HISTORIC HEARTHSTONE INN 506-514 North Cascade Avenue, Colorado Springs, CO 80903 Possible Conversions Hospitality Multifamily Office Condominium
OFFERING MEMORANDUM This Investment Memorandum ( Memorandum ) is furnished to prospective Purchasers solely to facilitate the Purchaser s consideration of the property known as 506-514 North Cascade Avenue located in Colorado Springs, CO ( Property ). The Memorandum contains proprietary information and was prepared by Olive Real Estate Group, Inc. using information compiled from sources we consider to be reliable. However, the Seller makes no representations or warranties herein and the building is being sold in an as is, where-is condition. By receipt of this Memorandum, you agree that you will not reproduce, transmit or disseminate the information contained in the Memorandum through any means, or disclose this Memorandum or any of its contents to any other entity without the prior written authorization of Olive Real Estate Group, Inc. nor will you use this Memorandum or any of its contents in any fashion or manner detrimental to the interests of Olive Real Estate Group, Inc. or Seller; and upon request you will return the Memorandum without retaining any copy or extracting any portion thereof. This Memorandum does not purport to be all-inclusive or to contain all the information which prospective Purchasers may desire. Certain documents, including leases and other materials, may be described herein in summary form. Any summaries are not complete descriptions of the full agreements. Interested parties are expected to review all such documents independently. Any financial projections are provided for reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond the control of Olive Real Estate Group, Inc. and are, therefore, subject to material variation. Additional information and an opportunity to inspect the Property will be made available to qualified prospective Purchasers upon request. Each purchase offer is to be based strictly and entirely upon the Purchaser s independent investigation, analysis appraisal and evaluation of facts and circumstances deemed relevant by the Purchaser. Neither Olive Real Estate Group, Inc. nor any of its respective directors, officers or affiliates have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of this Memorandum or its contents. This offering is submitted and received with the understanding that all offers for the acquisition of the herein described property will be conducted through Olive Real Estate Group, Inc. The Sellers and Olive Real Estate Group, Inc. expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. If you have no interest in the Property at this time, please return this Offering Memorandum to: Olive Real Estate Group, Inc. 102 N Cascade Ave, Suite 250, Colorado Springs, CO 80903 H A Z A R D O U S M A T E R I A L S D I S C L O S U R E Various construction materials may contain items that have been or may in the future be determined to be hazardous (toxic) or undesirable and may need to be specifically treated, handled or removed. Real estate agents have no expertise in the detection or correction of hazardous or undesirable items. Expert inspections are necessary. Current or future laws may require cleanup of such materials. It is the responsibility of the buyer to retain qualified experts to detect and correct such matters and to consult with legal counsel of their choice to determine if such materials are present and if so, to determine what, if anything, the buyer needs to do because of the presence of such materials. A M E R I C A N S W I T H D I S A B I L I T I E S A C T The United States Congress has enacted the Americans with Disabilities Act. Among other things, it is intended to make many business establishments equally accessible to persons with a variety of disabilities; modifications to real property may be required. Other state and local laws also may mandate changes. The real estate brokers in this transaction are not qualified to advise you as to what, if any, changes may be required now, or in the future. Bidders should consult attorneys and qualified design professionals of their choice for information regarding these matters. Real estate brokers cannot determine which attorneys or design professionals have the appropriate expertise in this area.
TABLE OF CONTENTS SECTION PROPERTY SUMMARY... 1 Property Facts Aerials Parcel Map Location Information Architectural & Historic Information FLOOR PLANS... 2 PROPERTY PHOTOS... 3 CITY MAP... 4
PROPERTY SUMMARY PROPERTY FACTS Property Size: 16,508 Square Feet Sale Price: Land Size: Zoning: $1,145,000 ($36.36/SF) 22,067 Square Feet R5 (Multifamily Residential) Year Built: 1855 / 1900 Renovated in 1978 & 1989 Tax Schedule No: 64073-15-023 Legal Description: Lot 1 Hearthstone Sub Colo Spgs 2013 Taxes: $15,972.42 Parking Easement: Highlighted in blue THE HEARTHSTONE INN This historic Victorian style inn property, is comprised of two National Register of Historic Place homes built in the late 1800 s and joined in the early 20th century. They were renovated and opened as a Bed & Breakfast in 1978 and most recently, a half way home. The Hearthstone Inn features 25 unique guest rooms, 23 private and 2 shared baths, dining room and full-service restaurant, and a conference center. The choicest of the accommodations have their own porches and working fireplaces. All but two guest rooms have private baths. Some of the original decoration, including a tile and cherry-wood fireplace, are intact. The facility has been a favorite for local and visitor weddings, showers, anniversaries, honeymoons, family reunions, weekend retreats, conferences, business meeting, and training sessions.
