Mixed-Use Building with Seven
For Sale
$1,450,000
502 W Main Street, New Castle, CO 81647
COMMERCIAL - New Castle, CO
Property Size7,474 SF
Lot Size0.11 Acres
Price / SF$194.01
Days on Market47
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
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: Aug 4
Last Checked: Aug 7 at 7:06AM
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.
Built in 1898, this 7,474-square-foot mixed-use property combines seven residential units with a ground-floor commercial suite leased to a salon. The building includes frame construction, a membrane roof, and public water service. Existing lodging operations are established across major short-term rental platforms, with listings, operating systems, and reviews already in place. The property is also adaptable to furnished monthly stays or long-term residential leasing, as supported by the current configuration and operating history.
The property occupies 0.11 acres at 502 W Main Street in New Castle, Colorado, within the Glenwood Springs, Vail, and Aspen corridor. C/1 Commercial zoning supports its mixed-use commercial setting. A retained restaurant hood vent and grease trap remain in place, providing existing food-and-beverage infrastructure within the ground-floor space. The property achieved a 9.2% cap rate through its existing lodging operations.
The property occupies 0.11 acres at 502 W Main Street in New Castle, Colorado, within the Glenwood Springs, Vail, and Aspen corridor. C/1 Commercial zoning supports its mixed-use commercial setting. A retained restaurant hood vent and grease trap remain in place, providing existing food-and-beverage infrastructure within the ground-floor space. The property achieved a 9.2% cap rate through its existing lodging operations.
Key Highlights
- Seven residential units plus a ground‑floor salon suite
- 7,474 square feet on 0.11 acres
- 9.2% cap rate from existing lodging operations
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
Retail
$1.29M
$1.13M – $1.51M
NOI $90,406 @ 7.0% cap · market cap 6.23%
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Multifamily 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?
Mixed-use property - Historic Main Street property combines residential accommodations with a leased salon and retained restaurant infrastructure.
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 salon suite; 7,474 square feet on 0.11 acres; 9.2% cap rate from existing lodging operations
