Live water. National Forest at the back door. The I-70 ski corridor out front. Water & Stone Cabins is what serious mountain hospitality investors spend years looking for and rarely find this close to Denver. Fourteen keys on ±5.16 acres along year-round Chicago Creek. $402,937 trailing NOI. 4.91-star Airbnb rating. C-3 commercial zoning with no STR licensing requirements. City water and municipal sewer. Thirty minutes from Denver. The rest of the story only gets better from there. The Income The property generates $402,937 in trailing NOI across 13 of the 14 keys with 9 cabins and 5 condo-style units at a 6.2% cap rate on the asking price of $6,495,000. Peak season occupancy runs 90–95%. The 4.91-star Airbnb rating was built over hundreds of verified stays and is currently listed exclusively on Airbnb, leaving material upside through channel expansion, direct bookings, and group sales. The Infrastructure The property operates under C-3 commercial zoning so NO short-term rental licensing requirements, no annual renewal risk, and no exposure to the wave of STR restrictions moving through Colorado mountain communities. The City of Idaho Springs provides municipal water service to 13 of 14 operating units, and a newly installed 8" commercial municipal sewer line connects the majority of units to city sewer with the balance scheduled per a recorded Annexation Agreement. These infrastructure characteristics are rare in the mountain market and support both current operations and future development capacity. The Location Idaho Springs sits at the eastern gateway to Colorado's I-70 ski corridor, with Arapahoe Basin and Loveland minutes up the road and Copper Mountain, Keystone, and Breckenridge within an hour. The property borders approximately 15,000 acres of US Forest Service land on multiple sides. Chicago Creek runs through the site, feeding into Clear Creek, one of Colorado's premier Class III-IV whitewater corridors. The Mount Blue Sky Scenic Byway, the highest paved road in North America, originates four minutes from the front door. The Argo Gondola opened in downtown Idaho Springs in May 2026 and is projected to draw 500,000–700,000 annual visitors, it materially repositions Idaho Springs as a year-round destination. The property is four minutes from the gondola base and positioned to capture demand before it is fully reflected in market pricing. The Upside The property has received preliminary approval for hotel and lodge development. Identified development areas on both parcels support additional cabins, glamping units, or signature elevated lodging structures. The corridor carries over 15 years of established destination wedding and event activity, generating consistent group lodging demand that the local market has never had adequate quality inventory to absorb. Finishing/adding back existing space and amenity additions such as hot tubs, sauna, wellness offerings, and communal outdoor space have been projected to support $200–$250 per night per unit in ADR uplift and a conservative proforma of $595,568 puts this at a 9.2 CAP. The Operations Turnkey operation with trained independent contractor cleaning staff in place and expected to continue. Guest communications managed by a third-party vendor. Minimal owner involvement required. Preliminary financing reviewed by a regional lender and terms available to qualified buyers. The property has also appraised. Full financial documentation including 3-year revenue history, itemized expense detail, and pro forma assumptions available to qualified buyers upon execution of a Non-Disclosure Agreement.