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Ore House Inn 502 Main Street 7 Room Hotel New Castle, CO 81647 $1,770,000 ($252,857/Room) 8% Cap Rate
Executive Summary
Commercial and Multi-Family/Short Term Rental Investment property in the desirable mountain town of New Castle, CO! Located downtown on Main Street, this property could be a possible work-live scenario, or be used strictly for investment with a current cap rate of over 8%. Property has 7 individual residential units used for Short Term Rentals currently (AirBNB / VRBO), as well as a commercial unit on main level with infrastructure for a restaurant, but currently leased to a Salon through 2029. The entire property has been remodeled and updated, and comes turn-key with all furnishings, equipment and FF&E used for the short-term rental business. Rare property to find in a quickly appreciating.
Property Facts
| Price | $1,770,000 | Lot Size | 0.11 AC |
| Price Per Room | $252,857 | Building Size | 7,474 SF |
| Sale Type | Investment | No. Rooms | 7 |
| Cap Rate | 8% | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1888/2020 |
| Property Subtype | Hotel | Parking Ratio | 0.54/1,000 SF |
| Building Class | C | Corridor | Interior |
| Zoning | Mixed Commercial - Downtown main street | ||
| Price | $1,770,000 |
| Price Per Room | $252,857 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 7,474 SF |
| No. Rooms | 7 |
| No. Stories | 2 |
| Year Built/Renovated | 1888/2020 |
| Parking Ratio | 0.54/1,000 SF |
| Corridor | Interior |
| Zoning | Mixed Commercial - Downtown main street |
Amenities
- Restaurant
- High Speed Internet Access
- On-Site Bar
- Boutique/Lifestyle Hotel
- Public Access Wifi
- Fully-Equipped Kitchen
- Multi-Room Suites
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 6 | $115.00 | - |
| Guest Room | 1 | $60.00 | - |
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Property Taxes
| Parcel Number | R380283 | Improvements Assessment | $65,030 |
| Land Assessment | $19,970 | Total Assessment | $85,000 |
Property Taxes
Parcel Number
R380283
Land Assessment
$19,970
Improvements Assessment
$65,030
Total Assessment
$85,000
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Ore House Inn | 502 Main Street
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