Land in Castle Rock

As we move forward with purchase of this property, it is interesting to consider the costs of land in Castle Rock. In general, even in the midst of a down economy, raw land is running from $6 to $18 per square foot. An acre of land is 43,500 square feet. So one acre will cost anywhere from $261,000 to $783,000. The price ($270,000) we negotiated with the sellers of 2607 5th St. comes out to be $2.94 per square foot, and that is just for the land. There is also 4,500 square feet of building space on site.

Another important financial consideration is that this property is already zoned for church use. In Castle Rock, changing the zoning of a property can cost tens of thousands of dollars and a lot of administrative work. So being already zoned for church use is a big advantage.