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Water & Stone| 14-Keys | C-3 | Live Water 3303 Chicago Creek Rd 14 Room Hotel Idaho Springs, CO 80452 $6,495,000 ($463,929/Room) 6.20% Cap Rate
Investment Highlights
- Established Income-Producing Asset: $402,937 trailing EBITDA across 13 of the 14 keys — 9 cabins and 5 condo units — with 90-95% peak season occupancy
- Rare C-3 Commercial Zoning: Commercially zoned hospitality operation — no STR licensing, no annual renewal risk, no regulatory exposure
- Mountain Views & Direct National Forest Adjacency: Borders ~15,000 acres of US Forest land, providing permanent privacy, recreational access, value+
- Year-Round Live Water Amenity: The property sits along Chicago Creek — a defining guest experience feature that drives premium nightly rates
- City Water and Municipal Sewer Infrastructure: Most units on city water service. The majority of the property has been upgraded to municipal sewer
- $595K Conservative Proforma/ 9.16 CAP with Many Opportunities to boost value: hot tubs/saunas, renting all 14 units, checkin package, etc
Executive Summary
Live water. National Forest at the back door. The I-70 ski corridor out front. Water & Stone Cabins is what serious mountain hospitality investors spend years looking for and rarely find this close to Denver.
Fourteen keys on ±5.16 acres along year-round Chicago Creek. $402,937 trailing NOI. 4.91-star Airbnb rating. C-3 commercial zoning with no STR licensing requirements. City water and municipal sewer. Thirty minutes from Denver. The rest of the story only gets better from there.
The Income
The property generates $402,937 in trailing NOI across 13 of the 14 keys with 9 cabins and 5 condo-style units at a 6.2% cap rate on the asking price of $6,495,000. Peak season occupancy runs 90–95%. The 4.91-star Airbnb rating was built over hundreds of verified stays and is currently listed exclusively on Airbnb, leaving material upside through channel expansion, direct bookings, and group sales. Adding a staff unit back to service, select hot tubs, and guest amenities easily bridges to a conservative proforma income of $595,568 / 9.2 CAP. Reach out for more details on the full bridge.
The Infrastructure
The property operates under C-3 commercial zoning so NO short-term rental licensing requirements, no annual renewal risk, and no exposure to the wave of STR restrictions moving through Colorado mountain communities. The City of Idaho Springs provides municipal water service to 13 of 14 operating units, and a newly installed 8" commercial municipal sewer line connects the majority of units to city sewer with the balance scheduled per a recorded Annexation Agreement. These infrastructure characteristics are rare in the mountain market and support both current operations and future development capacity.
The Location
Idaho Springs sits at the eastern gateway to Colorado's I-70 ski corridor, with Arapahoe Basin and Loveland minutes up the road and Copper Mountain, Keystone, and Breckenridge within an hour. The property borders approximately 15,000 acres of US Forest Service land on multiple sides. Chicago Creek runs through the site, feeding into Clear Creek, one of Colorado's premier Class III-IV whitewater corridors. The Mount Blue Sky Scenic Byway, the highest paved road in North America, originates four minutes from the front door.
The Argo Gondola opened in downtown Idaho Springs in May 2026 and is projected to draw 500,000–700,000 annual visitors, it materially repositions Idaho Springs as a year-round destination. The property is four minutes from the gondola base and positioned to capture demand before it is fully reflected in market pricing.
The Upside
The property has received preliminary approval for hotel and lodge development. Identified development areas on both parcels support additional cabins, glamping units, or signature elevated lodging structures. The corridor carries over 15 years of established destination wedding and event activity, generating consistent group lodging demand that the local market has never had adequate quality inventory to absorb. Finishing/adding back existing space can add up to 5 more units (1 staff condo unit, 2-unit Bunkhouse, 1 unit Office conversion, and a Studio condo unit) and amenity additions such as hot tubs, sauna, wellness offerings, and communal outdoor space have been projected to support $150-200 per night per unit in ADR uplift and a conservative proforma of $595,568 puts this at a 9.2 CAP.
The Operations
Turnkey operation with trained independent contractor cleaning staff in place and expected to continue. Guest communications managed by a third-party vendor. Minimal owner involvement required. Preliminary financing reviewed by a regional lender and terms available to qualified buyers. The property has also appraised.
Full financial documentation including 3-year revenue history, itemized expense detail, and pro forma assumptions available to qualified buyers upon execution of a Non-Disclosure Agreement.
