Restaurant and Event
For Sale
$4,000,000
2165 Pine Grove Road, Steamboat Springs, CO 80487
Commercial, Steamboat Springs, CO
Property Size7,289 SF
Lot Size0.82 Acres
Price / SF$548.77
Days on Market67
Property Features for 2165 Pine Grove Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
CENTRAL PARK SUBDIVISION
Standard status
Active
APN
R6255068
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
26500
Utilities
Heating system
Forced Air
Building Details
Year built
1988
Roof type
Composition
Listing Agency:
The Agency Steamboat Springs
(970) 457-6880
Listed By:
Chris Paoli · License #SS55043735
(970) 819-1432
Added: Jul 15
Changed: Sep 13
Last Checked: Sep 19 at 8:06AM
MLS# S1070134
Copyright © 2026 Altitude REALTORS ®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,289-square-foot restaurant and event venue was comprehensively remodeled in 2024. The interior includes a dining room with picture windows, a four-sided fireplace, curved wood-beamed ceilings, an open kitchen, private dining room, additional seating areas, dedicated bar, and wine storage. The kitchen is equipped with a 21-foot hood system, multiple preparation and cooking stations, raw bar, and guest bar seating. The layout accommodates events for up to 275 attendees.
The 0.82-acre property is positioned between Steamboat Ski Resort and US Highway 40, with access from the surrounding Steamboat mountain area. It is across from the Strings Music Festival and near the Meadows parking lot, Wildhorse Cinemas, shopping, retail, condominium residences, and a Marriott-branded 180-room hotel. The building dates to 1988 and includes forced-air heating, a composition roof, and ample parking.
The 0.82-acre property is positioned between Steamboat Ski Resort and US Highway 40, with access from the surrounding Steamboat mountain area. It is across from the Strings Music Festival and near the Meadows parking lot, Wildhorse Cinemas, shopping, retail, condominium residences, and a Marriott-branded 180-room hotel. The building dates to 1988 and includes forced-air heating, a composition roof, and ample parking.
Key Highlights
- 7,289‑square‑foot restaurant and event venue on 0.82 acres
- Comprehensive interior remodel completed in 2024
- Event layout accommodates up to 275 attendees
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$138,746
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,774,920
$2.8M
Cap Rate 7%
$1,982,086
$2.0M
Cap Rate 9%
$1,541,622
$1.5M
Market Conditions
NOI Build-Up for 7,289 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$196.8K $27.00/SF
− Vacancy
−$11.8K −$1.62/SF
EGI
$185.0K $25.38/SF
− OpEx
−$46.2K −$6.35/SF
NOI
$138.7K $19.04/SF
Area
Routt County, CO
Vacancy
6.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,774,920
Cap Rate 7%
$1,982,086
Cap Rate 9%
$1,541,622
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,746 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.92M
$2.55M – $3.40M
NOI $204,070 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant with private dining, bar service, event capacity, and ski area views near US Highway 40.
Where is this conventional restaurant located?
The property is located at 2165 Pine Grove Road Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 7,289‑square‑foot restaurant and event venue on 0.82 acres; Comprehensive interior remodel completed in 2024; Event layout accommodates up to 275 attendees
