Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    550 Castello Ave Fairplay, CO 80440

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,400,000

    Turn-key apartment building with 13 bedrooms near Breckenridge Resort.

    Property size:
    5,302 SF
    Lot size:
    0.34 Acres

    Property Features for 550 Castello Ave

    General Information

    Standard status
    Active
    Size
    5,302 SF
    Lot size
    0.34 Acres

    Building Details

    Year built
    1912

    We can help!

    Listing Contact
    Kevin Broadrick
    Source: Corcoran

    Listing Agency: PAFFRATH & THOMAS REAL ESTATE Listing Agent: Kevin Broadrick

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

    Learn more

    Overview

    Remodeled Five-Unit Apartment Building

    This 5-unit apartment building is located in Fairplay, Colorado. The remodeled property contains over 5,300 square feet and includes 13 bedrooms across five apartments. Each unit features new kitchens, bathrooms, flooring, paint, lighting, and water heaters, as well as other upgrades. The property has a new roof and a fully remodeled interior. Unit 1 has 3 bedrooms, 1 bathroom, a mud room, a dining room, and ground floor access. Unit 2 features 4 bedrooms, 1 3/4 bathrooms, and top floor access with a deck. Unit 3 includes 2 bedrooms, 1 1/2 bathrooms, an office, and ground floor access. Unit 4 offers 2 bedrooms, 1 bathroom, a dining room, top floor access, and a deck. Unit 5 has 2 bedrooms, 1 bathroom, a mud room, a walk-in pantry, a walk-in closet, an unfinished basement, and ground floor access. Additional features include a common-area laundry room, a wrap-around driveway with abundant parking, an unfinished basement area, and an on-site dumpster. Located 22 miles from Breckenridge Resort and 2 blocks from HWY 9, this property is designed for consistent rental income.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Fairplay
    County
    Park
    State
    Colorado
    Longitude
    -105.981
    Latitude
    39.1352

    Nearby Similar for Sale

    • $999,999
      0.72 Acres

      Fairplay Commercial Building on Highway

      8,320 SF commercial building in Fairplay, Colorado for sale.
      1010 Castello Ave, Fairplay, CO 80440
      View Details
    • New
      $479,000
      0.09 Acres

      Fairplay Commercial Property on Main

      Turnkey restaurant opportunity in prime Fairplay location.
      519 Main St, Fairplay, CO 80440
      View Details
    • $419,900
      0.18 Acres

      Fairplay Office Space For Sale

      Downtown office space with river views and expansion potential.
      551 Front St, Fairplay, CO 80440
      View Details
    • $9,499,000
      1,285.00 Acres

      Rocky Mountain Ranch with Water Rights

      1285-acre ranch near Fairplay, Colorado, with extensive water rights.
      25335 Us Highway 285, Fairplay, CO 80440
      View Details
    • $1,400,000
      5,300 SF

      Remodeled Apartment Building Near Breckenridge

      Five-unit apartment building in Fairplay, Colorado, near Breckenridge Resort.
      550 Castello Ave, Fairplay, CO 80440
      View Details
    • $575,000
      0.65 Acres

      Fairplay Mixed-Use Property For Sale

      Established commercial space with residential unit in Fairplay, Colorado.
      1150 Castello Ave, Fairplay, CO 80440
      View Details
    • $419,900
      592 SF

      Fairplay Office Space Overlooking River

      Downtown Fairplay office space with river and mountain views.
      551 Front St, Fairplay, CO 80440
      View Details
    • $425,000
      2,386 SF

      Versatile Warehouse/Industrial Space For Sale

      Warehouse/industrial space suitable for various business uses.
      100 Platte Dr, Fairplay, CO
      View Details
    • $425,000

      Warehouse/Industrial Space with Flexible Use

      Versatile warehouse/industrial space suitable for various business purposes.
      100 Platte Dr #2 &, Fairplay, CO 80440
      View Details
    • $499,000
      976 SF

      Fairplay Restaurant Opportunity on Main

      Turnkey restaurant property for sale in prime Fairplay location.
      519 Main St, Fairplay, CO 80440
      View Details
    • $898,000
      9,587 SF

      Fairplay Retail Trio: Historic Charm & Income

      Three iconic Fairplay businesses in one! High-return investment.
      456 Front St, Fairplay, CO 80440
      View Details
    • $599,999

      Turn-Key Fine Dining Restaurant

      Successful fine dining restaurant with mountain views for sale.
      501 Front St, Fairplay, CO 80440
      View Details

    FAQs

    What type of property is this?
    Apartment building - Turn-key apartment building with 13 bedrooms near Breckenridge Resort.
    Where is this apartment building 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.
    What are key features of this property?
    This property features: - Turn-key, remodeled 5-unit apartment building with 13 total bedrooms.; - Major renovation completed including **new kitchens, bathrooms, flooring, paint, lighting, and water heaters.**; - Located 22 miles from Breckenridge Resort.
    (970) 485-4665
    Request Owner's contact information
    550 Castello Ave Fairplay, CO 80440
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    550 Castello Ave
    Fairplay, CO 80440
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    550 Castello Ave Fairplay, CO 80440
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kevin Broadrick
    Real Estate License ID: FA100045268
    (970) 485-4665 (970) 453-0466
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!