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Listed by Douglas Elliman Real Estate-Willits
$ 1,450,000
Est. payment /mo
Active
502 W Main Street New Castle, CO 81647
7,474 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Business with Real Estate
Listing Status Active
Purchase Type For Sale
Square Footage 7,474 sqft
Price per Sqft $194
MLS Listing ID 193444
Year Built 1898
Annual Tax Amount $7,309
Tax Year 2025
Lot Size 5,000 Sqft
Acres 0.11
Property Sub-Type Business with Real Estate
Source Aspen Glenwood MLS
Property Description
New PRICING - Now offered at 9.2% Cap Rate. ++++ Turnkey mixed-use income property in excellent condition on Main Street in one of Colorado's most exciting small towns. At the reduced ask price, existing lodging operations produce a 9.2% cap rate. Seven residential units plus a ground-floor commercial space currently leased to a salon, with a retained restaurant hood vent and grease trap that preserves future food and beverage potential. ++++ New Castle recently won the 2026 Colorado Downtown Excellence Award for Best Place in the small community category, recognizing its thriving Main Street revitalization -- and the Ore House Inn sits at the center of it.++++ Strong operational history with established presence across all major short-term rental platforms -- a buyer steps into an active, revenue-producing operation with listings, systems, and reviews already in place. Flexible exit: continue as STR, pivot to furnished monthly stays, or convert to long-term residential leasing. Directly on Main Street with draw from the Glenwood Springs/Vail/Aspen corridor.
Location
State CO
County Garfield
Area New Castle
Zoning C/1 Commercial
Direction At the corner of Main Street and N. 5th Street. On the north side of Main Street.
Exterior
Parking Features Electric Vehicle Charging Station(s)
Roof Type Membrane
Building
Lot Description Corner Lot
Water Public
Others
Tax ID 212331222019
Virtual Tour https://my.matterport.com/show/?m=EM6W4Jh4jxs
