Downtown Aspen Commercial Core Properties

Aspen Commercial Real Estate

MARKET SALES DATA: 2007 - 2011

Date Listed	Building	Address	List/Asking PRICE OR Sold Price	Approx Size SF Building	$/SF	Listed By	Comments at the time of listing or current	SF Lot Size Land $/SF	Zoning	Capitalization Rate N/A=not applicable
*On the Market for Sale:*
5/2011	Concept 600 Building Condo Units 7B, 8B & 9B	600 East Main Street EXPIRED Oct 2011	$2,300,000	2,792	$824	Expired	3 adjacent south-facing, office suite units on street-level leased to local tenants.	N/A	COMMERCIAL C-1	4%
4/2011	Riede's City Bakery Bldg	413 East Hyman Ave on the mall	$3,300,000	1,628	$2,027	Setterfield & Bright	Single-tenant retail building CAN BE EXPANDED. Partial 2nd floor with small apt & 2+ parking spaces. Leased to "Crazy Shirts". Not in MLS.	1,831 $1,802	COMMERCIAL CORE CC	4.7% approx.
12/2010	Park Central West Bldg Condominium Units 201 & 202	210 East Hyman Ave.	$1,999,000	1,563	$1,279	Setterfield & Bright	South-facing, upscale office suite units with 4 offices, conference room, reception, 2 bathrooms, outdoor deck & 2 parking spaces.	N/A	OFFICE	N/A
11/2010	The Golden Horn Bldg.	400 East Cooper Ave. On the Mall.	$8,950,000	8,444	$1,060	Raczak R.E. Co.	On the corner of the Cooper Avenue Mall next to Wagner Park. Fully-leased to 4 local retail, restaurant and office tenants.	3,589 $2,494	COMMERCIAL CORE CC	4.6%
10/2010	The Seguin Building	304 East Hopkins Ave.	$3,800,000	5,508	$690	Setterfield & Bright	South-facing building with 2 restaurants + Aspen Brewery tasting room + 2 affordable housing apartments. Fully-leased to local tenants.	3,000 $1,267	COMMERCIAL CORE CC	6%
10/2010	Mountain Plaza Building	434 East Cooper Ave. On the Mall.	$27,000,000	16,954	$1,593	Setterfield & Bright	A+ 100% Location on a very prime downtown corner. Leased to retail, restaurant & office tenants. Lots of upside & redevelopment potential.	9,022 $2,993	COMMERCIAL CORE CC	4%
5/2010	Hannah Dustin Building	300 South Spring St.	$6,800,000	5,475 plus adjacent SF	$1,242	Chaffin Light	3 floors of leased office spaces with decks & views + small bsmnt + 8 parking spaces in adjacent bldg & entitlements for 3,290 SF addn'l expansion = total of 8,765 SF++	6,045 $1,125	OFFICE	4.2% estimated
6/2009	The Millennium Building	426 East Main Street	$9,995,000	11,043 NEW	$905	Morris & Frywald	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.	2,800 $3,570	COMMERCIAL CORE CC	N/A
4/2009	A G Sheppard Building	302 East Hopkins Ave	$3,100,000	2,149	$1,443	MasonMorse/Coldwell Banker	Small historic victorian on a visible corner. Plans available for development of additonal building SF. Owner occupied as office.	3,000 $1,033	COMMERCIAL CORE CC	N/A
9/2008	Amelia's Building	407 East Hyman Ave On the Mall	$3,500,000	3,531	$991	Setterfield & Bright	2 stories. Leased to "Aspen T-Shirt Co." through 2020 and "Noori's" through 2021. Great location, visibility and potential.	1,980 $1,768	COMMERCIAL CORE CC	5.8%
8/2008	Delice Building EXPIRED Jan 2011	409 East Hyman Ave. On the Mall	$4,200,000	3,920	$1,071	Expired	2 stories + basement. Leased to local tenants: "KOTO" (retail) and "New York Pizza" restaurant.	1,600 $2,625	COMMERCIAL CORE CC	4.8%
3/2007	Neil Ross Building FSBO	100 South Spring St.	$3,725,000	3,100	$1,202	FSBO	Two floors. Built in 1982. Partially-leased offices plus one rented residential apartment. 5 parking spaces.	3,000 $1,242	OFFICE	N/A
2/2007	Mother Lode Building Commercial Unit - Street Level	314 East Hyman Ave.	$3,500,000	2,932 NEW	$1,194	Setterfield & Bright	NEW 22,103 SF. Upper floors + garages, basement & common areas are all residential for sale @ $24,475,000. The commercial street-level Condo Unit is separately for sale @ $3.5M. All on a 6,000 SF lot.	N/A	COMMERCIAL CORE CC	N/A
Total / Average For Sale:			$75,369,000	63,564	$1,186			55,785
			Note: Totals do NOT include Hannah Dustin Bldg - total SF not available/not all built.					*$1,333*	*Does not include condos: N/A*

