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407 South Hunter St #3
Aspen  CO  81611

Office:  970-920-1833
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Downtown Aspen Commercial Core Properties

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Aspen Commercial Real Estate

MARKET SALES DATA: 2007 - 2010

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Date
listed or sold
Building Address List/Asking
PRICE
OR Sold Price
Approx
Size SF
Building
$/SF Condition
at the time of listing or sale
Comments
at the time of listing or sale
Lot Size
SF
Zoning Capitalization
Rate
N/A=not applicable
On the Market for Sale:            
2/2010
North of Neil Commercial
Condominium Unit C4B
555 East Durant Ave
$1,995,000
1,156
$1,726
Excellent
Street-level commercial condominium unit leased to local retail tenant "Attic Fantasies" through April 2010. N/A COMMERCIAL CORE CC
N/A
8/2009
625 Main Project
In Foreclosure
625 East Main Street
$15,750,000
37,186
under construction
$424
construction with plans
New mixed-use building excavated but not built, with plans & approvals in place to complete penthouses, offices, garage & affordable housing. 10,000
COMMERCIAL C-1
N/A
6/2009
The Millennium Building
426 East Main Street
$12,995,000
11,043
NEW
$1,177
NEW
NEW 11,043 SF buildng being completed now. Includes 2,800 SF street-level retail/office + basement storage + 2nd floor 3 affordable housing units + top floor penthouse for $5,995,000 separate or included in this price. 3,000
estimated
COMMERCIAL CORE CC
N/A
4/2009
A G Sheppard Building
302 East Hopkins Ave
$3,300,000
2,149
$1,536
Excellent
Small historic victorian on a visible corner. Plans available for development of additonal building SF. Owner occupied as office. 3,000
COMMERCIAL CORE CC
N/A
1/2009
Tom Thumb Bldg
Units #B101 and #B201
400 East Hyman Ave
On the Mall
$1,950,000
1,369
$1,424
excellent
Prime retail space with 409 SF on street-level and 960 SF below grade. Owner-occupied as a fine art gallery. N/A COMMERCIAL CORE CC
N/A
12/2008
Tom Thumb Bldg Unit #C201
Expired Listing
400 East Hyman Ave
On the Mall
$2,500,000
639
$3,912
excellent
Prime street-level retail space. Owner-occupied as a retail fur shop. N/A COMMERCIAL CORE CC
N/A
9/2008
Amelia's Building
407 East Hyman Ave
On the Mall
$4,500,000
3,531
$1,274
excellent
2 stories. Leased to Aspen T-Shirt Co. and Ute Mountaineer Women through 2010. Next door to Delice Building. 1,980
COMMERCIAL CORE CC
5.8%
8/2008
Delice Building
409 East Hyman Ave.
On the Mall
$4,995,000
3,920
$1,274
excellent
2 stories + basement. Leased to Billabong (national retailer) and local N Y Pizza restaurant. Long term leases with options to extend. 1,600
COMMERCIAL CORE CC
6%
3/2008
Spring/Hopkins Corner
632 East Hopkins Ave
119 South Spring St
$3,900,000
5,348
$729
excellent
Second floor leased to 2 office tenants. First floor vacant. Small basement storage and 5 parking spaces. 4,500
Commercial C-1
N/A
3/2007
Neil Ross Building
100 South Spring St.
$3,725,000
3,100
$1,289
good
Two floors. Built in 1982. Mostly vacant offices plus one rented residential apartment. 5 parking spaces. 3,000
Mixed Use MU
N/A
2/2007
Mother Lode Building
Commercial Unit - Street Level
314 East Hyman Ave.
$5,000,000
2,932
NEW
$1,705
NEW
NEW 22,103 SF. Upper floors + garages, basement & common areas are all residential for sale @ $29,750,000. This commercial street-level Unit is separately for sale @ $5,000,000. 6,000
COMMERCIAL CORE CC
N/A
Total / Average For Sale: $44,860,000 35,187 $1,275    Note: Totals do NOT include 625 Main Project (not built)
                     
