600 Main AveDurango, CO 81301

Property Details for 600 Main Ave

Year built

1984

Lot size

0.23 AC

Property size (Sq ft)

9,940 SF

Property type

Other commercial real estate

APN

5665-292-32-009

APU

566529232009

Description

This two-story, 12,705 square foot shopping center in Durango, Colorado, presents a compelling investment opportunity. Located at 600 Main Ave, this multi-tenant property boasts 79% occupancy and a diverse tenant mix including a rooftop restaurant, toy store, and clothing shop. The property generates a current NOI of $201,565 and a pro-forma NOI of $274,568, representing an 8.08% pro-forma cap rate. The asking price is $3,400,000, translating to $267.61 per square foot. Built in 1967, the property sits on a 0.23-acre lot and is zoned EN-1. Its prime downtown location benefits from high foot traffic due to proximity to over 200 shops, restaurants, and galleries, as well as the nearby Strater Hotel and Fort Lewis College. Durango's thriving tourism industry, with $441 million in visitor spending in 2022, and a low market vacancy rate of 0.7%, further enhance the property's value. The recent construction of over 900 residential units in the area promises increased foot traffic and potential for future growth. The property's vacant space offers a unique value-add opportunity for lease-up or owner-occupancy. This is an exceptional chance to acquire a well-positioned asset in a rapidly growing market with strong fundamentals and significant upside potential. The property is located within a Colorado Opportunity Zone.

• Alternative Use

  Use

  Valuation

  Residential

  $2,140,493

  Hospitality

  $1,960,680

  Educational

  $1,631,263

  Medical

  $1,687,364

  Retail

  $2,537,520

Location Insight

City

Durango

County

La Plata

State

Colorado

Latitude

37.2704

Longitude

-107.881

CBSA code

20420

CBSA name

DURANGO, CO MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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