710 E Durant Avenue, W-1, W-2 & W-3, Aspen, CO 81611
$8,495,000
Property Type:
Commercial Sale
Square Footage:
4,854
Status:
Closed
Current Price:
$7,450,000
List Date:
3/17/2020
Last Modified:
11/12/2020
Description
This opportunity represents one of the best income investments in the market. The property consists of two commercial units located just a block from the gondola and next to City Market Grocery (Kroger). The proximity to the only grocery store in the downtown core brings in high traffic every day of the year. The new W Hotel just opened across the street on the opposite side of the grocery. The tenants are The Grog Shop (liquor and wine store) and Jour de Fete (Café). Both are well established local businesses. The Durant Mall has undergone a major renovation and the seller has paid all of the special assessments for the project. Both tenants have leases in place until 2025 and the rents increase annually to provide a built in inflation hedge on the investment.
More Information MLS# 161018
Location Info
Current Price: $7,450,000
Type: Commercial
Major Area: Aspen
Area: 01-Central Core
Asking Price: 8495000
Original List Price: 8950000
Street #: 710
Street Direction Pfx: E
Street Name: Durant
Street Suffix: Avenue
Address 2/Unit #: W-1, W-2 & W-3
City/Town: Aspen
State/Province: CO
Postal Code: 81611
Keywords Info
Total Building SqFt: 1.001 - 5,000
Association Dues: Yes
Association Fee Frequency: Annually
Payment Per: Year
Listing Info
Listing Date: 2019-08-22
Short Sale: No
REO: No
Auction: No
Foreclosure: No
Member Association: Aspen Association
General Info
Sub/Loc: Durant Mall Condo
County: Pitkin
Country: United States
Legal: Subdivision: DURANT MALL - AMENDED Units: W-1, W-2 & W-3
Zoning: Neighborhood Comml
Total SqFt: 4854
Unit SqFt: 4854
Business Name: Jour de Fete & Grog Shop
Inventory: No
Parcel #: 273718242040
Year Built: 1975
Directions: On Durant between Spring Street and Original. Next to City Market.
Financing Info
Metro Tax District: No
Taxes: 79120.12
Tax Year: 2019
Transfer Tax: Yes
Status Change Info
Status: Closed
Under Contract Date: 2020-07-30
Proposed Close Date: 2020-09-14
Sold Date: 2020-09-01
Sold Price: $7,450,000
Sold Price Per/SF: 1534.82
How Sold: Other
Remarks
Public Remarks: This opportunity represents one of the best income investments in the market. The property consists of two commercial units located just a block from the gondola and next to City Market Grocery (Kroger). The proximity to the only grocery store in the downtown core brings in high traffic every day of the year. The new W Hotel just opened across the street on the opposite side of the grocery. The tenants are The Grog Shop (liquor and wine store) and Jour de Fete (Café). Both are well established local businesses. The Durant Mall has undergone a major renovation and the seller has paid all of the special assessments for the project. Both tenants have leases in place until 2025 and the rents increase annually to provide a built in inflation hedge on the investment.
Listing Office: Aspen Snowmass Sotheby's International Realty - Hyman Mall
Last Updated: November - 12 - 2020
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Broker Attribution:
(970) 925-6060
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