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 - 2013
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:            
12/2012
 The LaCo Building
 308 East Hopkins Ave
 $9,975,000
6,750
 $1,478
 Lorrie B Aspen Ute City Grill/street-level 2,750 SF plus Syzygy restaurant/basement level 4,000 SF will vacate for new owner operators or new tenants. N/A COMMERCIAL CORE CC
 N/A
5/2012
 The Hampel Building
 410 East Hyman Ave.
On the Mall		 $11,500,000
10,874
 $1,058
 Setterfield & Bright 2 retail tenants plus 1 restaurant space for lease & 5 apartments all on 2 floors + lower level. On the sunny side of the Mall with UPSIDE! 5,832
$1,972 		COMMERCIAL CORE CC
 3.8%
estimated
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.
 $1,495,000
1,563
 $956
 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.
Under Contract		 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
 3.6%
Total / Average For Sale: $35,220,000 29,259 $1,204     14,252    
        $1,666 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* 2007-12:            
1/2013
 The MasonMorse Bldg
 514 East Hyman Ave
 $6,300,000
5,888
 $1,070
 excellent
 2 story office building with basement, owned & occupied by Coldwell Banker MasonMorse R E with plans for a penthouse addition. 3,000
$2100		 COMMERCIAL CORE CC
 N/A
12/2012
 Ellie's Building
 101 South Mill Street
Corner of Main Street		 $12,000,000
14,811
 $810
 excellent
 2 stories plus basement. Prime corner retail, restaurant & offices across from Hotel Jerome. American Nat'l Bank is the primary tenant. 9,000
$1333		 COMMERCIAL CORE CC
 Unavail.
12/2012
 The Volk Plaza Building
 500 East Cooper Ave.
Corner of Galena Street		 $17,250,000
9,698
 $1,779
 excellent
 3 stories plus basement. Prime retail & offices on the BEST corner in downtown Aspen. Fully-leased to Loro Piana and 5 other tenants. 3,978
$4336		 COMMERCIAL CORE CC
 4.6%
12/2012
 Mountain Plaza Building
 434 East Cooper Ave.
On the Mall.		 $22,000,000
16,954
 $1,298
 average
 A+ 100% Location on a very prime downtown corner. Leased to retail, restaurant & office tenants. Lots of upside & redevelopment potential. 9,022
$2438		 COMMERCIAL CORE CC
4.2%
12/2012
 Amelia's Building
 407 East Hyman Ave
On the Mall		 $3,225,600
3,531
 $914
 excellent
 2 stories. Leased to "Aspen T-Shirt Co." through 2020 and "Noori's" through 2021. Great location, visibility and potential. 1,980
$1629		 COMMERCIAL CORE CC
 5.6%
12/2012
 Aspen Sq. Commercial B
Retail Condominium		 614 East Durant Ave.
 $7,500,000
4,466
 $1,679
 excellent
 The tenant, "Pomeroy Sports", owns this retail condo unit including 3,590 SF street-level plus 876 SF bsmnt. Prime corner near gondola. N/A COMMERCIAL CORE CC
 N/A
10/2012
 The GAP Building
 204 South Galena St.
Corner of Hopkins Ave.		 $15,000,000
11,117
 $1,349
 good
 Street-level & basement spaces fully leased to the GAP through November 2012 plus 3,000 SF parking lot. Redevelopment value. 9,000
$1,667		 COMMERCIAL CORE CC
 2.4%
8/2012
 Mother Lode Building
Condominium Unit #101		 314 East Hyman Ave.
Commercial Unit - Street Level		 $3,200,000
2,932
NEW		 $1,091
 NEW
 NEW commercial street-level unfinished and vacant Retail Condominium Unit. Does not include residential unit. N/A COMMERCIAL CORE CC
 N/A
6/2012
 The Taylor Building
 602 East Hyman Ave.
Corner of Hunter Street		 $6,700,000
7,071
 $948
 good
 Can be office or retail with a residential apartment on the 2nd floor & 6 parking spaces. Fully-leased. Expansion possibilities. 6,000
$1,117		 COMMERCIAL C-1
 4.3%
4/2012
 A G Sheppard Building
 302 East Hopkins Ave
 $2,800,000
2,149
 $1,303
 excellent
 Small historic victorian on a visible corner. Plans available for development of additonal building SF. Owner occupied as office. 3,000
$933		 COMMERCIAL CORE CC
 N/A
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 Building
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
AKA the Crandall 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 3,590 SF street-level plus 876 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
 good
 One story retail building. SOLD WITH CRYSTAL PALACE BLDG. 3,000
$1,333		 COMMERCIAL CORE CC
 N/A
Total / Average of Solds: $177,555,600 161,063 $1,102       105,011    
  Note: Totals do NOT include 625 E Main Street: Not built at the time of sale. $1,408 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
February 15, 2013