502 W Main Street, New Castle, CO 81647
$1,450,000
Property Type:
Commercial Sale
Square Footage:
7,474
Lot Size (sq. ft.):
5,000
Status:
Active
Current Price:
$1,450,000
List Date:
6/22/2026
Last Modified:
6/22/2026
Listing Details MLS# 193444
Location Info
- Inside City Limits
- Yes
- Condominiumized
- No
- Zoning City
- New Castle
- Zoning County
- N/A
- Type
- Business with Real Estate
- Major Area
- New Castle
- Area
- 10-New Castle Proper
- Asking Price
- 1450000
- Original List Price
- 1450000
- Street #
- 502
- Street Direction Pfx
- W
- Street Name
- Main
- Street Suffix
- Street
- City/Town
- New Castle
- State/Province
- CO
- Postal Code
- 81647
Keywords Info
- Total Building SqFt
- 5,001 - 10,001
- Association Dues
- No
Listing Info
- Occupant Type
- Owner
- Seller/Owner is Licensed
- No
- Short Sale
- No
- REO
- No
- Auction
- No
- In Foreclosure
- No
- Member Association
- Aspen Association
General Info
- Sub/Loc
- None
- County
- Garfield
- Legal
- SECTION: 31 TOWNSHIP: 5 RANGE: 90 SUBDIVISION: ORIGINAL TWNSTE NEW CASTLE BLOCK: 8 LOT: 1 AND:- LOT: 2
- Zoning
- C/1 Commercial
- Lot SqFt
- 5000
- Nbr of Acres
- 0.11
- Total SqFt
- 7474
- Unit SqFt
- 7474
- Parcel #
- 212331222019
- Year Built
- 1898
- Directions
- At the corner of Main Street and N. 5th Street. On the north side of Main Street.
Financing Info
- Metro Tax District
- No
- Taxes
- 7309.24
- Tax Year
- 2025
- Transfer Tax
- No
More Information
Remarks
- Public Remarks
- 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.
Property Features
Allowable Uses:
Hospitality; Hotel/Lodge; Income; Mixed Use; Multi-Family Res; Office; Restaurant/Bar; Retail
Current Use:
Income; Motel; Multi-Family; Tourism
Construction:
Frame
Roof:
Membrane
Condition:
Good
Water:
Public
Sanitation:
Sewer
Parking:
1 - 5 Spaces
Extras:
Electric Vehicle Hook-Up; Employee Quarters; Furnished; Kitchen Area; Laundry; Living Quarters; Security System; Smoke Detectors
Location Amenities:
Corner Lot; High Traffic Loc; High Visibility; Highway Access
Documents on File:
Financials; Leases
Water Rights:
No
Mineral Rights:
No
Possession:
DOD; Negotiable; Subject to Lease
Listing Office:
Douglas Elliman Real Estate-Willits
Last Updated: June - 22 - 2026
Broker Attribution:
(970) 925-8810
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