327 Elk Ave, Crested Butte, CO 81224

327 Elk Avenue is an irreplaceable piece of Crested Butte history — a lovingly restored historic building on the town's most iconic street, fully leased and producing income from three distinct spaces. The owners have been thoughtful stewards of the property, investing in a complete commercial renovation, new roof, new exterior stairs, landing and back deck, new furnace, and numerous additional updates throughout. The building is in excellent condition and ready to perform for its next owner. The 908 square foot ground-floor commercial space commands some of the finest Elk Avenue frontage in town, with full renovation including all new electrical, plumbing, insulation, and systems. Upstairs, a fully remodeled four-bedroom, two-bath apartment offers granite countertops, stainless appliances, gas fireplace, Lutron lighting, built-in sound system, commercial grade WiFi, and a smart home system. At the rear of the building, a one-bedroom apartment with full kitchen, generous closet, and its own washer and dryer rounds out the income picture. Two parking spaces in the rear and sweeping views of Red Lady, Gothic, and White Mountain add to the appeal. You could owner-occupy the residential while the commercial and second unit generate income, convert to a boutique hotel or lodge with conditional use approval, or pursue condominium conversion with each unit sold separately. Few properties in Crested Butte offer this many paths forward. Three solid income streams. A lovingly cared for historic building. One of the best addresses in Crested Butte.