Live-Work Property with
New
For Sale
$1,650,000
422 Elbert Street #A B. C & D, Castle Rock, CO 80104
Three-story professional property with multiple suites, kitchenettes, restrooms, and separate utilities.
Property Size4,277 SF
Price / SF$385.78
Days on Market2
Property Features for 422 Elbert Street #A B. C & D
General Information
Standard status
Active
Size
4,277 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1925
Year Renovated
2010
Stories
3
Listing Agency:
Kimmel Realty
(719) 257-3949
Listed By:
Cameron Yost
(719) 257-3949
Source:
Pikespeakdreamhomesrealty
Added: Jul 30
Changed: Jul 31
Last Checked: Jul 31 at 12:12PM
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 Kimmel Realty
Investment Insights
Based on property information with market context.
Originally constructed in 1925 and extensively remodeled in 2010, this three-story live-work property contains approximately 4,277 square feet across multiple suites and a converted garage. The top floor includes a two-bedroom apartment that supports a live-work configuration and could also be converted to additional office space. Commercial areas feature separate utilities, kitchenettes, and numerous restrooms. The converted 499-square-foot garage includes a half bath and kitchenette office. The property’s prior use as a medical office building supports professional office or practice use.
Located in the historic downtown core of Castle Rock, the property is within walking distance of retail shops, restaurants, and other amenities. Ample free surface parking is available on-site and along Elbert Street. The layout supports owner occupancy, multiple commercial tenants, or a combination of commercial and residential occupancy, subject to applicable requirements.
Located in the historic downtown core of Castle Rock, the property is within walking distance of retail shops, restaurants, and other amenities. Ample free surface parking is available on-site and along Elbert Street. The layout supports owner occupancy, multiple commercial tenants, or a combination of commercial and residential occupancy, subject to applicable requirements.
Key Highlights
- Approximately 4,277 square feet across three stories and a converted garage
- Two‑bedroom apartment on the top floor supports a live‑work configuration
- Originally constructed in 1925 and extensively remodeled in 2010
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
Healthcare Medical
$876.9K
$767.3K – $1.02M
NOI $61,381 @ 7.0% cap · market cap 3.72%
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 authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,620
Businesses Nearby
Explore this area
Business Placement
Demographics for 80104, CO
34,727
Population
13,945
Households
2.5
Avg Household Size
38
Median Age
54%
College-Educated
97%
High-School Grad
70.7 sq mi
ZIP Area
491
Density / Sq Mi
$131,359
Median Household Income
$60,982
Median Earnings
$1,816
Median Rent
$586,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Three-story professional property with multiple suites, kitchenettes, restrooms, and separate utilities.
Where is this live-work space located?
The property is located at 422 Elbert Street #A B. C & D 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: Approximately 4,277 square feet across three stories and a converted garage; Two‑bedroom apartment on the top floor supports a live‑work configuration; Originally constructed in 1925 and extensively remodeled in 2010
