493 Main StCreede, CO 81130

Property Details for 493 Main St

Year built

2002

Construction

WOOD

Lot size

0.11 AC

Property size (Sq ft)

1,816 SF

Property type

Retail properties

Property subtype

Retail space

APN

476325452010

APU

476325452010

Description

This exceptional mixed-use property, located at 493 S Main St in Creede, Colorado, presents a unique investment opportunity. The 3,011 square foot building, constructed in 2002, sits on a 5,000 square foot lot and boasts five units, offering a blend of residential and commercial potential. The permitted zoning allows for both commercial and residential use, making it ideal for a variety of ventures. Currently configured as four professionally decorated apartments (all furnishings included), this property offers immediate rental income potential. The apartments are thoughtfully designed, with varying layouts and amenities. Mayfly Manor features three bedrooms and two and three-quarter bathrooms, a full kitchen, and a sitting area. Stonefly Flat offers one bedroom, a three-quarter bath, a kitchenette, and laundry facilities. Upstairs, Caddis Cove includes two bedrooms, one bathroom, a full kitchen, and a living room. Finally, Hopper Hideaway boasts one bedroom, one bathroom (with a jacuzzi tub and separate shower), a full kitchen, a living room, and its own laundry area. The building's prime downtown location, across from Kip's Grill, places it within walking distance of restaurants, shops, art galleries, and the Creede Repertory Theatre. The large covered front porch provides an ideal spot to enjoy Creede's vibrant events, such as the Fourth of July parade. The asking price is $1,090,000, translating to $362.01 per square foot. This two-story building represents a rare opportunity to acquire a thriving, established business in a desirable Colorado mountain town.

• CAP approach

  CAP return

  Valuation

  6%

  $502,228

  6.5%

  $463,595

  7%

  $430,481

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,014,364

  Geo Method

  $378,096

• Alternative Use

  Use

  Valuation

  Residential

  $391,060

  Hospitality

  $358,209

  Educational

  $298,025

  Medical

  $308,275

  Retail

  $463,595

Location Insight

City

Creede

County

Mineral

State

Colorado

Latitude

37.8496

Longitude

-106.926

Property Tax & Assessments

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