LOCATION The Hearthstone Inn in is located just north of the Central Business District and one block south of Colorado College Campus. CC occupies 32 blocks and is home to approximately 2,000 students. The Inn is within comfortable walking distance of numerous stores, restaurants, parks, and museums. Cascade Avenue offers convenient access to I-25 and, in turn, all areas of Colorado Springs. The Inn has magnificent views of Pikes Peak. Neighboring facilities include multifamily residences and office buildings. HISTORY & ARCHITECTURE The house at 506 N Cascade, most commonly known as the Bemis House, is as intriguing and prominent as the family who built it. Built in 1885 by Judson Moss Bemis from plans by Architect W. F. Ellis, this three-story building is an excellent example of the late Victorian era. Though it is essentially Queen Anne in style, it incorporates elements of the previous era s Stick Style, with some details of the Federal or Colonial style to soon follow. The original plan had ten rooms and a partial basement, but shortly after completion additions were added in 1886 & 1887. With the brick chimney tops, gables, spacious wrap-around porch, and with the room and fireplace arrangements determining the roof shape and exterior form, the house is characteristically irregular and romantic. The Bemis House is a fine example of the best architectural work of its period and locale. The Bemis family members were active participants in the community. Judson Bemis was an early trustee of Colorado College and donated funds for Jackson and Bemis Halls, and founded the school of Business Administration and Banking. The Bemis first daughter, Alice Bemis Taylor, was also a significant philanthropist. Particularly interested in education, and in child care and understanding, Mrs. Taylor donated heavily in the 1920s and 1930s to support Colorado College, became its first woman trustee, and founded the Bemis- Taylor Child Guidance Clinic. She supported various scholarships, helped to support the Geology Department, and left a large portion of her rare book collection to the school. Taylor Hall is named to honor her. She also provided funds in 1921 for the construction of the Day Care Center building, an organization established in 1897 by her mother to care for the children of working mothers. During the depression, Mrs. Taylor made a major contribution to the city in the form of the donation of the Colorado Springs Fine Arts Center which opened in 1936.
FLOOR PLANS 1st Floor... 5,717 Square Feet 2nd Floor... 4,323 Square Feet 3rd Floor... 2,595 Square Feet Basement... 3,873 Square Feet TOTAL... 16,508 Square Feet
PROPERTY PHOTOS
COLORADO SPRINGS MAP
INFORMATION CONTAINED HEREIN, WHILE NOT GUAR- NATEED, IS FROM SOURCES WE BELIEVE TO BE RELIA- BLE. PRICES, TERMS AND INFORMATION SUBJECT TO CHANGE. THIS INFORMATION IS GIVEN WITH THE UNDERSTAND- ING THAT ALL INQUIRIES AND NEGOTIATIONS RELAT- ING TO THE PURCHASE OF THE PROPERTY DESCRIBED HEREIN, SHALL BE CONDUCTED THROUGH THIS OF- FICE. Exclusively Marketed by STUART SLOAT stuartsloat@olivereg.com ALEX DUMAS adumas@olivereg.com Olive Real Estate Group, Inc. 102 N Cascade Ave, Suite 250 Colorado Springs, CO 80903 T. (719) 598-3000 / F. (719) 578-0089 www.olivereg.com
STUART SLOAT stuartsloat@olivereg.com ALEX DUMAS adumas@olivereg.com 102 N CASCADE AVENUE, SUITE 250, COLORADO SPRINGS, CO 80903 / T.(719) 598-3000 / WWW.OLIVEREG.COM