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    Historic Retail Building on Main Title is generated by Realmo AI

    102 Main Street, Creede, CO 81130

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    For Sale
    $692,000

    Thriving retail property in a high-traffic tourist destination.

    Type:Retail
    Property size:
    2,500 SF
    Price / SF:
    $276/SF
    Added:
    Sep 27, 2020
    Days on Market:
    2075
    Last Refresh:
    May 13 at 8:27 pm

    Property Features for 102 Main Street

    General Information

    Standard status
    Active
    Size
    2,500 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Bruce Steffens

    Listing agent Bruce Steffens

    Listing office Steffens and Company Realty, Inc

    Listing date Sep 27, 2020

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Steffens and Company Realty, Inc

    HighLights

    • High annual return on investment (15%-20% estimated recap rate).
    • Prime location on Main Street in the heart of tourist traffic in historic Creede, Colorado.
    • Currently operating as two separate retail spaces with established businesses.
    • Potential to combine spaces into one large retail space.
    • Located in a major vacation destination and sportsman's paradise with year‑round appeal.
    • Historic building with commercial zoning and essential utilities.

    Overview

    Located at 102 North Main St. in Creede, Colorado, this 2500 sq. ft. building is situated in a high-tourist-traffic area within the historic district. The property is currently configured as two separate retail spaces, each currently operating. These spaces can be combined into a single, larger space via a common interior door. Currently, the building houses Elk Country Boutique, a T-shirt shop located on the corner, and Creede Olive Oil Shop. Both businesses attract visitors drawn to the town's unique shopping experience. Utilities include electric, Creede water & sewage, and phone service, with heating provided by a pellet stove. Each business has its own electrical meter and pays for its own usage. The property is located on Main Street in Creede, a popular vacation destination and sportsman's paradise with Rocky Mountain views. Creede's history as a silver mining town and the Creede Repertory Theater are major attractions, drawing thousands of visitors annually. The area appeals to a wide range of interests, including rock and mineral enthusiasts, hunters, fishermen, and sightseers. The Elk Country Boutique T-shirt Shop has a high recap rate and needs to be kept as a T-shirt shop to obtain maximum income on the building. The Creede Olive Oil shop rents for $1300 per month year-round. The estimated total recap rate based on the above description is 15% to 20% annual return on investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Creede
    County
    Mineral
    State
    Colorado
    Longitude
    -106.927248
    Latitude
    37.853187

    FAQs

    What type of property is this?
    Retail space - Thriving retail property in a high-traffic tourist destination.
    Where is this retail space located?
    The property is located at 102 Main Street Creede, CO.
    What is the asking price?
    The asking price for this property is $692,000.
    What are key features of this property?
    This property features: High annual return on investment (15%-20% estimated recap rate).; Prime location on Main Street in the heart of tourist traffic in historic Creede, Colorado.; Currently operating as two separate retail spaces with established businesses.
    We can help!
    Listing Contact
    Bruce Steffens
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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