Downtown Castle Rock Live-Work
422 Elbert Street Castle Rock, CO 80104
422 Elbert Street, Castle Rock, CO, 80104
$1,650,000
Pending
For Sale
$1,650,000
Pending
COMMERCIAL - Castle Rock, CO
Property Size4,277 SF
Lot Size0.16 Acres
Days on Market86
Property Features for 422 Elbert Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Pending
- Size
- 4,277 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 6251
Listing Agency
Kimmel Realty
(719) 238-2044
2615 Hanovertown Dr, Colorado Springs, CO
Listed by
Cameron Yost
(719) 238-2044
Added: Apr 24 Checked: Jul 18 at 4:06 pm
MLS# 9386416
Copyright © 2026 elevateMLS. 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 commercial property, located in the historic downtown core of Castle Rock, presents an incredible live-work opportunity in a prime, highly visible location. Originally constructed in 1925 and extensively remodeled in 2010, the building features high-end finishes and great curb appeal. The property offers approximately 4,277 square feet spread over three stories and a converted 499 square feet garage, which now includes a one-half bath and kitchenette office. The property has multiple suites, each with separate utilities, kitchenettes, and numerous restrooms, facilitating easy subdivision. A luxury two-bedroom apartment on the top floor allows for a live-work setup or conversion into additional office space. The property is within walking distance of retail shops, restaurants, and amenities, with ample free surface parking available on-site and along Elbert Street. The flexible property can be used in several ways, including owner-occupied business with the owner operating a commercial business out of the main floor and living upstairs, mixed-use investment with a business owner occupying one of the commercial suites while leasing out the remaining commercial and residential units, or multiple commercial tenants with the potential for expansion by converting the residential unit. Given its history as a medical office building, the space is also well-suited for a professional practice.
Key Highlights
- Prime Downtown Castle Rock location with high visibility and foot traffic.
- Flexible live‑work opportunity with a luxury 2‑bed apartment and commercial space.
- Income‑producing potential with multiple suites and separate utilities for tenants.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.6k | $27.96 |
| − Vacancy | −$20.2k | −$4.73 |
| EGI | $99.4k | $23.23 |
| − OpEx | −$24.8k | −$5.81 |
| NOI | $74.5k | $17.43 |
4,277 SF · lease $27.96/SF/yr · vacancy 16.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.06M
$931.6K – $1.24M
NOI $74,531 @ 7.0% cap · market cap 4.52%
Second Best
Mixed Use
$763.4K
$668.0K – $890.7K
NOI $53,441 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$1.47M
$1.29M – $1.71M
NOI $102,835 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Castle Rock Hormone ...
Physician
Dr. Lee Moorer
Physician
KUZI Massage & Body
Alternative Medicine Practice
Castle Med Spa
Spa & Massage Center
Colorado Family
Corporate Office
Similar For Sale Nearby
FAQs
What type of property is this?
Live-work space - Live-work property in downtown Castle Rock with multiple suites.
Where is this live-work space located?
The property is located at 422 Elbert Street Castle Rock, CO.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime Downtown Castle Rock location with high visibility and foot traffic.; Flexible live‑work opportunity with a luxury 2‑bed apartment and commercial space.; Income‑producing potential with multiple suites and separate utilities for tenants.
