. Kitchen features include a large island, gas cooktop, wall oven, microwave, pantry, and pull-out storage. Upstairs, a loft, primary suite, two additional bedrooms, full bath, and laundry room complete the layout. The primary bath has dual vanities, a soaking tub, and a glass-enclosed shower. An attached two-car garage and central air conditioning are also included.
The property is in Erie, approximately four miles from downtown Erie and the Erie Town Center, and about 11 miles from downtown Boulder. Flatiron Meadows parks, playgrounds, trails, and Meadowlark K-8 are nearby.
The property is in Erie, approximately four miles from downtown Erie and the Erie Town Center, and about 11 miles from downtown Boulder. Flatiron Meadows parks, playgrounds, trails, and Meadowlark K-8 are nearby.
Key Highlights
- Built in 2022; 1,920 square feet of finished space
- 887‑square‑foot unfinished basement with rough‑in plumbing
- Three bedrooms, a dedicated office, and an upstairs loft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,293
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$405,860
$405.9K
Cap Rate 7%
$289,900
$289.9K
Cap Rate 9%
$225,478
$225.5K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$39.2K $20.40/SF
− Vacancy
−$2.3K −$1.18/SF
EGI
$36.9K $19.22/SF
− OpEx
−$16.6K −$8.65/SF
NOI
$20.3K $10.57/SF
Area
Weld County, CO
Vacancy
5.80%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$405,860
Cap Rate 7%
$289,900
Cap Rate 9%
$225,478
Alternative Uses
Best Use
Apartment 5plus
$289.9K
$253.7K – $338.2K
NOI $20,293 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$349.9K
$306.2K – $408.2K
NOI $24,494 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
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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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Frequently Asked Questions
What type of property is this?
Residential income property - A 2022 paired home combines a dedicated office, an upper-level loft, and an unfinished basement with rough-in plumbing.
Where is this residential income property located?
The property is located at 2497 Flats St Erie, CO.
What is the asking price?
The asking price for this property is $638,000.
What are key features of this property?
This property features: Built in 2022; 1,920 square feet of finished space; 887‑square‑foot unfinished basement with rough‑in plumbing; Three bedrooms, a dedicated office, and an upstairs loft
