COMMERCIAL REAL ESTATE PORTFOLIO FOR SALE

Thank you for expressing interest in the Roscoe Portfolio.  Roscoe Development Corp., a family owned company founded in Crested Butte and now based out of Colorado's front range, developed this property in the 1990’s and has owned it ever since.  It has been a gem in Roscoe's broader portfolio, but the property is nearing the end of depreciation schedule,  and Roscoe feels it is a prudent time to sell.

The Roscoe Portfolio is a package of 15 retail, office and residential units totaling 20,193 rentable square feet within the Majestic Plaza Condominium in Crested Butte, CO currently being marketed for sale.  The Roscoe Portfolio holds a controlling interest in the Majestic Plaza Condominium HOA. This package offers the opportunity to acquire a diversified tenant mix of well-designed investment grade real estate in a dynamic resort market with a stable cash flow and significant upside potential priced well below recent comparable sales and replacement cost.

Investment Highlights:

  • Vail Resorts.  Vail Resorts has announced that it has closed on the purchase of the Crested Butte ski area, making Crested Butte Vail's fifth Colorado ski resort along with Beaver Creek, Breckenridge and Keystone.  Accordingly, Crested Butte will be part of Vail's Epic Pass, which includes access to Vail's network of more than 65 ski areas in the US, Canada, Europe, and Asia. 

  • Strong rental history with diverse mix of quality long-term tenants. The property has a strong rental history to a diverse mix of quality tenants including retail, office, medical, and residential use.  More than 80% or our valued commercial tenants have been in the property for over a decade.  

  • Prime, highly visible location. The property is highly visible at the gateway to Crested Butte.  All traffic coming into Crested Butte must pass by Majestic Plaza.

  • Three anchors.  The property is anchored by three tenants:  Crested Butte’s only grocery store, the town's only movie theater, and one of the town's two US Post Office locations.

  • Professionally managed, single ownership.  The property was developed and is currently owned by Roscoe Development, and has always been professionally managed, first by Roscoe, and then by third party management companies.

  • Controlling interest in HOA.  The entire Roscoe Portfolio represents a controlling interest in the Majestic Plaza HOA.

  • Significant upside potential.  Most of the commercial leases were originally based on the condominium square footage.  The property has since been re-measured by an AIA architect to determine Rentable Square Feet.  There is a significant upside potential by basing new and renewing leases on Rentable SF vs. Condo SF.

  • Flexible Condominium Ownership Structure.  Totaling 20,193 rentable sq. ft., the 15 separate condominium units can be sold individually if desired. 

  • Excellent parking.  Parking is available on three sides of the property, and owners and their guests have deeded access to the main parking lot contiguous to the property to the north.  Parking ratio 3.15 per 1,000 SF (condominium).

  • Situated on highly traveled free local bus route.  The Mountain Express carries locals and tourists between Crested Butte, Mt. Crested Butte, and Gunnison.

  • Outstanding views of Crested Butte Mountain.  Majestic Plaza offers magnificent views of Crested Butte Mountain and the surrounding peaks.

  • Priced to sell well below replacement cost.  This property is priced far below replacement cost, especially when considering the costs of land, architectural and engineering, hard construction, and lease-up, and the imposing municipal exactions and impact fees.

  • Significant barriers to entry.  The Town of Crested Butte's policies against growth would make it prohibitively expensive to build a competing property.

  • Strong Colorado econony.  According to an August 2018 article published by financial news outlet 24/7 Wall Street, Colorado was found to have the #1 best economy in the United States for the second year in a row, and an August 2018 report released by University of Colorado LEEDS School of Business projects the Colorado state economy to grow much faster than anticipated, adding thousands more jobs than expected.

Commercial Core.jpg

Commercial

Core 

​509/511 (on left) and 507 Red Lady Ave

  • Unit 110:  Movie Theater

  • Unit 120:  Dental Office

  • Unit 121:  US Post Office

  • Units 220-223:  2nd Floor Offices

Strong mix of local office, medical, and retail tenants and a federal government tenant, all with multi-year leases.​

  • Gross Building Area in Portfolio: 13,056

Residential

Apartments

​525 Red Lady Ave

  • Units 241 - 246

Six spacious one bedroom, one bath rental apartments on 2nd floor with reserved parking.  Local rental housing demand is extremely strong.

  • Gross Building Area in Portfolio:  5,855

Apartments.jpg
Prime Retail.jpg

Prime

Retail

​717 Sixth St.

  • Unit A: Florist

  • Unit B: Home Electronics

Prime retail space with highly visible frontage on high traffic parking lot with multi-year leases to solid local tenants.

  • Gross Building Area in Portfolio:  1,282

 

For more information or to schedule a tour, 

please contact us below.

Brokers welcome.

To download a printable brochure, click below:

© 2018 by Roscoe Development Corp.

Building photos by Dusty Demerson

Important Disclosure

Information contained in this website and accompanying documents has been obtained from sources deemed to be reliable but cannot be guaranteed.  Broker and owner make no representation or warranty as to its accuracy or completeness.  This information is submitted subject to the possibility of (i) errors, omissions, (ii) change of price, rental or other conditions, (iii) prior sale, lease or financing, or (iv) withdrawal without notice. The opinions, projections, and assumptions contained herein are presented for purposes of discussion only and may not represent current or future performance.  Interested parties and their tax and legal advisors should make their own investigations and projections regarding the property and its operation and should not rely on statements or materials supplied by the owner and the broker.