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$ 790,000
Est. payment /mo
New
2115 & 2117 Eagle Drive Pagosa Springs, CO 81147
3 Baths
5,558 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Use w/Res
Listing Status Active
Purchase Type For Sale
Square Footage 5,558 sqft
Price per Sqft $142
Subdivision Piedra Estates - 02 Cnty Code 00460
MLS Listing ID 835255
Full Baths 3
Year Built 1983
Annual Tax Amount $4,805
Tax Year 2024
Lot Size 0.340 Acres
Acres 0.34
Property Sub-Type Multi-Use w/Res
Property Description
A rare opportunity to acquire an income-producing commercial property in one of Colorado's fastest-growing mountain communities. After decades of stable ownership, this well-positioned asset at 2115 & 2117 Eagle Drive is being offered for the first time — situated on the Highway 160 frontage road in Pagosa Springs, benefiting from high daily traffic counts from both visitors and residents. The property is fully leased to two established, complementary tenants — a retail sunglass operation as the primary tenant and an automotive glass repair company occupying the rear building. This tenant synergy contributes to consistent occupancy and reliable income. The property is currently producing a 7.49% cap rate at the list price of $790,000. A built-in value-add opportunity exists on the upper level: an approximately 500 sq ft multi-room office suite with a dedicated bathroom, currently unutilized. At an estimated lease rate of $800/month ($9,600/year) and with negligible additional operating expense, this space has the potential to increase projected NOI to approximately $68,771 — pushing the cap rate to an estimated 8.70%. Additional flexibility is built into the asset. Should the primary tenant vacate upon lease expiration — they hold a two-year renewal option with a scheduled rate increase (see lease for terms) — the main space offers conversion potential into a live/work configuration, further broadening the property's use case and appeal. Pagosa Springs continues to see strong population and economic growth, with over $70 million in active infrastructure and resort development investment driving increased commercial demand. This is a stabilized, cash-flowing asset with clear upside on the main commercial corridor.
Location
State CO
County Archuleta
Interior
Furnishings Unfurnished
Exterior
Parking Features Off Street, In Rear of Building
Utilities Available Electric, Natural Gas, Water
Building
Story 2
Sewer Public Sewer Installed
Water Public
New Construction No
Others
Virtual Tour https://my.matterport.com/show/?m=BtyM5irPCt5
Listed by Sherpa Real Estate
NEARBY SCHOOLS & PROPERTIES
Lee Roufa
Broker License Partner Engel & Volkers Telluride | License ID: ec100033234