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 - 2010

Date
listed or sold		 Building Address List/Asking
PRICE
OR Sold Price		 Approx
 Size SF
Building 		$/SF Listed By Comments
at the time of listing or sale		 Lot Size
SF		 Zoning Capitalization
Rate
N/A=not applicable
On the Market for Sale:            
5/2010
 Hannah Dustin Building
 300 South Spring St.
 $8,800,000
5,475
plus adjacent SF		 $1,242
 Chaffin Light 3 floors of leased office spaces with decks & views + small bsmnt. Includes ownership of 8 parking spaces in adjacent bldg and entitlements for 3,290 SF addn'l expansion for a total of 8,765 SF++ 6,045
 Commercial C-1
 4%
estimated
4/2010
 Roaring Fork
Condominium Unit #16		 415 East Hyman Ave Mall
Basement Unit		 $2,199,000
3,588
 $613
 Kruger & Co. Lower-level commercial condominium unit with windows on the Mall and owner-occupied by The Mustang restaurant. N/A COMMERCIAL CORE CC
 N/A
2/2010
 North of Neil Commercial
Condominium Unit C4B		 555 East Durant Ave
 $1,995,000
1,156
 $1,726
 Aspen Bus Brkr. 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
 Frias Properties 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
 SDS Realty 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
 CB Aspen Brkrs. 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
 Kruger & Co. 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
9/2008
 Amelia's Building
 407 East Hyman Ave
On the Mall		 $3,995,000
3,531
 $1,131
 Setterfield & Bright 2 stories. Leased to Aspen T-Shirt Co. and Ute Mountaineer Women through 2010. Next door to Delice Building. 1,980
 COMMERCIAL CORE CC
 6.6%
8/2008
 Delice Building
 409 East Hyman Ave.
On the Mall		 $4,200,000
3,920
 $1,071
 Setterfield & Bright 2 stories + basement. Leased to Billabong until October 2010 and local N Y Pizza restaurant long-term. 1,600
 COMMERCIAL CORE CC
 6%
3/2007
 Neil Ross Building
 100 South Spring St.
 $3,725,000
3,100
 $1,289
 FSBO 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.
 $4,000,000
2,932
NEW		 $1,705
 Setterfield & Bright NEW 22,103 SF. Upper floors + garages, basement & common areas are all residential for sale @ $25,975,000. This commercial street-level Unit is separately for sale @ $4,000,000. 6,000
 COMMERCIAL CORE CC
 N/A
Total / Average For Sale: $45,159,000 38,263 $1,180    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:            
3/2010
 Aspen Comm. Condominiums
Mill Street Mall Property		 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
 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
 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
9/2007
 Roaring Fork
Condominium Unit #16		 415 East Hyman Ave
Basement 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
 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
Total / Average of Solds: $78,100,00 85,641 $912   

*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
May 2, 2010