400 Victor Ave, Victor Colorado – Asking $349,000 – Updated 10/11/2019
Welcome to 400 Victor Ave, in Victor Colorado. This 6216sqft mixed-used commercial building was built in 1899 and has had multiple uses through the years. Its located right in the middle of Victor on a major intersection and located near city hall.
In the early years this building was the home to the Boston Clothing company, before being purchased by the current owners. The new owners operated it as 4 unit bed and breakfast on the second floor (keeping the 5th unit as a family residence) and maintained a retail space on the first floor.
3018 SqFt First Floor with 16′ Ceilings!
The first floor has seen lots of changes through the years, the biggest of which was the removal of the exterior glass prior to the current ownership. This glass should be located along the grade level where the off white stucco and six doors can currently be seen today. The good news is, the frames for these windows are believed to be inside this stucco!
Wait it gets even better as neighborhood building applied for and was granted a grant to restore the glass to their building. You need to know that the state of Colorado has two historic grants for the restoration of properties in historic areas and entire town of Victor is in a historic zone. One could apply for these grants to help fund the restoration of the glass and maybe even addition items.
The next big change to the first floor was the installation of the huge mining timbers you see here and drop ceilings through out the first floor to give it that rustic Colorado feel. If you like them great, if not they are believed to be non structural and can be removed to revel a completely open 3000 sqft 1st floor with 16’ ceilings, brick walls and near floor to ceiling glass toward the street (once these repairs are complete)
3018 SqFt First Floor with 5 Units!
The second floor has 5 rental units although only three are rent-ready today. There are 2 studio apartments, each with an attached bath, consisting of a shower, sink, and toilet. The 2 bedrooms, 1 bath unit, consists of a large family room overlooking the downtown, 2 very large bedrooms and a large kitchen/dinning room.
The other two unit sustained damage over a year ago when the roof failed, causing water damage. Don’t worry though the roof has been completely replaced along with numerous joists; however two rooms upstairs were damaged along when an section of the main floor. Fortunately, the first floor still has the original flooring which allowed the water to easily escape with only do cosmetic damage on both floors.
This sale includes this building as well as the adjacent lot. You need to act fast on this one to keep this price as the seller is making repairs and the value will increase dramatically as these repairs are completed and the long term leases are signed for all units.
A few side notes:
The town of Cripple Creek is just 5 miles away and is nicely restored and a large tourist attraction as it offers state-licensed gambling, restaurants and is expected to build 500 more hotel spaces soon; while this may sound bad for the short term tenants, it will be the complete opposite for the employees for the casino and near by mines. The people need longer-term residence at a lower price which Victor could provide! If fact several of the casinos have stopped by to see this property already!
This property has endless possibilities, with only your imagination to solve.
Please give us a call today to schedule a showing or ask any questions!
Additional Stats about the surrounding area can be found here:
LoopNet Commerical Page
Chris Wojciechowski at 719-332-3628