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Listing Courtesy of: darla@nexthomesummitgroup.com,720-650-8441 - Darla Greenwaldt - NextHome Summit Group 303-386-4435

$1,450,000

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614 Rose Street Georgetown, CO 80444

General Commercial Residence

Beds

Baths

4,120 Sq. Ft.

Property Activity

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Last updated on 11/14/2024 10:55 AM

Listing Details

Recently completely remodeled and converted back to a hotel in 2024! The St James Hotel is Georgetown's nicest hotel and has quickly ramped up the 5 star reviews! We are looking for a buyer to own and operate this gem, join the community, and properly run this magnificent property as it should be. T...he potential is there. This property could easily be worth $2M in the span of five years based on income alone. The price is firm. The financials support the price at an 8 cap rate. The building has a brand new fire sprinkler and fire alarm system to protect all the new renovations and furnishings along with the guests! This property does not need daily hands-on operation, and can be run remotely with some local contract cleaning services. We operate currently with remote check-in, provide light breakfast and fully stocked shared kitchen for guests. The boutique hotel is the highest and best use for this property and it has the history to back it up. This is not a fixer or something you will want to change, but only enhance as time goes on, provide a new Georgetown Legacy and add value and i increase room rates over time. Appraised June 1 for $1.52M. Our first month open - July 2024 we were 80% occupied. August and September were the same. October was slightly less and November is only around 45% but that is to be expected. The ADR is $145, and expenses are very reasonable to operate. All the bathrooms, fixtures, lighting, plumbing, electric, kitchen, appliances, etc. are all brand new. The boiler is not new but has been modified to evenly heat all suites and common areas. There is also 150SF+ cute additional building that could be a spa, sauna, whiskey bar, you name it! Original detailing and wood beam and post construction, brick floor, crown molding, French soffit detail outside, and more! Call this charming place your own! SBA Loan is assumable and Seller will offer an owner carry 2nd loan if needed. Go to stjamescolorado.com for suite info! Continue reading

MLS#

2903582

Property Type

General Commercial

Status

Year Built

1875

Square Feet

4,120 sq. ft

Sewer

Public Sewer