Sold
640 S Broadway
Cortez CO, 81321
$585,000
$12.25 per sqft
Sold
47,766 sqft
Commercial
Built in 1968
Great investment opportunity! This 88 room hotel is currently vacant and is not in operation. The current owners intended to convert the property into a 57 unit apartment complex with a mixture of studios, one-bedrooms, two-bedrooms and one three-bedroom. The owners have architectural designs for the conversion that meet all of the city codes and approvals. The owners have successfully gone through the city to have variances, building plans and community approvals. There is flexibility for property owners to develop their own design and maximize its potential. Due to unforeseen circumstances the owners have decided to go in separate directions. The current owners had an appraisal completed December of 2022, that valued the property at $1,450,000. There are six buildings that contain rooms all with exterior entries. Along with the six buildings containing the 88 rooms, there is an 11,336 sqft commercial building that contains three commercial units. One of these unit was ran as a restaurant that still contains a commercial kitchen. The property is able to be redeveloped into other commercial and mixed use opportunities. The over 4.5 acre lot is ready for your creativity.
801053
MLSⓇ ID
February 16, 2023
Listed
March 5, 2024
Updated
Map
640 S Broadway
Cortez CO, 81321
Interior Features
Total Stories
2
Floor Description
Laminate, Tile, Vinyl
Fireplace
No
Cooling
Yes
Cooling Description
Other
Heating
Yes
Heating Description
Electric, Other
Exterior/Building Features
Lot Size
4.58 Acres
Roof
Membrane
Sewer
Connected, Public Sewer, Storm Sewer
Other Property Details
Area Name
Cortez
Taxes
$21,278
Tax Frequency
Annually
Days on Market
71
Garage
No
Parking
Off Street, Parking Space(s), Unpaved
View
No
County
Montezuma
Water Source
Public
Pool
No
Listing History
Date | Event | Price |
|---|---|---|
5/1/2023 | Price Change | $585,000 -41% |
5/1/2023 | Unknown | — |
Courtesy of eXp Realty, LLC with
Listing Contact: 406-381-8947
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Data last updated on: 3/5/2024