Date Sold	Building	Address	Sold PRICE	Approx Size SF Building	$/SF	Condition at the time of sale	Comments at the time of sale	SF Lot Size Land $/SF	Zoning	Capitalization Rate N/A=not applicable
**Sold Properties 2007-11:***
6/2011	Tom Thumb Bldg Units #B201 and #B102	400 East Hyman Ave On the Mall	$1,000,000	1,369	$730	good	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
5/2011	Tom Thumb Bldg Units #C101, C201, C301	400 East Hyman Ave Mall	$2,800,000	2,109	$1,328	good	3 very prime commercial condo units (garden level, street-level & 2nd floor) great visibility on the corner of Mill Street.	N/A	COMMERCIAL CORE CC	N/A
2/2011	Roaring Fork Condominium Unit #16	415 East Hyman Ave Mall Lower Level Unit	$1,580,000	3,588	$440	excellent	Lower-level commercial condominium unit with windows on the Mall and owner-occupied by The Mustang restaurant.	N/A	COMMERCIAL CORE CC	N/A
11/2010	623 East Hopkins Avenue	623 East Hopkins Ave	$2,500,000	1,961	$1,275	good	3 small victorian era historic buildings leased to local tenants including 2 salons, a consignment store and offices. Mainly LAND VALUE.	6,000 $417	COMMERCIAL C-1	Unavail.
11/2010	Aspen Legacy Property	517 & 521 E Hyman Ave corner of Hunter Street	$17,750,000	8,762	$2,026	Average	5 city lots of 3,000 SF each including 2 buildings & an undeveloped parking lot. 3,000 SF leased to a restaurant, some historic considerations. Mainly LAND VALUE.	15,000 $1,183	COMMERCIAL CORE CC	NA
8/2009	625 Main Project Sold at Auction in August & closed in Sept 2010.	625 East Main Street	$3,780,000	37,186 under construction	$102	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 $378	COMMERCIAL C-1	N/A
5/2010	Spring/Hopkins Corner	632 East Hopkins Ave 119 South Spring St.	$3,100,000	5,348	$580	excellent	2nd floor leased to 2 office tenants. First floor vacant. Small basement storage and 5 parking spaces. Redevelopment opportunity.	4,500 $689	COMMERCIAL C-1	NA
4/2010	Mill Street Mall Property Aspen Comm. Condominiums	305/307 South Mill St On the Mall.	$5,100,000	5,253	$971	good	2 Street-level restaurant units + 1 bsmnt & 2 patios. Unit B&C leased to "Pacifica". Unit A (+popcorn wagon) to be leased to a new tenant.	6,031 $846	COMMERCIAL CORE CC	5% approx.
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 $767	COMMERCIAL C-1	Unavail.
7/2008	North of Nell Commercial Condominium Unit C4B	555 East Durant Avenue	$2,900,000	1,156	$2,509	excellent	Street-level commercial condominium unit leased to local retail tenant "Attic Fantasies". Buyer owns several adjacent units.	N/A	COMMERCIAL CORE CC	6% estimated
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 $1,483	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 $2,246	COMMERCIAL CORE CC	4% approx.
10/2007	Grande Finale Building	312 East Hyman Ave.	$4,000,000	2,226	$1,797	excellent	One story retail building. SOLD WITH CRYSTAL PALACE BLDG.	3,000 $1,333	COMMERCIAL CORE CC	N/A
9/2007	Roaring Fork Condominium Unit #16	415 East Hyman Ave Lower Level Unit	$2,000,000	3,588	$557	good	Lower level commercial condominium unit. Owner-occupied by a restaurant/nightclub.	N/A	COMMERCIAL CORE CC	N/A
8/2007	Riede's City Bakery Bldg	413 East Hyman Ave. On the Mall	$3,000,000	1,580	$1,899	good	Single-tenant retail building can be expanded. Partial 2nd floor. Small apartment included + 2 parking spaces in back. Leased to "Oakley".	1,831 $1,638	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 $1,033	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 "Billabong" & local "N Y Pizza".	1,600 $3,000	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 & Bistro" business with NO rent. Price includes business.	6,000 $733	Mixed Use MU	NA
Total / Average of Solds:			$103,730,000	103,430	$1,003			94,209
			*Note: Totals do NOT include 625 E Main Street: Not Built*					$939	*Does not include condos: N/A*


*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 The properties shown above are to be presented for statistical market data analysis only. Some properties are listed by other brokers.	AS OF December 31, 2011