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    550 Castello Ave Fairplay, CO 80440

    For Sale
    $1,400,000

    Turn-key 5-unit apartment building, high rental income.

    Property size:
    5,302 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional 5-unit apartment building, situated at 550 Castello Avenue in Fairplay, CO, presents a remarkable investment opportunity. Spanning over 5,300 square feet on a 0.34-acre lot, this completely remodeled property boasts 13 bedrooms across its five units. Each unit has undergone a recent, comprehensive renovation, featuring brand new kitchens, bathrooms, flooring, paint, lighting, and water heaters. The building's prime location, just 22 miles from Breckenridge Resort and two blocks from Highway 9, ensures consistent, lucrative rental income throughout the year. Recent improvements include a new roof and a full interior remodel, eliminating the need for immediate capital expenditures. Amenities include a shared laundry room, ample parking via a wrap-around driveway, an unfinished basement area, and an on-site dumpster. Unit layouts vary, offering a mix of bedroom and bathroom configurations. Unit 1 (3 bed, 1 bath) and Unit 3 (2 bed, 1.5 bath) offer ground floor access, while Units 2 and 4 (4 bed, 1.75 bath and 2 bed, 1 bath respectively) provide top-floor access with decks. Unit 5 (2 bed, 1 bath) features ground floor access, a mudroom, walk-in pantry, and walk-in closet, along with access to the unfinished basement. Detailed floor plans and virtual tours are available for a comprehensive property overview. This is a truly turnkey investment ready for immediate rental income generation.

    Property Features for 550 Castello Ave

    General Information

    Property type
    Residential income properties
    Square Feet
    5,302 SF
    Lot Size
    14,810 SF

    Building Details

    Year Built
    1912
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Fairplay
    County
    Park
    State
    Colorado
    Longitude
    -105.9992
    Latitude
    39.22641

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    FAQs

    What type of property is this?
    Residential income property - Turn-key 5-unit apartment building, high rental income.
    Where is this residential income property located?
    The property is located at 550 Castello Ave Fairplay, CO.
    What is the asking price?
    The asking price for this property is $1,400,000.
    (970) 453-0466
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    550 Castello Ave Fairplay, CO 80440
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    Realmo Value Estimation

    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.

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    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.

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    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.

    Alternative use

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

    More about this property
    550 Castello Ave Fairplay, CO 80440
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