240 Hancock Street
Location: In Town
Square Feet: 5208
Year Built: 2003
Taxes: $ 12560
SOLD at $ 1,900,000
Sold On: March 18, 2022
Listed by: Mountain Lake Properties
We need to let you know up front that Seller has given first right of refusal through 2/21/22 to a party who became interested before Christmas. We can show you the property. Back-up contracts can be submitted and we will notify you on 2/22/22 whether the property is available.
Ideally located building with eight year round rentals for nightly/weekly or monthly income! Or, house your extended family and friends for resort fun all year long! 5200 square foot Building. Seven individual one bedroom suites, many with an electric fireplace in the open living/ dining/ kitchen and private bath. Also one "studio" unit and a commercial laundry room all on R143231 Lot 3, Block 1, Town of Grand Lake have an excellent nightly rental history dating back to the early 2000's. #240 Hancock Street.
In addition, you get Lot 4 which is for parking and Lot 5 with three older cabins dating back to the 1920's. These have been lived in year round; heat and water are on, right now!
#300 Hancock Street.
$1,950,000 for all!
Click a photo below to view a larger version:
Just two blocks from Grand Lake's Boardwalk shops and restaurants and three blocks from the public beach! Popular Rapids Restaurant next door is great for streamside lunches in the summertime and for fine evening dining most months of the year. (The suites, once purchased, will have no river access.) As the "snowmobile capital of Colorado", enough snow is on the streets in the winter months so that you can go shopping or travel to other restaurants by snowmobile!
*Click on this blue word property* to view the current rental marketing. Nightly income figures are available. Simply sign the attached non-disclosure and scan-and-email it back to us. Until now, all rentals have been handled through the Rapids Lodge. The sellers would like to downsize. By selling this building, they will be less busy with just the restaurant and their 7 bed & breakfast rooms. They would not continue to manage the Suites for the new owner. In Grand Lake, there is also a demand for long term rentals - 6 to 12 months out of the year.
Town water - all on one tap
Public sewer - 8 separate tap fees
Electric heat for the units. Each is metered individually. #4/ the studio is on the same meter as the laundry room.
Natural gas boiler for the shared hot water is in the commercial laundry room.
There is a huge demand for commercial laundry in the county and in our town so you might lease use of the laundry to those who clean the many nightly rental properties.
Space at each end of the building for parking. Guests also park in front of the building on what is shown on the attached map as Lot 4.
Zoning is multifamily residential high density.
#3 is handicapped accessible.
Utilities for the Building:
Natural gas heat
Units 1, 2, 3, 5, 6, 7 and 8 have their own electric meters. Unit 4 shares an electric meter with the laundry room. We have a printout of monthly bills.
Since #4 is a studio, less than half the size of the others which are 600 square feet, some prospects have considered letting it be housing for an on-site manager; it borders the laundry room.
Property taxes for 2020 were $10,294 so the courthouse appears to be assessing these at a commercial rate; if you change from nightly use to long term (defined as renting 30 days or longer) before January 1st of any year, it would be worth letting the assessor know. This long term vs. commercial/nightly use might lower your tax rate.
The sellers have done the snow plowing and provided cleaning services and trash removal for both buildings in the past - the building with 8 which you are looking to purchase and the one they are keeping (lodge and restaurant with the 7 bed and breakfast rooms). They will at closing reserve an easement for parking, snow and trash removal; we have documents to share when you get that far.
The roof is shingles. It is the original roof. The sellers have indicated no problems with the building; attached is the property disclosure. The seller is handy and has kept up with maintenance. A sliver of the property by the NW corner is on this land.
Contact us for an even more detailed presentation.