Mixed-Use Building with 7
For Sale
$1,450,000
502 W Main Street, New Castle, CO 81647
Commercial Sale, New Castle, CO
Property Size7,474 SF
Lot Size0.11 Acres
Price / SF$194.01
Days on Market92
Property Features for 502 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C/1 Commercial
Security features
Security System
Lot features
Corner Lot
Directions
At the corner of Main Street and N. 5th Street. On the north side of Main Street.
Subdivision
New Castle
Standard status
Active
APN
212331222019
Size
7,474 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SECTION: 31 TOWNSHIP: 5 RANGE: 90 SUBDIVISION: ORIGINAL TWNSTE NEW CASTLE BLOCK: 8 LOT: 1 AND:- LOT: 2
Tax Annual Amount
7309
Legal Description
SECTION: 31 TOWNSHIP: 5 RANGE: 90 SUBDIVISION: ORIGINAL TWNSTE NEW CASTLE BLOCK: 8 LOT: 1 AND:- LOT: 2
Utilities
Water source
Public
Amenities
restaurant hood vent and grease trap
Building Details
Year built
1898
Building materials
Frame
Roof type
Membrane
Listing Agency:
Douglas Elliman Real Estate-Willits
(970) 925-8810
Listed By:
Gabe Molnar · License #FA100095642
(970) 366-0379
Added: Jun 22
Changed: Sep 4
Last Checked: Sep 21 at 10:06AM
MLS# 193444
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property contains seven residential units and a ground-floor commercial space leased to a salon. The commercial area retains a restaurant hood vent and grease trap, while the property also supports an established short-term rental operation with existing listings, operating systems, and guest reviews. Flexible residential leasing formats include short-term, furnished monthly, and long-term arrangements.
The building is located at 502 W Main Street in New Castle, within the Glenwood Springs, Vail, and Aspen corridor. It comprises 7,474 square feet on 0.11 acres and was built in 1898 with frame construction. The property has C/1 Commercial zoning, a membrane roof, and public water service. Existing lodging operations are associated with a 9.2% cap rate.
The building is located at 502 W Main Street in New Castle, within the Glenwood Springs, Vail, and Aspen corridor. It comprises 7,474 square feet on 0.11 acres and was built in 1898 with frame construction. The property has C/1 Commercial zoning, a membrane roof, and public water service. Existing lodging operations are associated with a 9.2% cap rate.
Key Highlights
- Seven residential units plus a ground‑floor commercial space
- 7,474 square feet on 0.11 acres
- Commercial space leased to a salon
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
$91,391
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
6.30%
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%
$1,827,820
$1.8M
Cap Rate 7%
$1,305,586
$1.3M
Cap Rate 9%
$1,015,456
$1.0M
Market Conditions
NOI Build-Up for 7,474 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
$174.0K $23.28/SF
− Vacancy
−$7.8K −$1.05/SF
EGI
$166.2K $22.23/SF
− OpEx
−$74.8K −$10.00/SF
NOI
$91.4K $12.23/SF
Area
Garfield County, CO
Vacancy
4.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,827,820
Cap Rate 7%
$1,305,586
Cap Rate 9%
$1,015,456
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.14M – $1.52M
NOI $91,391 @ 7.0% cap · market cap 6.30%
Second Best
Mixed Use
$1.10M
$965.9K – $1.29M
NOI $77,272 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,015 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
Explore this area
Business Placement
Demographics for 81647, CO
7,445
Population
2,808
Households
2.7
Avg Household Size
37
Median Age
31%
College-Educated
95%
High-School Grad
284.9 sq mi
ZIP Area
26
Density / Sq Mi
$80,139
Median Household Income
$48,493
Median Earnings
$1,581
Median Rent
$470,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is leased to a salon and retains a restaurant hood vent and grease trap.
Where is this mixed-use property located?
The property is located at 502 W Main Street New Castle, CO.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Seven residential units plus a ground‑floor commercial space; 7,474 square feet on 0.11 acres; Commercial space leased to a salon
