Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    534 & 536 Spruce Street Aspen, CO 81611

    View on Map
    Claim this Listing
    For Sale
    $7,950,000

    DUPLEX - Aspen, CO

    Property size:
    4,308 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $1,845/SF
    Added:
    Dec 30, 2025
    Days on Market:
    121
    Last Refresh:
    Apr 30 at 12:06 pm

    Property Features for 534 & 536 Spruce Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-6
    Bedrooms
    7
    Bathrooms
    7
    Rooms
    Bedroom 2, Bedroom 7, Bedroom 3, Bedroom 6, Bedroom 5, Bathroom 3, Bathroom 7, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 5, Bathroom 6, Bathroom 1, Bathroom 4
    Standard status
    Active
    APN
    273707419001
    Size
    4,308 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Units 1 & 2, Bennett Duplex Condominiums, according to the Plat thereof recorded August 31, 1990 in Plat Book 24 at Pages 86 and 87 as Reception No. 325819, and according to the Condominium Declaration for the Bennett Duplex Condominiums, recorded September 6, 1990 in Book 628 at Page 901 as Reception No. 325951; known as 534 & 536 Spruce St, and as assessor's schedules or parcel numbers: 273707419001 & 273707419002
    Tax Annual Amount
    12936

    Utilities

    Heating system
    Natural Gas, Baseboard
    Water source
    Public

    Building Details

    Year built
    1977
    Floors in Building
    2

    We can help!

    Listing Contact
    Brian Hazen

    Listing agent Brian Hazen

    Listing office Coldwell Banker Mason Morse-Aspen 620 E Hyman 103, Aspen, CO

    Listing date Dec 30, 2025

    MLS# 191200 Listing URL

    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.

    Overview

    Aspen Duplex Near Downtown

    This condominiumized duplex is located within walking distance of Aspen's core. Unit 1 features 4 bedrooms and 4 bathrooms within approximately 2,600 square feet. Unit 2 includes 3 bedrooms and 2.5 bathrooms in 1,600 square feet. The property offers views of both Aspen Mountain and Buttermilk. The duplex is located one block from the bus line, including both RFTA and school bus stops, and is minutes from Hunter Creek and Smuggler. It is an easy walk to town through Oklahoma Flats. The property is zoned R-6 and sits on a lot of 0.17 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Hair Salon Dental Office Spa & Massage Center Nail Salon Real Estate Agency Food Market Grocery & Convenience Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Aspen
    County
    Pitkin
    State
    Colorado
    Longitude
    -106.811777
    Latitude
    39.193655

    Nearby Similar for Sale

    • $4,999,000
      2,172 SF

      Refined Class A Office Space

      Prestigious Aspen office suite in a desirable downtown location.
      625 E Main Street unit: 204, Aspen, CO 81611
      View Details
    • $85,000,000
      8,826 SF

      Iconic Aspen Commercial Property

      Four-level historic commercial property in Aspen's core, leased to luxury brand.
      312 S Galena Street, Aspen, CO 81611
      View Details
    • $8,595,000
      2,726 SF

      Aspen Duplex with Mountain Views

      Spacious duplex with panoramic views, close to Aspen amenities.
      250 Mountain Laurel Drive unit: B, Aspen, CO 81611
      View Details
    • $10,900,000
      3,049 SF

      Riverfront Duplex in Downtown Aspen

      Zen-inspired duplex with river access and downtown convenience.
      1022 E Hyman Avenue, Aspen, CO 81611
      View Details
    • $1,495,000
      1,612 SF

      St Regis Residence Club Aspen

      Luxury St Regis Residence Club membership in Aspen, Colorado.
      315 E Dean Street unit: B51, Aspen, CO 81611
      View Details
    • $10,950,000
      4,154 SF

      Elegant Duplex Near Downtown Aspen

      Luxurious mountain retreat with views, comfort, and sophisticated design.
      42703 Hwy 82, Aspen, CO 81611
      View Details
    • $9,750,000
      3,726 SF

      Aspen Duplex with Mountain Views

      West Aspen duplex near golf, skiing, and downtown.
      824 Bonita Drive, Aspen, CO 81611
      View Details
    • $2,800,000
      2,500 SF

      Aspen Core Commercial Property

      Undeveloped commercial property in Aspen Core, currently storage units.
      630 E COOPER Avenue unit: 21A, Aspen, CO 81611
      View Details
    • $3,000,000
      3,603 SF

      Aspen Retail Opportunity For Sale

      Established liquor store business for sale in prime Aspen location.
      710 E Durant Avenue unit: W-1 & W-2, Aspen, CO 81611
      View Details
    • $1,395,000
      764 SF

      Custom Toy Garage in Aspen

      Unique, secure storage for luxury cars, gear, and wine.
      601 Rio Grande Place unit: 122, Aspen, CO 81611
      View Details
    • $425,000
      1,473 SF

      Luxury Aspen Resort Residence Club

      Elegant St Regis Residence Club with premier ski weeks.
      315 E Dean Street unit: B62, Aspen, CO 81611
      View Details
    • $600,000
      400 SF

      Downtown Aspen Enclosed Two-Car Garage

      Private, enclosed two-car garage in the heart of Aspen.
      601 Rio Grande Place unit: 008A&008B, Aspen, CO 81611
      View Details

    FAQs

    What type of property is this?
    Duplex - Condominiumized duplex near Aspen's core with mountain views.
    Where is this duplex located?
    The property is located at 534 & 536 Spruce Street Aspen, CO.
    What is the asking price?
    The asking price for this property is $7,950,000.
    What are key features of this property?
    This property features: Walking distance to Aspen's core; Duplex configuration offers flexible options: live in one unit, rent the other, or rent both; Enjoy views of Aspen Mountain and Buttermilk
    (970) 379-1270
    We can help!
    Listing Contact
    Brian Hazen
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!