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.
| 2 weeks ago | Listing updated with changes from the MLS® | |
| 2 weeks ago | Listing first seen on site |
