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 - 2008
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:            
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
11/2007
 Hampel Building
 408-414 E. Hyman Ave
 $17,000,000
10,545
Estimated		 $1,612
Estimated		 good
 Leased to 4 local retail tenants on street-level and basement. 5 apartments on second floor. Adjacent to Duvike Building. 5,832
 COMMERCIAL CORE CC
 2.7%
approx.
9/2007
 "Aspen Legacy" property
 517-521 East Hyman Ave
 $39,000,000
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
3/2007
 Neil Ross Building
 100 South Spring St.
 $3,995,000
3,100
 $1,289
 good
 Two floors. Built in 1982. Leased month-to-month 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 + basement		 314 East Hyman Ave.
 $37,000,000
22,103
under construction		 $1,674
 NEW Sept 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
5/2006
 Duvike Building
EXPIRED		 420 East Hyman Ave
 $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: $113,495,000 45,807 $1,626 (Excludes land N/A for sale)
                     
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*:            
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
 La Fave Building
 529-535 E. Cooper Ave.
 $14,600,000
9,200
Estimated		 $1,587
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 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
 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 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.
 
*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		 AS OF
June 4, 2008