301 E Hopkins Avenue, Aspen, CO 81611
$790,000
Property Type:
Commercial Lease
Lot Size (sq. ft.):
9,000
Status:
Closed
Current Price:
$790,000
List Date:
8/10/2018
Last Modified:
9/05/2024
Listing Details MLS# 155636
Location Info
- Type
- Leasehold
- Major Area
- Aspen
- Area
- 01-Central Core
- Original List Price
- 685000
- Street #
- 301
- Street Direction Pfx
- E
- Street Name
- Hopkins
- Street Suffix
- Avenue
- City/Town
- Aspen
- State/Province
- CO
- Postal Code
- 81611
Lease Info
- Total Building SqFt
- 19952.00
- Unit SqFt
- 7325
- Asking Price
- 765000
- Type of Lease
- NNN
Financing Info
- Tax Year
- 2017
- Security Deposit
- 25500
- Security $Payable To
- Landlord/bldg owner
- Annual Tax P/SqFt
- 0
Listing Info
- Member Association
- Aspen Association
General Info
- Sub/Loc
- Townsite of Aspen
- County
- Pitkin
- Legal
- Leasehold interest in 5 commercial condominium units at the Katie Reed Plaza.
- Zoning
- CC
- Lot SqFt
- 9000
- Nbr of Acres
- 0.21
- Under Construction
- No
- Business Name
- Rustique & Cooking School
- Inventory
- No
- Parcel #
- 273707382005
- Year Built
- 1995
- Year Remodeled
- 2018
- Directions
- Going east on Main Street, turn right on Monarch Street, Katie Reed Plaza is on the South/East corner of Hopkins Avenue and Monarch Street.
Status Change Info
- Under Contract Date
- 2018-09-19
- Proposed Leased Date
- 2019-04-15
- Sold Date
- 2019-04-15
- Leased Price Per/SF
- 39.6
- How Leased
- Cash
More Information
Remarks
- Public Remarks
- The price is $765,000 for a lease/asset purchase. This is a rare opportunity to take over 3 long-term restaurant leases in the downtown core of Aspen, including the valuable existing build-out, below market rents, outdoor dining patios, all FF&E, and much more, providing maximum flexibility & opportunities for a new operator. Rustique Bistro is a traditional full restaurant & bar concept with an open kitchen, street-level dining & patio, plus a lower-level private dining/wine room and prep kitchen. Cooking School of Aspen is a lower-level flexible space for dining, cooking classes, special events of all sizes with all new state-of-the-art kitchen equipment installed in 2016. The charming Cottage was updated in May 2018 for special events. Seller prefers to close in the Spring 2019.These 3 leases provide an amazing synergy of spaces, assets and ambiance for a new restaurant operator to launch exciting new concepts and/or to continue with the existing success. The Sale and Assignment of the 3 leases (including all existing FF&E and more) are offered for $765,000. The current average NNN Base Rent for all 3 spaces is about $36 per SF. The current average CAMs (taxes, insurance, shared utilities, common area maintenance and management) for all 3 spaces is about $20 per SF. The total average gross rent is about $58 per SF.
Allowable Uses
- Mixed Use
- Yes
- Restaurant/Bar
- Yes
- Retail
- Yes
Current Use
- Restaurant
- Yes
Construction
- Brick
- Yes
- Frame
- Yes
Condominiumized
- Yes
- Yes
Electric
- Yes
- Yes
Condition
- Excellent
- Yes
Basement/Substructure
- Finished
- Yes
Gas
- Natural Gas
- Yes
Roof
- Membrane
- Yes
Water
- Public
- Yes
Sanitation
- Sewer
- Yes
Water Rights
- No
- Yes
Heating/Cooling
- Central AC
- Yes
Location Amenities
- Corner Lot
- Yes
- High Traffic Loc
- Yes
- High Visibility
- Yes
Mineral Rights
- No
- Yes
Documents on File
- Leases
- Yes
Parking
- Street Parking
- Yes
Occupant
- 5+ Years
- Yes
- Escalations
- Yes
- Multiple Leases
- Yes
Tenant Pays
- Annual Escalation
- Yes
- Association Fees
- Yes
- Building Insurance
- Yes
- Deposit
- Yes
- Electricity
- Yes
- Exterior Maintenance
- Yes
- Gas
- Yes
- Interior Maintenance
- Yes
- Property Taxes
- Yes
- Sewer
- Yes
- Structural Maint
- Yes
- Trash Collection
- Yes
- Water
- Yes
Owner Pays
- Nothing
- Yes
Terms Offered
- Cash
- Yes
Possession
- Negotiable
- Yes
Expenses Include
- Grounds Maintenance
- Yes
- Insurance
- Yes
- Management
- Yes
- Sewer
- Yes
- Snow Removal
- Yes
- Trash
- Yes
- Water
- Yes
Sign
- No
- Yes
Property Features
Allowable Uses:
Mixed Use; Restaurant/Bar; Retail
Current Use:
Restaurant
Construction:
Brick; Frame
Condominiumized:
Yes
Roof:
Membrane
Condition:
Excellent
Electric:
Yes
Gas:
Natural Gas
Water:
Public
Sanitation:
Sewer
Tenant Pays:
Annual Escalation; Association Fees; Building Insurance; Deposit; Electricity; Exterior Maintenance; Gas; Interior Maintenance; Property Taxes; Sewer; Structural Maint; Trash Collection; Water
Owner Pays:
Nothing
Parking:
Street Parking
Expenses Include:
Grounds Maintenance; Insurance; Management; Sewer; Snow Removal; Trash; Water
Location Amenities:
Corner Lot; High Traffic Loc; High Visibility
Occupant:
5+ Years; Escalations; Multiple Leases
Documents on File:
Leases
Water Rights:
No
Mineral Rights:
No
Terms Offered:
Cash
Sign:
No
Possession:
Negotiable
Documents
Cottage - Floor Plan ›
Listing Office:
Setterfield & Bright
Last Updated: September - 05 - 2024
Broker Attribution:
(970) 920-1833
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