Updated Duplex
New
For Sale
$515,000
3642 Happyheart Way, Castle Rock, CO 80109
Paired residence with a finished main level, flexible loft, private yard, and attached garage.
Property Size1,837 SF
Days on Market5
Property Features for 3642 Happyheart Way
General Information
Standard status
Active
Size
1,837 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,882
Building Details
Building Size
1,837 SF
Year Built
2018
Listing Agency:
Your Castle Real Estate Inc
Listed By:
Kyla Hammond · License #100047391
(720) 431-1239
Source:
Corken
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 15 at 11:40AM
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 2018 paired home offers a three-bedroom, three-bath layout with an open main level, great room, office, half bathroom, and abundant natural light. The kitchen includes white cabinetry, a large island, Corian countertops, tile backsplash, stainless steel appliances, a gas range, and pantry storage. Luxury vinyl plank flooring extends through the primary living areas. Upstairs are three bedrooms, two full bathrooms, a loft, and a laundry room, while the primary suite includes an updated full bathroom. A full unfinished basement provides additional expansion capacity.
The home sits directly across from a park and includes a private, fully fenced side yard, front porch, and attached two-car garage. Community pools and trails are within walking distance, with Promenade, outlet stores, restaurants, and Castle Rock Adventist Hospital nearby.
The home sits directly across from a park and includes a private, fully fenced side yard, front porch, and attached two-car garage. Community pools and trails are within walking distance, with Promenade, outlet stores, restaurants, and Castle Rock Adventist Hospital nearby.
Key Highlights
- Three‑bedroom, three‑bath paired home built in 2018
- Full unfinished basement for future expansion
- Updated kitchen with island, Corian counters, gas range, and stainless appliances
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
5.88%
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 5.88%
Second Best
Apartment 5plus
$398.6K
$348.8K – $465.1K
NOI $27,904 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$631.0K
$552.1K – $736.1K
NOI $44,168 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
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
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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 - Paired residence with a finished main level, flexible loft, private yard, and attached garage.
Where is this duplex located?
The property is located at 3642 Happyheart Way Castle Rock, CO.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Three‑bedroom, three‑bath paired home built in 2018; Full unfinished basement for future expansion; Updated kitchen with island, Corian counters, gas range, and stainless appliances
