942 Lincoln - Downtown Conoco 0.4 Acres of Commercial Land Offered at $4,668,941 CAD in Steamboat Springs, CO 80487

942 Lincoln Avenue is a 17,500 SF parcel currently operated as a gas station and service center on Lincoln Avenue in the center of Downtown Steamboat Springs, (“Downtown Conoco”). Annual Average daily traffic in front of the property is 27,000, approximately 2x the population of Steamboat Springs. Downtown Conoco has been in operation since 1977 and has four fuel pumps, three service bays, a small office and ample yard space. Situated on the corner of Lincoln Avenue and 10th Street, the property is easily accessible and surrounded by restaurants, shops, lodging, entertainment, and within a ten-minute drive of Steamboat Ski Resort. Directly next to the property is the City of Steamboat Springs’ city hall and fire station project, which will total 15,200 SF and 18,000 SF, respectively, in addition to a new pedestrian plaza on 10th street. Construction began in May 2023 and is expected to last 18 months.
Downtown Conoco presents a compelling and unique opportunity to either redevelop the parcel or continue to operate the business as-is. Commercial Old Town is a mixed-use district that emphasizes active commercial uses on the pedestrian level, such as retail, service, restaurants, and lodging, as well as accommodating office and residential uses that are complementary to and supportive of the active streetscape. This zoning allows for a maximum building height of 38’ and a floor area ratio of 200%, equating to 35,000 SF. There is only one building setback (10’ rear) and no maximum lot coverage. Under a redevelopment scenario, there is opportunity to operate the business and generate income while working through planning and entitlements.
The business is a going concern and the property could continue to be operated as a gas station and service center. Alternatively, the service bays could be converted to a convenience store. Downtown Conoco is one of only two gas stations downtown and ten in all of Steamboat Springs. The business has performed well for many years and gross margins are significantly above industry average. Current ownership is operating the business absentee and is detached from day-to-day operations. With more attentive and present management, there is opportunity to improve operational efficiencies and increase bottom line.