Date
listed or sold
Building Address List/Asking
PRICE
OR Sold Price
Approx
Size SF
Building
$/SF Condition
at the time of listing or sale
Comments
at the time of listing or sale
Lot Size
SF
Zoning Capitalization
Rate
N/A=not applicable
Sold Properties* 2007-09:            
9/2009
Gorsuch Building
419 East Cooper Ave
on the mall
$5,000,000
7,513
$666
excellent
4,554 SF on street-level + 2,959 SF basement. Excludes 2 affordable houseing units. Gorsuch retail is leasing back the entire space. N/A COMMERCIAL CORE CC
8%
approx.
7/2009
The Patio Building
630 East Hyman Ave
$4,600,000
12,016
$383
Average
Office building with many local tenants on 3 floors including "Sandy's Office Supply" on the main floor. 6,000
COMMERCIAL C-1
Unavail.
7/2008
North of Neil Commercial
Condominium Unit CB4
555 East Durant Avenue
$2,900,000
1,156
$2,509
excellent
Street-level commercial condominium unit leased to local retail tenant "Attic Fantasies". N/A COMMERCIAL CORE CC
N/A
5/2008
Crystal Palace Building
300 East Hyman Ave.
$8,900,000
12,650
$704
good
Two stories plus basement historic brick building with office tenants and a restaurant/theatre. Sold with Grande Finale Bldg. below. 6,000
COMMERCIAL CORE CC
N/A
4/2008
Aspenhof Building Unit RB-1
Basement Unit
520 East Cooper Ave.
$2,500,000
3,726
$671
good
Remodeled in 1996 & 2007. ALL BASEMENT-LEVEL with small front patio. Owner-operated bar/restaurant now closed. N/A COMMERCIAL CORE CC
N/A
2/2008
Aspen Sq. Commercial B
Condominium
614 East Durant Ave
$7,000,000
4,500
$1,556
excellent
Tenant, "Pomeroy Sports" bought its own retail condo unit including 3,500 SF street-level plus 1,000 SF basement. Prime corner. N/A COMMERCIAL CORE CC
N/A
2/2008
Bowman Block Building
(aka La Fave Building)
529-535 E. Cooper Ave.
$14,600,000
10,303
$1,417
poor
3 historic buildings connected as one building. 5 retail tenants, 1 office tenant, 5 apartments. AKA Stein Eriksen Building. 6,500
COMMERCIAL CORE CC
4%
approx.
10/2007
Grande Finale Building
312 East Hyman Ave.
$4,000,000
2,226
$1,797
excellent
One storey retail building. SOLD WITH CRYSTAL PALACE BLDG. 3,000
COMMERCIAL CORE CC
N/A
8/2007
Reide City Building
413 East Hyman Ave.
$3,000,000
1,580
$1,899
good
Single-tenant retail building. Partial second floor. Small apartment is included + 2 parking spaces in the alley. Leased to Emporio/Oakley. 1,813
COMMERCIAL CORE CC
5%
approx.
7/2007
Whitaker / Forge Building
117 South Monarch
$6,200,000
6,940
$893
good
Leased to local office tenants. 2 stories plus basement & parking 6,000
Mixed Use MU
N/A
6/2007
Delice Building
409 East Hyman Ave
$4,800,000
3,920
$1,224
excellent
Remodeled in 2004. 2 floors above-grade, plus basement. Parking in back. Leased long-term to national retailer & local N Y Pizza. 1,600
COMMERCIA CORE CC
5%
approx.
3/2007
Explore Building
221 East Main Street
$4,400,000
4,922
(per City of Aspen)
$894
excellent
Historic building with many expansion/redevelopment possibilities. Fully occupied by "Explore Booksellers and Bistro" business with NO lease, NO rent. Price includes business (not cost of inventory). 6,000
Mixed Use MU
NA
2/2007
Isis Theater Bldg.
406 E. Hopkins Ave.
$7,497,000
24,356
$308
good
Historic building, redeveloped in 1999. Leased to 5-screen movie theater + affordable housing. Remodel needed for retail uses. 9,000
COMMERCIAL CORE CC
N/A approx.
Total / Average of Solds: $67,900,00 71,452 $950    Note: Totals do NOT include the Isis Theater Bldg (not a straight sale)

*Includes recent sales of retail properties and large commercial properties (not all sales) in the Aspen Downtown Commercial Core area only.
Other sales data available upon request.

Prepared by:
Karen Setterfield

The information contained herein is from sources deemed to be reliable, but not guaranteed.
The reader is advised to conduct an independent investigation to determine reliability and accuracy

AS OF
Feb. 18, 2010
 

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