742 Main Avenue, DURANGO, CO 81301
Commercial Property MLS# 668335 ID: 19237923
Excellent downtown location and virtually brand new! This property has been in the same family for practically 70 years! The building was completely redone, top to bottom in 2008-2009. A mixed use building with retail, office and two apartments. The parcel also includes the parking lot which could someday possibly be developed. Net income supports the value of this property very well! HISTORY-This building was originally built in 1895. For many years it was used as a hardware and lumber yard called French Hardware. The current uses are three retail fronts on Main Avenue. The second level consists of office space and two apartments. The building in the rear is divided into three retail spaces, two of which have primary access off of the alley.The parking lot offers a unique feature for downtown Durango with approx. 14 spaces. The building sits on approx. 16,000 square feet (including the parking lot) and the finished square footage of the building is 18,450 square feet. In February 2008 there was a fire in the three buildings to the north of this structure. All three were totally destroyed. At that time, the building for sale did suffer some water and smoke damage. The current owner and the insurance company did proceed to have structural engineers inspect the building prior to renovations. The building suffered no structural damage and the silver lining is that the insurance company (Hartford Insurance Company) spent $1,300,000 on renovations to the building. The building has been completely rewired, all new floor coverings, wall repainting and some replacement, a new roof and new heating and cooling equipment were installed. The current owners have had the building in the family for approximately 50 years and are ready to pursue some other interest at this time. Please see associated docs for additional information. CAP RATE 7.5 PLUS.
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This $3,935,000 Commercial Property at 742 Main Avenue in DURANGO, CO is listed by JOHN WELLS . This $3,935,000 Commercial Property, located in the 81301 zip code , has the following property features: Taxes, Floors, MLS Area, Parking. This 742 Main Avenue Commercial Property, located in La Plata County, is listed under MLS listing number 668335, has beds, 0 baths, and has a listing price of $3,935,000. You can find more of JOHN WELLS's listings by browsing homes for sale at HomesAndLand.com, or even more DURANGO homes for sale here.