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1303 Royal Gorge Boulevard, Canon City, CO 81212

$2,100,000
Property Type: Commercial Sale Square Footage: 1,920 Lot Size (sq. ft.): 21,344 Status: Closed
Current Price: $2,100,000 List Date: 7/26/2024 Last Modified: 10/07/2024

Overview

Description

GREAT 1031 EXCHANGE OPTION! Outstanding location on 22,000 VPD major highway and the #8 most visited Starbucks location out of 222 locations in Colorado. A net leased Corporate Starbucks with a current NOI of $130,888 (5.85% CAP rate) approximately 4.5 years remaining featuring four 5-year options with 10% increases in the base term and no early termination. The property is the only drive-thru Starbucks within 35 miles with strong neighboring tenants including Safeway, Walgreens, Dollar Tree, Natural Grocers, and more. Cañon City is located 43 miles southwest of Colorado Springs and is home to the Royal Gorge Region, a popular tourist destination in Colorado, and home to the highest suspension bridge in the United States. Located along the Arkansas River; thousands of tourists visit Cañon City and the Arkansas River for whitewater rafting, sightseeing, and rock climbing. The Royal Gorge Bridge and Park welcomes more than 360,000 visitors each year with an annual economic impact o ...

Listing Details MLS# 184813

Location Info

Inside City Limits
Yes
Condominiumized
No
Zoning City
Commercial
Zoning County
Commercial
Type
Commercial
Major Area
Out of Area
Area
Within Colorado
Asking Price
2249000
Original List Price
2249000
Street #
1303
Street Name
Royal Gorge
Street Suffix
Boulevard
City/Town
Canon City
State/Province
CO
Postal Code
81212

Keywords Info

Total Building SqFt
1.001 - 5,000
Association Dues
No
Fee's $
No

Listing Info

Occupant Type
Tenant
SqFt Level
Ground Floor
Seller/Owner is Licensed
No
Short Sale
No
REO
No
Auction
No
In Foreclosure
No
Member Association
Aspen Association

General Info

Sub/Loc
Out of Area
County
Freemont
Country
United States
Legal
LOTS 5,6,7,BLOCK 5,AUGUSTUS MACON'S ADDITION TO CANON CITY,COUNTY OF FREMONT,STATE OF COLORADO(APN: 11010210 / 11030150
Zoning
Commercial
Lot SqFt
21344
Nbr of Acres
0.49
Stories
Yes
Total SqFt
1920
Unit SqFt
1920
Business Name
Starbucks
Inventory
No
Parcel #
000000000
Year Built
2023
Directions
The property is located on the north side of Royal Gorge Boulevard on the northeast corner of the intersection with 13th Street in Canon City, Colorado.

Financing Info

Metro Tax District
No
Taxes
2023
Transfer Tax
No
N.O.I.
130888
Tax Year
0
HOA Dues
0
Total HOA Fee Per Year
0

Status Change Info

Under Contract Date
2024-08-19
Proposed Close Date
2024-09-30
Sold Date
2024-09-30
Sold Price Per/SF
1093.75
How Sold
Cash

More Information

Remarks

Public Remarks
GREAT 1031 EXCHANGE OPTION! Outstanding location on 22,000 VPD major highway and the #8 most visited Starbucks location out of 222 locations in Colorado. A net leased Corporate Starbucks with a current NOI of $130,888 (5.85% CAP rate) approximately 4.5 years remaining featuring four 5-year options with 10% increases in the base term and no early termination. The property is the only drive-thru Starbucks within 35 miles with strong neighboring tenants including Safeway, Walgreens, Dollar Tree, Natural Grocers, and more. Cañon City is located 43 miles southwest of Colorado Springs and is home to the Royal Gorge Region, a popular tourist destination in Colorado, and home to the highest suspension bridge in the United States. Located along the Arkansas River; thousands of tourists visit Cañon City and the Arkansas River for whitewater rafting, sightseeing, and rock climbing. The Royal Gorge Bridge and Park welcomes more than 360,000 visitors each year with an annual economic impact of $30 million on the local economy.

Allowable Uses

Income
Yes
Restaurant/Bar
Yes
Retail
Yes

Current Use

Restaurant
Yes

Construction

Block
Yes
Concrete
Yes
Steel Frame
Yes
Stone
Yes
Stucco
Yes

Access

Paved
Yes

Electric

Yes
Yes

Condition

Excellent
Yes

Roof

Membrane
Yes

Water

Public
Yes

Sanitation

Sewer
Yes

Extras

220V
Yes
Fire Alarm
Yes
Fire Sprinkler Sys
Yes
Furnished
Yes
High Speed Available
Yes
Kitchen Area
Yes
Landscaped
Yes
Restrooms
Yes
Security System
Yes
Smoke Detectors
Yes
Storage
Yes
Three-Phase Electric
Yes
ADA Compliant
Yes

Heating/Cooling

Central AC
Yes
Central Heating
Yes
Electric
Yes
Gas
Yes
Hot Water
Yes
Stove
Yes

Location Amenities

Corner Lot
Yes
High Traffic Loc
Yes
High Visibility
Yes
Highway Access
Yes
Intersection
Yes
View
Yes

Documents on File

Leases
Yes
Rent Roll
Yes
Survey/ILC
Yes

Parking

21 + Spaces
Yes
Parking Lot
Yes
Paved
Yes

Occupant

Tenant Occupied
Yes
5+ Years
Yes
Escalations
Yes

Possession

Subject to Lease
Yes

Sign

No
Yes

Property Features

Allowable Uses: Income; Restaurant/Bar; Retail Current Use: Restaurant Construction: Block; Concrete; Steel Frame; Stone; Stucco Roof: Membrane Condition: Excellent Electric: Yes Water: Public Sanitation: Sewer Parking: 21 + Spaces; Parking Lot; Paved Access: Paved Extras: 220V; Three-Phase Electric; ADA Compliant; Fire Alarm; Fire Sprinkler Sys; Furnished; High Speed Available; Kitchen Area; Landscaped; Restrooms; Security System; Smoke Detectors; Storage Location Amenities: Corner Lot; High Traffic Loc; High Visibility; Highway Access; Intersection; View Occupant: Tenant Occupied; 5+ Years; Escalations Documents on File: Leases; Rent Roll; Survey/ILC Sign: No Possession: Subject to Lease

Documents

IDX
Listing Office: Zenith Realty Advisors LLC
Source MLS Verified
Last Updated: October - 07 - 2024
Broker Attribution: (970) 925-3866
Copyright 2020 by Aspen/Glenwood Springs MLS, Inc. ALL RIGHTS RESERVED WORLDWIDE No part of this publication may be reproduced, adapted, translated, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written consent of the Aspen/Glenwood Springs MLS, Inc.
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