185 N Lena Street #Condo D, Ridgway, CO 81432
185 N Lena Street #Condo D, Ridgway, CO 81432
185 N Lena Street #Condo D, Ridgway, CO 81432
185 N Lena Street #Condo D, Ridgway, CO 81432
185 N Lena Street #Condo D, Ridgway, CO 81432
185 N Lena Street #Condo D, Ridgway, CO 81432
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Amanda Maxwell

Amanda Maxwell

+1(970) 394-0732
$ 1,490,000
Est. payment | /mo

3 Beds

4 Baths

3,424 SqFt

Save
$ 1,490,000
Est. payment | /mo
Save

3 Beds

4 Baths

3,424 SqFt

Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,424 sqft

Price per Sqft $435

MLS Listing ID 830826

Style Contemporary

Bedrooms 3

Full Baths 4

Year Built 2024

Annual Tax Amount $5,732

Tax Year 2023

Property Sub-Type Fourplex

Property Description

Condo D includes four deed-restricted residential units within the historic Old Firehouse building. The offering consists of three 1-bedroom/1-bath condos and one studio with a full bath. All units are newly finished and include an oven/range, refrigerator, dishwasher, washer, and dryer. Each residence also comes with a dedicated storage area and covered carport, and an elevator provides access to the residential level. The in-town location offers walkable access to restaurants, shopping, schools, parks, and community amenities. The deed restriction is income-based only, set at 140% of Area Median Income, with approximately 17 years remaining before the units convert to free-market status. Current rents are below the maximum allowable levels and still produce over a 5% return at the full asking price, offering stable performance with future upside. Workforce housing remains one of the most consistently sought-after segments in Ridgway and the surrounding region. Local employers across hospitality, education, healthcare, trades, municipal services, and recreation rely on attainable, well-located units like these to meet year-round staffing needs. With limited inventory and ongoing demand, units of this type remain highly successful rentals with dependable occupancy. Ridgway's central position between two major employment hubs strengthens long-term demand. Ouray, approximately 10 minutes away, supports steady year-round jobs tied to tourism, lodging, and local services. Telluride, roughly 45 minutes west, is a major four-season destination with significant employment in hospitality, events, outdoor recreation, construction, and professional services. Many who work in Telluride choose to live in Ridgway for improved housing access and community amenities, making these units well-situated for a broad pool of renters. With reliable rental performance, walkable in-town convenience, and free-market conversion potential in the future, Condo D offers a balanced blend of present-day income and long-term value in a high-demand San Juan Mountain market.

Location

State CO

County Ouray

Zoning Live/Work,Residential Multi Family

Rooms

Basement Permanent

Interior

Flooring Laminate

Inclusions Dishwasher, Dryer, Range/Oven, Refrigerator, Washer

Furnishings Unfurnished

Exterior

View Mountains

Roof Type Metal

Building

Story One Story

Foundation Permanent

Sewer City Sewer, City Water

Water City Sewer, City Water

New Construction Yes

Schools

Elementary Schools Ridgway K-5

Middle Schools Ridgway 6-8

High Schools Ridgway 9-12

Colorado Real Estate Network (CREN) + Sold
Listed by Keller Williams Realty Southwest Associates, LLC - Montrose

Nearby Locations

Amanda Maxwell

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(970) 394-0732

amanda@maxwellbuilt.net

19 S Broadway, Cortez, CO 81321-3401, USA

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185 N Lena Street #Condo D