965 Main Avenue, Durango, CO - Prime Commercial Real Estate

CannaMLS ID: 4437
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Price: $2,300,000


Listing Details



Price: $2,300,000

Listing Status: For Sale

This historical building updated and modernized in 2017, originally built in 1890, gives a contemporary feel whilst keeping original characteristics and craftsmanship of the original construction. The effective building date is 1989. The original brick walls are highlighted by the original 6 panel doors with original hardware. Large windows with natural light and ceilings updated are complemented by modern light fixtures. Original solid oak wood floors on floor 2 and new laminate on floor 1. New store facade captures a contemporary and professional store front style. Main Street level location is 2,168 sq. ft. on main level with one private office space, kitchen area, and two restrooms. There is an attached usable basement 1,621 sq. ft. currently utilized by owners, but has historically rented out for $500/m. The basement has a private entrance from the back of the building. Floor 2 is 2,357 sq ft upstairs with five private office spaces plus the main retail layout and two restrooms. There is 135 sq ft on floor 3 currently used for storage, and holds the possibility of another office filled with natural light in every direction. The building was condominiumized in 2018. Floor 1, condo 1, as 965 Main Avenue plus the basement and floor 2 & 3, condo 2, as 965 1/2 Main Avenue. This prime real estate location is being sold in its entirety.


Listing Details

Listing Status
For Sale

Location
Durango, Colorado 81301

Date Listed For Sale:
11/23/2020

Date Last Updated:
11/24/2020

Property Details

Pricing Details

Listing Price
$2,300,000

Lease Terms:

There is a NNN Lease in place and personally guaranteed by the tenant for another 12 years. This passes with the sale of the property.
Gross Income is $178,000. The basement unit is currently occupied by Seller, but has a long term rental history at $500/m. This would add another $6,000 per year bringing gross to $184,000. Great CAP for commercial real estate especially in current market.


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