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    Historic Landmark Mixed-Use Potential Title is generated by Realmo AI

    165 Midland Avenue, Basalt, CO 81621

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    For Sale
    $12,500,000

    COMMERCIAL - Basalt, CO

    Property size:
    5,364 SF
    Lot size:
    0.32 Acres
    Price / SF:
    $2,330/SF
    Added:
    Feb 9, 2024
    Days on Market:
    846
    Last Refresh:
    Jun 4 at 3:06 pm

    Property Features for 165 Midland Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C-2
    Basement
    Crawl Space
    Standard status
    Active
    APN
    246707416001
    Size
    5,364 SF
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Condominium Units 1,2 and 3, Building 1, AND CONDOMINIUM UNIT 11, BUILDING 3 Frying Pan Inn Condomimiiums.
    Tax Annual Amount
    19113

    Building Details

    Year built
    1896
    Floors in Building
    2
    Building materials
    Frame, Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Cynthia Milling
    Cynthia Milling

    Listing agent Cynthia Milling License #EA.001328368

    Listing office Douglas Elliman Real Estate-Willits 310 Market Street #104, Aspen, CO

    Listing date Feb 9, 2024

    MLS# 182521

    Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Downtown Location: Situated in the heart of Basalt on Midland Avenue.
    • Mixed‑Use Redevelopment Potential: Zoned C‑2, allowing for a dynamic blend of uses.
    • Historic Landmark: Iconic Colorado Midland Hotel, built in 1896, offering exceptional character.
    • Transferable Income: Existing leases for commercial and residential units provide immediate cash flow.
    • Significant Redevelopment Potential: Approximately 0.322 acres with +\/-5,364 sq. ft. of existing floor area.
    • Historic Charm, Modern Upgrades: Carefully remodeled in 2006, preserving original architectural details.

    Overview

    This historically significant property, the Colorado Midland Hotel, was built in 1896 and is recognized as a designated historic structure. The landmark building is situated in downtown Basalt, near boutiques, dining options, and the Roaring Fork River. The property offers investment and redevelopment potential. Studies suggest the feasibility of a boutique hotel or mixed-use redevelopment with ground floor commercial space and upper-level residential units. The existing configuration includes a first-floor restaurant and upper-level residential/office spaces. The C-2 Downtown Business District zoning encourages a mix of commercial, residential, and institutional uses. The building was remodeled in 2006, preserving its original architectural details. Existing leases for commercial and residential units provide income. The site, with approximately 0.32 acres and an existing +/-5,364 sq. ft. of floor area, allows for redevelopment under Basalt's C-2 zoning. A 2023 Feasibility Study detailing potential buildout options is available upon request. The property is offered without entitlements, and all interested parties are encouraged to conduct independent due diligence with the Town of Basalt.
    Property Profile Location Intelligence

    Current Use by Public Records

    Tempranillo Restaurant Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Basalt
    County
    Eagle
    State
    Colorado
    Longitude
    -107.033254
    Latitude
    39.368714

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      Historic Basalt Mixed-Use Opportunity

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    FAQs

    What type of property is this?
    Hotel - Iconic Basalt property with redevelopment potential in prime downtown location.
    Where is this hotel located?
    The property is located at 165 Midland Avenue Basalt, CO.
    What is the asking price?
    The asking price for this property is $12,500,000.
    What are key features of this property?
    This property features: Prime Downtown Location: Situated in the heart of Basalt on Midland Avenue.; Mixed‑Use Redevelopment Potential: Zoned C‑2, allowing for a dynamic blend of uses.; Historic Landmark: Iconic Colorado Midland Hotel, built in 1896, offering exceptional character.
    (970) 379-1771
    We can help!
    Listing Contact
    Cynthia Milling
    Cynthia Milling
    Real Estate License ID: EA.001328368
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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