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    Aspen Condo with Mountain Views Title is generated by Realmo AI

    124 W Hyman Avenue #3D, Aspen, CO 81611

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    For Lease
    $28,000 SF/Yr $2,683,333/Mo (calc)

    Luxurious 3-bedroom condo in West Aspen, walk to downtown.

    Type:Condominium
    Property size:
    1,150 SF
    Added:
    Oct 1, 2023
    Days on Market:
    970
    Last Refresh:
    May 19 at 9:05 pm

    Property Features for 124 W Hyman Avenue #3D

    General Information

    Standard status
    Active
    Size
    1,150 SF
    Property subtype
    Condominium

    Building Details

    Year Built
    1969

    We can help!

    Listing Contact
    (970) 429-4255

    Listing agent (970) 429-4255 License #603982

    Listing office The Agency Aspen

    Listing date Oct 1, 2023

    Source Kw

    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 The Agency Aspen

    HighLights

    • Prime Location: Short walk to downtown Aspen, restaurants, shopping, and the gondola.
    • Recently Remodeled: All three en‑suite bathrooms remodeled in 2024.
    • Breathtaking mountain views from the private balcony.
    • Three Bedrooms with En‑Suite Bathrooms: Each bedroom has its own private bathroom.
    • Upgraded modern kitchen.
    • Cozy living area with a wood‑burning fireplace.

    Overview

    Located in West Aspen, this mountain chic condo offers a peaceful retreat within walking distance of Aspen's downtown core, restaurant row, shopping, and the gondola. The 1150-square-foot condo features three bedrooms and three bathrooms, all remodeled in 2024. The living area includes a wood-burning fireplace and a dedicated dining area. The modern kitchen has premium upgrades and a window overlooking the living space. A private balcony provides mountain views. The condo includes a washer and dryer. The property is suitable for short-term rental, multifamily, and residential income purposes. STR Permit #: 083438.
    Property Profile Location Intelligence

    Current Use by Public Records

    Towers West LLC Apartment Building Cottonwoods Condominium Complex Professional Christmas Tree ... Home Decor Store Aspen dom Hotel & Motel

    Suggested Use

    Law Firm Restaurant Dental Office Hair Salon Spa & Massage Center Real Estate Agency Nail Salon Building Supply Daycare Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Aspen
    County
    Pitkin
    State
    Colorado
    Longitude
    -106.824053
    Latitude
    39.1900938

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    FAQs

    What type of property is this?
    Short term rental property - Luxurious 3-bedroom condo in West Aspen, walk to downtown.
    Where is this short term rental property located?
    The property is located at 124 W Hyman Avenue #3D Aspen, CO.
    What is the lease rate?
    The lease rate is $28,000.
    What are key features of this property?
    This property features: Prime Location: Short walk to downtown Aspen, restaurants, shopping, and the gondola.; Recently Remodeled: All three en‑suite bathrooms remodeled in 2024.; Breathtaking mountain views from the private balcony.
    (970) 429-4255
    We can help!
    Listing Contact
    (970) 429-4255
    Real Estate License ID: 603982
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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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