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    Property profile & analytics

    229 Elk Ave, Unit C Crested Butte, CO 81224-5781

    • Retail space
    • 4,184 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Mar 15, 2023
    Value Estimations
    $2,335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1240578
    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

    • T-Bar / Restaurant / Cafe & Coffee Shop
    • Crested Butte Angler: Fly Fishing Guides for the Gunnison River Drainage, Fly Shop, & Outdoor Store / (Bike/Boat/Book/etc) Store
    • Villas Summit / Real Estate Agency
    • Midnight Gallery / Art Gallery
    • Bjorkstam Hat Co / Clothing Store

    Property Details for 229 Elk Ave

    Year built
    1885
    Lot size
    0.22 lot acres
    Property size
    4,184 SF
    Property type
    Retail space
    APN
    325503136021
    APU
    325503136021

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,585,000
      Market price range: $668k - $2.59M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,575,000
      Current use
      COMMERCIAL (GENERAL)
      $2,080,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Crested Butte
    County
    Gunnison
    State
    Colorado
    Longitude
    -106.986
    Latitude
    38.87

    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
    $51,021
    $374,040
    $370,000
    $744,040
    -
    $1,340,630
    $1,356,160
    $2,696,790

    Comparable in this City

    • Value Estimation
      $2,030,000
      3,668 SF

      321 Elk Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,668 SF
      321 Elk Ave, Crested Butte, CO 81224
      View Details
    • Value Estimation by Request
      590 SF

      510 Elk Ave, Unit 3

      RETAIL STORES (PERSONAL SERVICES) • 590 SF
      510 Elk Ave, Crested Butte, CO 81224-5433
      View Details
    • Value Estimation by Request
      370 SF

      523 Riverland Dr, Unit 2B

      RETAIL STORES (PERSONAL SERVICES) • 370 SF
      523 Riverland Dr, Crested Butte, CO 81224-9835
      View Details
    • Value Estimation by Request
      689 SF

      717 6th Sta

      RETAIL STORES (PERSONAL SERVICES) • 689 SF
      717 6th Sta, Crested Butte, CO 81224-5673
      View Details
    • Value Estimation
      $1,415,000
      5,964 SF

      201 Elk Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,964 SF
      201 Elk Ave, Crested Butte, CO 81224-9608
      View Details
    • Value Estimation
      $1,895,000
      6,780 SF

      318 Elk Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,780 SF
      318 Elk Ave, Crested Butte, CO 81224-5450
      View Details

    Similar Nearby for Sale

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      Crested Butte Retail/Office Unit

      820 SF retail/office space in the heart of Crested Butte.
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    • $1,350,000
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      Mixed-Use Property in Crested Butte

      Multi-use property with retail and residential space in prime location.
      428 Elk Ave, Crested Butte, CO 81224
      View Details
    • $3,000,000
      4,073 SF

      Crested Butte Multi-Use Building

      Multi-unit building with commercial and residential spaces in Crested Butte.
      309 Belleview Ave, Crested Butte, CO 81224
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    • $4,275,000
      8,568 SF

      Versatile Commercial Property in Crested Butte

      Multi-use property with retail, office, and industrial spaces.
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    • Contact for pricing
      437 SF

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      717 6 St, Crested Butte, CO 81224
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    • $530,000
      573 SF

      Retail Unit in Crested Butte

      573 SF retail unit in the heart of Crested Butte.
      309 Belleview - #1-B, Crested Butte, CO 81224
      View Details
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    Crested Butte, CO 81224-5781
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    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
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