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    Downtown Montrose Multi-Use Investment Title is generated by Realmo AI

    238 S 2nd Street, Montrose, CO 81401

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    Claim this Listing
    New
    For Sale
    $550,000

    Multi-Use w/Res - Montrose, CO

    Property size:
    2,939 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $187/SF
    Added:
    May 13, 2026
    Days on Market:
    2
    Last Refresh:
    May 14 at 7:06 am

    Property Features for 238 S 2nd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,939 SF
    Lot size
    0.14 Acres

    Building Details

    Year built
    1898
    Architectural style
    Other

    We can help!

    Listing Contact
    Delphine Jadot
    Delphine Jadot

    Listing agent Delphine Jadot

    Listing office Keller Williams Colorado West Realty 2474 Patterson Rd., Grand Junction, CO

    Listing date May 13, 2026

    MLS# 833430 Listing URL

    Copyright © 2026 Colorado Real Estate Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Montrose location with high visibility and easy access.
    • Flexible layout suitable for mixed‑use, multi‑tenant, or single‑user occupancy.
    • Recently renovated, blending historic charm with modern functionality.
    • Potential for owner‑user occupancy with rental income or as a pure investment property.
    • Approximately 2,939 sq ft plus basement storage on a 0.14‑acre lot with a one‑car garage.
    • Located in a growing regional hub with proximity to outdoor attractions.

    Overview

    Located in downtown Montrose, this property, constructed in 1898, has undergone recent renovations, blending historic charm with modern functionality. Situated just off Main Street in the business district, the property benefits from strong visibility, accessibility, and proximity to established businesses, dining options, and everyday services. The central location and flexible layout present multiple opportunities, including mixed-use potential for a live/work configuration, multi-tenant or single-user occupancy, and the option for the upper level to function as a separate apartment or integrate with the main level. The property offers approximately 2,939 square feet of space, plus basement storage, on a 0.14-acre lot. A one-car garage is accessible from the alley. The current configuration includes 4 bedrooms, 2 bathrooms, and 2 kitchens, accommodating owner-occupancy, rental income potential, or a combination of both. Montrose is growing as a regional hub for Western Colorado, supporting local businesses and attracting visitors with its proximity to the Black Canyon of the Gunnison and nearby mountain destinations. The property is located within walking distance of coffee shops, restaurants, and daily conveniences. It offers potential for owner-user or investment property, a flexible layout for multi-tenant or live/work use, and opportunities for value-add improvements or repositioning.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Live-work space

    Map

    City
    Montrose
    County
    Montrose
    State
    Colorado
    Longitude
    -107.876142
    Latitude
    38.4768091

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building with mixed-use potential in downtown Montrose.
    Where is this mixed-use property located?
    The property is located at 238 S 2nd Street Montrose, CO.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Prime downtown Montrose location with high visibility and easy access.; Flexible layout suitable for mixed‑use, multi‑tenant, or single‑user occupancy.; **Recently renovated, blending historic charm with modern functionality.**
    (970) 252-8528
    We can help!
    Listing Contact
    Delphine Jadot
    Delphine Jadot
    Learn More
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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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