Commercial Properties

ASPEN DOWNTOWN COMMERCIAL CORE PROPERTIES
MARKET SALES DATA: 2006 - 2008

Date
listed or sold

Building

Address

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
N/A=not applicable

Capitalization
Rate

On the Market for Sale:

3/2008

Spring/Hopkins Corner

632 East Hopkins Ave
119 South Spring St

$6,500,000

5,348

$1,215

excellent

Leased to 3 office tenants on 2 floors, plus basement storage.

4,500

Commercial C-1

4%
Estimated

5/2006

Hampel Building
EXPIRED

408-414 E. Hyman Avenue

$17,000,000

10,892
Estimated

$1,561
Estimated

good

Leased to 4 local retail tenants on street-level and basement. 5 apartments on second floor. Adjacent to Duvike Building.

5,820

COMMERCIAL CORE CC

2.7%
approx.

9/2006

Aspenhof Bldg. Unit RB- 1
UNDER CONTRACT

520 East Cooper Ave.
lower level contact unit

$2,599,000

3,726

$698

good

Remodeled in 1996 & 2007. ALL BASEMENT-LEVEL with small front patio. Owner-operated bar/restaurant: "Aspen Comedy Club".

N/A
N/A

COMMERCIAL CORE CC

N/A
N/A

9/2007

"Aspen Legacy" property
UNDER CONTRACT

517-521 East Hyman Ave

$39,000,000

N/A

N/A
N/A

good

5 lots, 2 with older buidings including "Little Annie's" restaurant. Includes unimproved corner parking lot. DEVELOPMENT PROPERTY.

15,000

COMMERCIAL CORE CC

N/A
N/A

6/2007

Crystal Palace Building
UNDER CONTRACT

300 East Hyman Ave.

$11,000,000

12,650

$870

Excellent

Two stories plus basement historic brick building with office tenants and a restaurant/theatre. SOLD WITH GRAND FINALE BLDG.

6,000

COMMERCIAL CORE CC

N/A
N/A

3/2007

Neil Ross Building

100 South Spring St.

$3,995,000

3,100

$1,289

Good

Two floors. Built in 1982. Fully leased (for one more year) to 4 office tenants and one apartment. 5 parking spaces.

3,000

Mixed Use MU

3.2%
approx.

2/2007

Mother Lode Bldg. Condos
NEW 3-stories plus basement

314 East Hyman Ave.

$37,000,000

22,103
under construction

$1,674

NEW April 2008

NEW 22,103 SF being built. Upper floors + garages, basement common areas are all residential. First floor is retail commercial. $5,000,000 for commercial 2,900 SF only = $1,724 per SF.

6,000

COMMERCIAL CORE CC

N/A
N/A

5/2006

Duvike Building
EXPIRED

420 East Hyman Avenue

$10,000,000

4,711

$2,123

good

Fully leased to retail and office tenants on two floors plus basement restaurant. Adjacent to Hampel Building.

3,009

COMMERCIAL CORE CC

2.7%
approx.

Total / Average For Sale:

$127,094,000

62,530

$2,033

Date
listed or sold

Building

Address

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
N/A=not applicable

Capitalization
Rate

Sold Properties*:

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
N/A

COMMERCIAL CORE CC

N/A
N/A

2/2008

La Fave Building

529-535 E. Cooper Ave.

$14,600,000

9,000
estimated

$1,622
estimated

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

Grand 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

COMMERCIAL CORE CC

N/A
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.

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

COMMERCIAL CORE CC

5%
approx.

3/2007

Explore Building

221 East Main Street

$4,400,000
plus inventory

4,922
(per City of Aspen)

$894

Excellent

Historic building with many expansion/redevelopment possiblities. 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

N/A
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
N/A approx.

10/2006

Cooper Street Pier Bldg

508 East Cooper Ave

$6,550,000

7,100
Estimated

$923
Estimated

poor

Owner/user restaurant for 32 years. VALUE IS IN THE POTENTIAL redevelopment for retail, office & residential.

2,400
Estimated

Commercial Core CC

N/A
N/A

10/2006

Hannah Dustin Building

300 South Spring Street

$7,300,000

6,775

$1,077

Excellent

Recently remodeled, 3-story building fully-leased to office tenants, plus lot next door for new building.

12,000

Neighborhood Commercial NC

4.6%

9/2006

Aspenhof Building Unit C-7

520 East Cooper Ave

$2,300,000

3,674

$626

excellent

Aspen Office Suites: 2nd floor, completely remodeled and upgraded with 19 offices. Fully-leased to small office tenants.

N/A
N/A

COMMERCIAL CORE CC

5.1%
approx.

6/2006

Holtz Plaza Bldg
aka "Cantina Bldg."

411 East Main Street

$16,000,000

23,720

$675

good

Two floors plus apartment and basement. Fully leased to restaurants and office tenants Prime corner. Historic Building.

12,000
Estimated

COMMERCIAL CORE CC

5%
estimated

5/2006

Aspenhof Building Unit RB-1

520 East Cooper Ave.

$1,999,000

3,726

$537

good

Remodeled in 1996. All basement-level with a small front patio. Set up as a restaurant ("Montage"). Vacant .

N/A
N/A

COMMERCIAL CORE CC

N/A
N/A

5/2006

Stage Three Theater Building

625 East Main Street

$5,000,000

8,733

$573

good

Was leased to Carmike Stage-3 movie theaters. Now vacant.

10,000

COMM-C1

N/A
N/A

4/2006

Polar Revolution Bldg

312 South Hunter Street

$4,040,000

2,275

$1,776

good

Leased to a snowboard/clothing shop. VALUE IS IN THE POTENTIAL redevelopment & expansion for retail, office or residential.

2,205

COMMERCIAL CORE CC

4.5%
approx.

4/2006

Durant Galena Building Unit 2
Basement level space

500 E. Durant Ave.

$1,800,000

6,148

$293

good

Basement nightclub space, vacant, formerly "Double Diamond. (Renovated and leased in 2005 to "Belly Up".)

N/A
N/A

COMMERCIAL CORE CC

N/A
N/A

3/2006

Red Onion Bldg. Unit 4

414-416 E. Cooper Av.

$4,495,000

4,193

$1,072

Excellent

Mall-level only, 2 retail spaces. Leased to local ski business tenants. Near to Wagner Park on Cooper Avenue Mall.

N/A
N/A

COMMERCIAL CORE CC

3/2006

Wienerstube Building

633 East Hyman Ave.

$7,000,000

5,755

$1,216

good

Leased long-term to restaurant and bike shop. VALUE IS IN THE POTENTIAL redevelopment & expansion for retail, office & residential.

12,000

COMMERCIAL C-1

N/A
Unavailable

2/2006

Kobey Building

428 East Hyman Ave.

$10,500,000

9,800

$1,071

Excellent

First floor & basement leased to Quicklsilver. Second & Third floor are luxury residential apartments. Historic Bldg, all remodeled in 2001.

3,000

COMMERCIAL CORE CC

N/A
Unavailable

Total / Average of Solds:

$112,281,000

132,403

$848

81,518
Does not include condo units

4.9%
Does not include vacant properties

*Includes recent sales of large downtown commercial buildings (not all sales). Other sales data available upon request

Prepared by:
K. 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

Revised 3/26/2008