Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    151 W Main St New Castle, CO 81647

    • Commercial real estate
    • 16,453 SF
    • 0.85 lot acres
    For Lease
    View listing
    $2.00 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1096234
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 151 W Main St

    Year built
    1910
    Construction
    METAL FRAME
    Lot size
    0.85 lot acres
    Property size
    16,453 SF
    Property type
    Commercial real estate
    APN
    212331407002
    APU
    212331407002

    Description

    This exceptional opportunity presents itself in a beautifully restored historic school building, located in the heart of New Castle's vibrant downtown. The property, totaling over 16,000 square feet, offers a unique blend of character and modern convenience. Multiple tenancy options are available, with spaces ranging from a minimum of 390 square feet to a maximum contiguous space of 5,176 square feet. Currently, 5,566 square feet of office space is vacant and ready for immediate occupancy. The building boasts over a dozen private offices, allowing for diverse configurations to perfectly suit your business needs, whether you require a single executive office or a larger suite. This prime downtown location provides unparalleled convenience, with easy access to local shops, cafes, and public transportation. The property is zoned for City use within Garfield County, ensuring a seamless transition for your business. The flexible floor plans allow for customization to meet your specific requirements, making this an ideal location for a variety of businesses seeking a unique and functional workspace in a charming mountain town setting. Don't miss this chance to establish your business in this remarkable historic building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,835,000
      6.5%
      $2,615,000
      7%
      $2,430,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,496,000
      Market price range: $1.24M - $4.85M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Garfield
    State
    Colorado
    Longitude
    -107.532
    Latitude
    39.5711
    CBSA code
    24060
    CBSA name
    GLENWOOD SPRINGS, CO MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,649
    $82,860
    $232,580
    $315,440
    -
    $297,000
    $833,610
    $1,130,610

    Comparable in this City

    • Value Estimation by Request
      1,850 SF

      201 Main St

      COMMERCIAL (GENERAL) • 1,850 SF
      201 Main St, New Castle, CO 81647
      View Details
    • Value Estimation
      $905,000
      3,028 SF

      791 Burning Mtn Ave

      COMMERCIAL (GENERAL) • 3,028 SF
      791 Burning Mtn Ave, New Castle, CO 81647-9679
      View Details
    • Value Estimation by Request
      1,178 SF

      312 Main St

      COMMERCIAL (GENERAL) • 1,178 SF
      312 Main St, New Castle, CO 81647
      View Details
    • Value Estimation by Request
      5,120 SF

      126 4th St

      COMMERCIAL (GENERAL) • 5,120 SF
      126 4th St, New Castle, CO 81647-5002
      View Details
    • Value Estimation by Request
      2,403 SF

      810 Castle Vly Blvd

      COMMERCIAL (GENERAL) • 2,403 SF
      810 Castle Vly Blvd, New Castle, CO 81647-9441
      View Details
    • Value Estimation
      $1,660,000
      3,150 SF

      345 County Rd 262

      COMMERCIAL (GENERAL) • 3,150 SF
      345 County Rd 262, New Castle, CO 81647
      View Details

    Similar Nearby for Sale

    • $269,000
      2.00 Acres

      Two Acre Lot Near River

      Two-acre lot with river access near New Castle, Colorado.
      Rapids View Ln, New Castle, CO 81647
      View Details
    • $850,000
      1,822 SF

      New Construction Duplex in New Castle

      Half duplex with mountain style exterior and luxury finishes.
      46 Whitetail Dr, New Castle, CO 81647
      View Details
    • $429,000
      1,761 SF

      Main Street Commercial Property

      Updated commercial property on Main Street in New Castle.
      532 W Main St, New Castle, CO 81647
      View Details
    • $164,900
      0.32 Acres

      Lakota Canyon View Lot

      Distinctive lot with unobstructed 360-degree views in Lakota Canyon.
      29 Stag Ct, New Castle, CO 81647
      View Details
    • $980,000

      Land For Sale

      Land available for sale.
      930 County Road 245, New Castle, CO 81647
      View Details
    • $119,500
      0.23 Acres

      Residential Land Near Golf Course

      Residential land in Lakota Canyon Ranch near golf course.
      12 Marys Way, New Castle, CO 81647
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      18,300 SF

      Retail Building in New Castle

      Multi-tenant retail building with available spaces in New Castle, CO.
      800 Castle Valley Blvd, New Castle, CO 81647
      View Details
    • $2.00 SF/Yr

      Downtown New Castle Office Suites

      Affordable, renovated office suites in downtown New Castle, Colorado.
      151 W Main St, New Castle, CO 81647
      View Details
    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.
    151 W Main St
    New Castle, CO 81647
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.