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    Downtown Montrose Commercial Opportunity Title is generated by Realmo AI

    308 E MAIN Street, Montrose, CO 81401

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    For Sale
    $575,000

    Prime commercial building in downtown Montrose with high foot traffic.

    Type:Retail
    Property size:
    2,817 SF
    Price / SF:
    $204/SF
    Added:
    Jan 3, 2025
    Days on Market:
    508
    Last Refresh:
    May 13 at 8:46 pm

    Property Features for 308 E MAIN Street

    General Information

    Standard status
    Active
    Size
    2,817 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Debra Harmon

    Listing agent Debra Harmon

    Listing office 20 Sleeps West Real Estate

    Listing date Jan 3, 2025

    Source Xome

    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 20 Sleeps West Real Estate

    HighLights

    • Prime downtown Montrose location on Main Street with high foot traffic and visibility.
    • B‑1 zoning allows for a wide range of business possibilities.
    • Opportunity Zone designation provides significant tax benefits.
    • Historic charm with tiled pressed tin ceilings.
    • Modern updates including new flooring, fresh paint, enhanced lighting, and replaced sewer drain.
    • Conveniently located near restaurants, retail, City Hall, Post Office, and a bank.

    Overview

    Located in the heart of downtown Montrose, Colorado, this commercial property offers a prime opportunity. Situated on Main Street, the building dates back to 1900 and retains its historic charm. The property is suitable for various uses, including retail, professional offices, restaurants, or a law firm. The building features tiled pressed tin ceilings. Modern updates include new flooring, freshly painted walls, and enhanced lighting circuits. The cast iron sewer drain has been replaced. Zoned B-1, the property offers zoning flexibility. It is located steps from restaurants, retail shops, City Hall, the Post Office, and Citizen's State Bank. The property's Opportunity Zone status provides potential tax benefits. The property contains 2,817 square feet. The updated space is suitable for entrepreneurs, law firms, or creative teams.
    Property Profile Location Intelligence

    Current Use by Public Records

    Holiday Gifts & Home ... (Bike/Boat/Book/etc) Store Creative Photography Photography Service Rhonda's Portraits Wedding Service

    Suggested Use

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

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

    Similar Places Nearby

    • Safeway Floral — 1329 S Townsend Ave, Montrose, CO 81401
    • Alpine Floral, Inc — 1301 N 2nd St, Montrose, CO 81403
    • Kroger Floral — 128 S Townsend Ave, Montrose, CO 81401
    • Dahlia Floral Design — 115 N Mesa Ave, Montrose, CO 81401

    Location Insight

    • Map
    • Local Demand
    City
    Montrose
    County
    Montrose
    State
    Colorado
    Longitude
    -107.8772556
    Latitude
    38.478803

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    FAQs

    What type of property is this?
    Storefront property - Prime commercial building in downtown Montrose with high foot traffic.
    Where is this storefront property located?
    The property is located at 308 E MAIN Street Montrose, CO.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: Prime downtown Montrose location on Main Street with high foot traffic and visibility.; B‑1 zoning allows for a wide range of business possibilities.; Opportunity Zone designation provides significant tax benefits.
    We can help!
    Listing Contact
    Debra Harmon
    Request Owner's contact information
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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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