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Downtown Aspen Commercial Core Properties
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Aspen Commercial Real Estate
MARKET SALES DATA: 2007 - 2010 |
Print |
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: |
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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) |
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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 |
| Sold Properties* 2007-09: |
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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
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Aspenhof Building Unit RB-1
Basement Unit |
520 East Cooper Ave.
|
$2,500,000
|
3,726
|
$671
|
good
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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) |
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*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. |
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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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