Duplex with Unfinished
For Sale
$509,000
3594 Happyheart Way, Castle Rock, CO 80109
Three-bedroom layout includes a main-floor office, upstairs loft, and landscaped private yard.
Property Size1,837 SF
Days on Market141
Property Features for 3594 Happyheart Way
General Information
Standard status
Active
Size
1,837 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$3,971
Amenities
miles of trails
parks
main-floor office with French doors
walk-in closet
5-piece bath
full unfinished basement with high ceilings and bathroom rough-in
private landscaped yard with patio
Building Details
Building Size
1,837 SF
Year Built
2017
Listing Agency:
Your Castle Real Estate Inc
(303) 809-0252
Listed By:
Nicole Nelson Maestas
(303) 809-0252
Source:
Corken
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 29 at 10:48PM
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 Your Castle Real Estate Inc
Investment Insights
Based on property information with market context.
This 2017 duplex in Castle Rock’s Meadows community offers an open residential layout with three bedrooms, an upstairs loft, and a main-level office enclosed by French doors. The primary suite includes a walk-in closet and five-piece bathroom. A full unfinished basement provides high ceilings and a bathroom rough-in for future expansion. Outdoor features include a landscaped private yard and patio.
The property is near Meadow View Elementary, Castle Rock Middle, and Castle View High School within the Douglas County School District. The Meadows community includes miles of trails and parks, while shopping, dining, and outdoor recreation are also accessible from the property.
The property is near Meadow View Elementary, Castle Rock Middle, and Castle View High School within the Douglas County School District. The Meadows community includes miles of trails and parks, while shopping, dining, and outdoor recreation are also accessible from the property.
Key Highlights
- Duplex constructed in 2017
- Three bedrooms plus an upstairs loft
- Main‑floor office with French doors
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
$30,282
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
5.95%
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%
$605,640
$605.6K
Cap Rate 7%
$432,600
$432.6K
Cap Rate 9%
$336,467
$336.5K
Market Conditions
NOI Build-Up for 1,837 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
$45.2K $24.60/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$43.3K $23.55/SF
− OpEx
−$13.0K −$7.06/SF
NOI
$30.3K $16.48/SF
Area
Douglas County, CO
Vacancy
4.27%
Lease Rate
$24.60 /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%
$605,640
Cap Rate 7%
$432,600
Cap Rate 9%
$336,467
Alternative Uses
Best Use
Multifamily LT 5
$432.6K
$378.5K – $504.7K
NOI $30,282 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$398.6K
$348.8K – $465.1K
NOI $27,904 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$631.0K
$552.1K – $736.1K
NOI $44,168 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 80109, CO
27,148
Population
9,598
Households
2.8
Avg Household Size
36
Median Age
57%
College-Educated
98%
High-School Grad
26.0 sq mi
ZIP Area
1,044
Density / Sq Mi
$148,417
Median Household Income
$63,640
Median Earnings
$2,245
Median Rent
$648,900
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 - Three-bedroom layout includes a main-floor office, upstairs loft, and landscaped private yard.
Where is this duplex located?
The property is located at 3594 Happyheart Way Castle Rock, CO.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: Duplex constructed in 2017; Three bedrooms plus an upstairs loft; Main‑floor office with French doors
