$6,500,000

318 Elk Avenue, Crested Butte CO, 81224

Price per sqft$983.36

Built in1983

Property size6,610 sqft

Property typeCommercial

Listed by Letitia McElroy Swan with Coldwell Banker Mountain Properties 970-209-1998

Overview

Active

Listed Jul 2, 2026

Updated Aug 6

An exceptional opportunity to acquire one of downtown Crested Butte's largest and most significant mixed-use investment opportunities. Ideally situated in the heart of historic Elk Avenue, Butte Plaza offers a rare combination of stable income, a diversified tenant mix, and an irreplaceable location in one of Colorado's most sought-after mountain communities. The property encompasses approximately 13,770 rentable square feet, including 10 commercial suites occupied by established local businesses and 8 residential studio apartments, providing diversified income from 18 leased units while reducing vacancy risk. Commercial leases provide reimbursement of common operating expenses and commercial property taxes, while the residential apartments generate consistent year-round income. Offered at a price well below the estimated cost to acquire land and construct a comparable mixed-use asset in downtown Crested Butte, this offering represents an exceptional long-term investment opportunity. With limited development opportunities along Elk Avenue, escalating construction costs, and the scarcity of large commercial buildings in downtown Crested Butte, Butte Plaza offers an increasingly rare opportunity to acquire a substantial downtown asset that would be extremely difficult to replicate today. The building has benefited from a recently installed membrane roof system, recent exterior painting, and a professionally maintained elevator, helping minimize near-term capital expenditures. Its premier downtown location provides exceptional visibility, strong pedestrian traffic, and immediate access to Crested Butte's restaurants, retail, galleries, and year-round community events. Whether held as a long-term income-producing investment or as a legacy asset, Butte Plaza offers stable cash flow, diversified tenancy, high barriers to entry, and exceptional long-term appreciation potential in one of Colorado's most supply-constrained resort markets.

Additional information

MLS^® ID: 836736

Interior Features

Bathrooms: 8
Heating: Yes
Basement: No

Exterior Features

Lot Size: 0.22 Acres

Other Property Details

Taxes: $21,365
Tax Frequency: Annually

Listed by Letitia McElroy Swan with Coldwell Banker Mountain Properties 970-209-1998

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Data last updated on: 8/6/2026