An investment opportunity
Fish Creek building shows potential
June 11, 2005
Quiet lunches in the shade along Fish Creek are among the advantages of working in the Fish Creek Professional Building.
Peaceful breaks along the creek and a good rental income are among the advantages to working in and owning the building, west of U.S. Highway 40 near Anglers Drive.
“It’s a good building for someone that wants to use it,” said Cameron Boyd, owner and broker of Prudential Steamboat Realty.
The 5,837-square-foot building has four business spaces. Pioneer Ridge Management, Income Solutions Inc. and Steamboat Design Associates occupy three spaces, and the fourth space, about 1,000 square feet, is open to a new tenant or building owner.
The building, which was built in 1980 and is in good condition, is being offered at $850,000.
Commercial properties are becoming more attractive to buyers because the rental return can be better than residential properties, where real estate values are increasing faster than rental rates, Boyd said.
The three leased spaces in the Fish Creek building generate about $50,000 a year in rent. Current leases end between August 2006 and April 2007.
With the fourth space leased, the building has a rental potential of about $64,000.
“For someone looking strictly for investment potential in Steamboat, some of these commercial buildings are the way to go,” Boyd said.
Shiny new commercial space is popping up all over Steamboat Springs, but most new spaces rent for at least $20 a square foot, Boyd said.
The rent on the open space in the Fish Creek building is $13 a square foot — a more affordable option for businesses that don’t necessarily need fancy offices.
“It provides a way for people to have an office that won’t hurt them financially,” he said.
For more information, call Boyd at 879-8100 or Hal Unruh at 879-1386.
— To reach Tamera Manzanares call 871-4204 or e-mail email@example.com