Own a piece of history! The Hotchkiss Hotel was built in 1896-1897 by town founder Enos Hotchkiss. Aka the Hotchkiss Block, the building operated as a hotel for many years, accommodating up to 50 guests, and also housing at various times hardware and grocery stores, a bank, a post office, a bus station and several restaurants. Its longtime position of importance in the Hotchkiss community and stylish construction of locally-produced red brick have earned it a spot on the National Register of Historic Places (see Assoc Docs).
Extensively restored and remodeled since 2003 (with newer plumbing, electrical, water lines, roof, windows, doors and flooring), today the building claims as tenants a popular restaurant, hair salon and Pilates studio. Also downstairs are two office spaces and a mostly finished unit that could be an apartment or side-street coffee shop. Upstairs are 7 apartments (3x2BR, 2x1BR, 2 studio) with excellent rental histories, plus a coin-operated laundry room. Current rents total over $8,000 per month with room for improvement (current cap rate is 5.3%).
The seller has requested that potential buyers view the virtual tour of the property (see video below). So that intrusions on tenants' privacy may be minimized, in-person showings will be set up only for serious inquiries from pre-qualified buyers. Property is co-listed with Mike Kennedy of RE/MAX Mountain West in Carbondale.
Hwy 92 (Bridge St.) through downtown Hotchkiss. Property is on southwest corner of 1st and Bridge.
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Contact Bob & Linda Lario about this property!Contact