337 1St StSalida, CO 81201

Property Details for 337 1St St

Year built

1976

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.21 AC

Property size (Sq ft)

2,520 SF

Property type

Grocery and convenience stores

APN

R368132419218

APU

R368132419218

Description

This exceptional investment opportunity presents a 2,450-square-foot convenience store and Conoco Gas Station in Salida, Colorado. The property, built in 1976 and situated on a 0.2-acre lot, boasts a prominent location at 337 W 1st St, offering excellent visibility and access. Currently operating under an absolute NNN lease with Alta Convenience and Conoco Gas, the lease features approximately 16.2 years remaining, with four 5-year renewal options. The lease includes attractive rent bumps: 1.5% annual increases until February 2026, followed by 7.5% increases in 2031, 2036, and at the start of each option period. The property generates a substantial NOI of $147,668, resulting in a 6.25% cap rate. The asking price is $2,363,000, translating to $964.49 per square foot. The property includes 10 parking spaces and 2 gas pumps. The tenant, CF Altitude LLC, operates 164 service stations and convenience stores across multiple states and is headquartered in Greenwood Village, Colorado. Fee simple ownership provides potential bonus depreciation benefits. This offering presents a compelling combination of strong tenant occupancy, significant remaining lease term, and built-in rent growth, making it an ideal addition to any investment portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $696,924

  6.5%

  $643,315

  7%

  $597,364

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,407,598

  Geo Method

  $524,670

• Alternative Use

  Use

  Valuation

  Residential

  $542,660

  Hospitality

  $497,074

  Educational

  $413,560

  Medical

  $427,783

  Retail

  $643,315

Location Insight

City

Salida

County

Chaffee

State

Colorado

Latitude

38.5377

Longitude

-105.994

Property Tax & Assessments

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