Setterfield & Bright
Aspen Real Estate Brokers
407 South Hunter Street #3 •Aspen, CO 81611

Office: 970-920-1833 • Fax: 970-920-1837
Karen Setterfield: karen@aspenreal.com
Galen Bright: galen@aspenreal.com

ASPEN DOWNTOWN COMMERCIAL CORE PROPERTIES
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