Remodeled Mixed-Use Investment with STR
For Sale
$1,450,000
502 W Main Street, New Castle, CO 81647
COMMERCIAL - New Castle, CO
Days on Market47
Property Features for 502 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Lot features
Corner Lot
Directions
Located on the corner of W Main St and 5th Street in New Castle, CO.
Subdivision
New Castle
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
7309
Listing Agency:
VENTURE GROUP
(970) 892-2200
Listed By:
Kyle Serrano · License #II100075682
(970) 778-0796
Added: Jun 16
Changed: Jul 31
Last Checked: Aug 1 at 10:06AM
MLS# 20262854
Copyright © 2026 Grand Junction Area Association of Realtors. 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.
Remodeled mixed-use investment property featuring seven individual residential units currently operated as short-term rentals and a main-level commercial unit. The property is described as turn-key, with all furnishings, equipment, and FF&E included for the short-term rental business.
The commercial portion is on the main level and is currently leased to a salon through 2029. The property is located downtown on W Main Street in New Castle, Colorado, supporting a work-live concept or an income-focused strategy.
Investment performance is presented in the remarks as a current cap rate of over 9.22% when operated as an STR property, with a nearly 12% pro-forma cap described if converted to long-term rentals.
The commercial portion is on the main level and is currently leased to a salon through 2029. The property is located downtown on W Main Street in New Castle, Colorado, supporting a work-live concept or an income-focused strategy.
Investment performance is presented in the remarks as a current cap rate of over 9.22% when operated as an STR property, with a nearly 12% pro-forma cap described if converted to long-term rentals.
Key Highlights
- Seven residential units currently used as short‑term rentals
- Main‑level commercial unit leased to a salon through 2029
- Current cap rate of over 9.22% if run as an STR operation
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled mixed-use property with seven short-term rental units plus a main-level commercial unit leased through 2029.
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 currently used as short‑term rentals; Main‑level commercial unit leased to a salon through 2029; Current cap rate of over 9.22% if run as an STR operation
