Remodeled Restaurant and Event
For Sale
$4,000,000
2165 Pine Grove Road, Steamboat Springs, CO 80487
Turnkey restaurant with private dining, dedicated bar, open kitchen, and event capacity for up to 275 attendees.
Property Size7,289 SF
Price / SF$548.77
Days on Market47
Property Features for 2165 Pine Grove Road
General Information
Standard status
Active
Size
7,289 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Commercial Hood
Yes
Amenities
picture windows
fireplace
private dining room
wine storage
Building Details
Building Size
7,289 SF
Year Built
1988
Year Renovated
2024
Listing Agency:
The Agency Steamboat Springs
(970) 457-6880
Listed By:
Chris Paoli · License #SS55043735
Source:
Coloradopartners
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 3:35PM
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 Steamboat Springs
Investment Insights
Based on property information with market context.
This 7,289-square-foot restaurant and event venue at 2165 Pine Grove Road features a 2024 interior remodel, picture windows with ski area views, and a dining room organized around a four-sided fireplace. Curved wood-beamed ceilings, a modern bar, private dining room, wine storage, and multiple open seating areas shape the guest experience. The open kitchen includes a 21-foot hood system, prep and cooking stations, a raw bar, and guest bar seating. The floor plan supports events for up to 275 attendees.
The property is positioned between Steamboat Ski Resort and US Highway 40, across from the Strings Music Festival and near the Meadows parking lot. It is within walking distance of a 180-room Marriott-branded hotel, condominium residences, Wildhorse Cinemas, shopping, and retail. Ample parking and visibility along Mt. Werner Road add practical advantages for restaurant and event operations.
The property is positioned between Steamboat Ski Resort and US Highway 40, across from the Strings Music Festival and near the Meadows parking lot. It is within walking distance of a 180-room Marriott-branded hotel, condominium residences, Wildhorse Cinemas, shopping, and retail. Ample parking and visibility along Mt. Werner Road add practical advantages for restaurant and event operations.
Key Highlights
- 7,289‑square‑foot restaurant and event venue
- 2024 comprehensive interior remodel
- Event capacity for up to 275 attendees
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$138,746
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,774,920
$2.8M
Cap Rate 7%
$1,982,086
$2.0M
Cap Rate 9%
$1,541,622
$1.5M
Market Conditions
NOI Build-Up for 7,289 SF
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.
Gross rent
$196.8K $27.00/SF
− Vacancy
−$11.8K −$1.62/SF
EGI
$185.0K $25.38/SF
− OpEx
−$46.2K −$6.35/SF
NOI
$138.7K $19.04/SF
Area
Routt County, CO
Vacancy
6.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,774,920
Cap Rate 7%
$1,982,086
Cap Rate 9%
$1,541,622
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,746 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$676.6K
$592.0K – $789.4K
NOI $47,363 @ 7.0% cap · market cap 1.18%
Theoretical Best
Warehouse
$2.92M
$2.55M – $3.40M
NOI $204,070 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant with private dining, dedicated bar, open kitchen, and event capacity for up to 275 attendees.
Where is this conventional restaurant located?
The property is located at 2165 Pine Grove Road Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 7,289‑square‑foot restaurant and event venue; 2024 comprehensive interior remodel; Event capacity for up to 275 attendees
