HISTORIC HEARTHSTONE INN - Olive Real Estate Group, Inc.

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
HAZARDOUS MATERIALS DISCLOSURE
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 cor-
rect 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.
AMERICANS WITH DISABILITIES ACT
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:
$1,145,000 ($36.36/SF)
Land Size:
22,067 Square Feet
Zoning:
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 BemisTaylor 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 GUARNATEED, IS FROM SOURCES WE BELIEVE TO BE RELIABLE. PRICES, TERMS AND INFORMATION SUBJECT TO
CHANGE.
THIS INFORMATION IS GIVEN WITH THE UNDERSTANDING THAT ALL INQUIRIES AND NEGOTIATIONS RELATING TO THE PURCHASE OF THE PROPERTY DESCRIBED
HEREIN, SHALL BE CONDUCTED THROUGH THIS OFFICE.
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