Development, Investment or Owner Operator Gem | 1230 Big Thompson Ave
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Development, Investment or Owner Operator Gem 1230 Big Thompson Ave
14,776 SF 100% Leased Office Building Estes Park, CO 80517 $2,500,000 ($169/SF) 4.62% Cap Rate
Investment Highlights
- PUD eligible as of 26/11/24! Situated along one of two main highways into town, lots of parking, surrounded by 14 hotels, walk/bike to downtown.
- Flexible zoning, zero flood risk, minimal fire risk, high ceilings, lots of natural light, New roof 2017, new paving 2021, Interior renovation 2021.
- Gently sloping lot, treed yard, beautiful views of the Estes Valley and Continental Divide, 2 blocks to Lake Estes, pedestrian/bike path.
Executive Summary
Versatile Commercial Investment Opportunity in vibrant Estes Park! As of 26 Nov 24 Estes code update, eligible for commercial/residential Planned Unit Development. Great access with plenty of private parking on Highway 34, one of the two main arteries into town for the 4 million-plus annual visitors.
Fully Occupied: Completely renovated in 2021, the 14,776 sq ft building on a 1.4 acre gently sloped lot is 100% leased with multi-year tenants. Vert Coworking, a highly-amenitized coworking facility which includes a full fitness center in addition to workspaces, conference room and event spaces, currently occupies 65% of the building square footage. Two outdoor guide companies (one of which operates a popular bouldering gym in the building), a chiropractic office and two massage therapists lease the rest of the space. The large back field is perfect for events and has buildable area for potential expansion plans, employee housing, etc. All leases have a 90-day unilateral termination clause in the event buyer requires entire building.
Prime Location: Positioned at a high point on the east side of town, the property has great street exposure while providing majestic panoramic views of the Continental Divide. The property sits in the middle of a row of 14 lodging venues, from the iconic Stanley Hotel to a planned brand new Marriott Springhill Suites. It’s a short two blocks to all the recreational opportunities of Lake Estes. The pedestrian and bike trail along Highway 34 at the front of the lot makes it an easy walk or ride into downtown.
Flexible Use Options: This is one of the rare “Commercial Outlying” zoned properties on the east side of town and the only one on the market at this time. This zoning category allows very flexible commercial use if you want a crown jewel property for your or tenant businesses (restaurant, brewpub, event center, grocery, retail outlet, or dynamic business hub). CO zoning would even allow for the most extraordinary vacation home in the area!
Owners are willing to negotiate sale of Vert Coworking along with the property.
Fully Occupied: Completely renovated in 2021, the 14,776 sq ft building on a 1.4 acre gently sloped lot is 100% leased with multi-year tenants. Vert Coworking, a highly-amenitized coworking facility which includes a full fitness center in addition to workspaces, conference room and event spaces, currently occupies 65% of the building square footage. Two outdoor guide companies (one of which operates a popular bouldering gym in the building), a chiropractic office and two massage therapists lease the rest of the space. The large back field is perfect for events and has buildable area for potential expansion plans, employee housing, etc. All leases have a 90-day unilateral termination clause in the event buyer requires entire building.
Prime Location: Positioned at a high point on the east side of town, the property has great street exposure while providing majestic panoramic views of the Continental Divide. The property sits in the middle of a row of 14 lodging venues, from the iconic Stanley Hotel to a planned brand new Marriott Springhill Suites. It’s a short two blocks to all the recreational opportunities of Lake Estes. The pedestrian and bike trail along Highway 34 at the front of the lot makes it an easy walk or ride into downtown.
Flexible Use Options: This is one of the rare “Commercial Outlying” zoned properties on the east side of town and the only one on the market at this time. This zoning category allows very flexible commercial use if you want a crown jewel property for your or tenant businesses (restaurant, brewpub, event center, grocery, retail outlet, or dynamic business hub). CO zoning would even allow for the most extraordinary vacation home in the area!
Owners are willing to negotiate sale of Vert Coworking along with the property.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
14,776 SF
Building Class
B
Year Built/Renovated
1960/2021
Price
$2,500,000
Price Per SF
$169
Cap Rate
4.62%
NOI
$115,504
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,388 SF
Building FAR
0.24
Lot Size
1.40 AC
Zoning
CO - Commercial Outlying allows a wide variety of commercial/retail uses along the major corridor entryways into the Estes Valley and town of Estes Park.
Parking
48 Spaces (3.25 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Bus Line
- Controlled Access
- Conferencing Facility
- Fireplace
- Fitness Center
- Signage
- Skylights
- Storage Space
- Common Parts WC Facilities
- Fully Carpeted
- High Ceilings
- Natural Light
- Open-Plan
- Partitioned Offices
- Shower Facilities
- Drop Ceiling
- Yard
- Outdoor Seating
- Balcony
- Fiber Optic Internet
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 25194-06-001 | Total Assessment | $334,800 |
| Land Assessment | $128,145 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $206,655 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
25194-06-001
Land Assessment
$128,145
Improvements Assessment
$206,655
Total Assessment
$334,800
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024
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Development, Investment or Owner Operator Gem | 1230 Big Thompson Ave
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