Fourteen keys on ±5.16 acres along year-round Chicago Creek. $402,937 trailing NOI. 4.91-star Airbnb rating. C-3 commercial zoning with no STR licensing requirements. City water and municipal sewer. Thirty minutes from Denver. The rest of the story only gets better from there.
The Income
The property generates $402,937 in trailing NOI across 13 of the 14 keys with 9 cabins and 5 condo-style units at a 6.2% cap rate on the asking price of $6,495,000. Peak season occupancy runs 90–95%. The 4.91-star Airbnb rating was built over hundreds of verified stays and is currently listed exclusively on Airbnb, leaving material upside through channel expansion, direct bookings, and group sales. Adding a staff unit back to service, select hot tubs, and guest amenities easily bridges to a conservative proforma income of $595,568 / 9.2 CAP. Reach out for more details on the full bridge.
The Infrastructure
The property operates under C-3 commercial zoning so NO short-term rental licensing requirements, no annual renewal risk, and no exposure to the wave of STR restrictions moving through Colorado mountain communities. The City of Idaho Springs provides municipal water service to 13 of 14 operating units, and a newly installed 8" commercial municipal sewer line connects the majority of units to city sewer with the balance scheduled per a recorded Annexation Agreement. These infrastructure characteristics are rare in the mountain market and support both current operations and future development capacity.
The Location
Idaho Springs sits at the eastern gateway to Colorado's I-70 ski corridor, with Arapahoe Basin and Loveland minutes up the road and Copper Mountain, Keystone, and Breckenridge within an hour. The property borders approximately 15,000 acres of US Forest Service land on multiple sides. Chicago Creek runs through the site, feeding into Clear Creek, one of Colorado's premier Class III-IV whitewater corridors. The Mount Blue Sky Scenic Byway, the highest paved road in North America, originates four minutes from the front door.
The Argo Gondola opened in downtown Idaho Springs in May 2026 and is projected to draw 500,000–700,000 annual visitors, it materially repositions Idaho Springs as a year-round destination. The property is four minutes from the gondola base and positioned to capture demand before it is fully reflected in market pricing.
The Upside
The property has received preliminary approval for hotel and lodge development. Identified development areas on both parcels support additional cabins, glamping units, or signature elevated lodging structures. The corridor carries over 15 years of established destination wedding and event activity, generating consistent group lodging demand that the local market has never had adequate quality inventory to absorb. Finishing/adding back existing space can add up to 5 more units (1 staff condo unit, 2-unit Bunkhouse, 1 unit Office conversion, and a Studio condo unit) and amenity additions such as hot tubs, sauna, wellness offerings, and communal outdoor space have been projected to support $150-200 per night per unit in ADR uplift and a conservative proforma of $595,568 puts this at a 9.2 CAP.
The Operations
Turnkey operation with trained independent contractor cleaning staff in place and expected to continue. Guest communications managed by a third-party vendor. Minimal owner involvement required. Preliminary financing reviewed by a regional lender and terms available to qualified buyers. The property has also appraised.
Full financial documentation including 3-year revenue history, itemized expense detail, and pro forma assumptions available to qualified buyers upon execution of a Non-Disclosure Agreement.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,495,000 | Lot Size | 5.16 AC |
| Price Per Room | $463,929 | Building Size | 7,749 SF |
| Sale Type | Investment | No. Rooms | 14 |
| Cap Rate | 6.20% | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1938/2024 |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | B | ||
| Zoning | C3 - C-3, Uncommon zoning which allows for a broad range of expansion options - additional cabins, yurts, RV, hotel, and more. | ||
| Price | $6,495,000 |
| Price Per Room | $463,929 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 5.16 AC |
| Building Size | 7,749 SF |
| No. Rooms | 14 |
| No. Stories | 2 |
| Year Built/Renovated | 1938/2024 |
| Corridor | Exterior |
| Zoning | C3 - C-3, Uncommon zoning which allows for a broad range of expansion options - additional cabins, yurts, RV, hotel, and more. |
Amenities
- High Speed Internet Access
- Patio
- Beach (direct access)
- Boutique/Lifestyle Hotel
- Smoke-Free
- Fully-Equipped Kitchen
- Multi-Room Suites
- Smoke Detector
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 14 | $307.00 | - |
Exceptionally drivable
100/100
Somewhat bikeable
20/100
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