Deed-Restricted Condo Building with Four
185 N Lena Street Ridgway, CO 81432
185 N Lena Street, Ridgway, CO, 81432
$1,490,000
For Sale
$1,490,000
MULTI_FAMILY - Ridgway, CO
Property Size3,424 SF
Price / SF$435.16
Days on Market187
Property Features for 185 N Lena Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Bathrooms
- 4
- Rooms
- Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2
- Standard status
- Active
- Size
- 3,424 SF
Building Details
- Year built
- 2024
- Architectural style
- Contemporary
Listing Agency
Keller Williams Realty Southwest Associates, LLC - Montrose
(970) 596-0870
Durango, CO
Listed by
Colleen Aller · License #FA100097828
(970) 901-7018
Added: Jan 11 Checked: Jul 17 at 12:06 pm
MLS# 830826
Listing URL
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Investment Insights
Based on property information with market context.
Condo D includes four deed-restricted residential units inside the historic Old Firehouse building. The offering consists of three 1-bedroom, 1-bath condos and one studio with a full bath. Each unit is newly finished and includes an oven/range, refrigerator, dishwasher, and in-unit washer and dryer. Residents also receive a dedicated storage area, and each residence has a covered carport. An elevator provides access to the residential level.
The property is located in-town in Ridgway, with 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.
These units are designed for workforce housing, with current rents stated to be below the maximum allowable levels. The offering is described as producing over a 5% return at the full asking price, with stable performance and future conversion to free-market status after the deed restriction period ends. The mix of newly finished, in-town convenience, and long-term structure is positioned to serve year-round staffing needs from employers across hospitality, education, healthcare, trades, municipal services, and recreation.
The property is located in-town in Ridgway, with 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.
These units are designed for workforce housing, with current rents stated to be below the maximum allowable levels. The offering is described as producing over a 5% return at the full asking price, with stable performance and future conversion to free-market status after the deed restriction period ends. The mix of newly finished, in-town convenience, and long-term structure is positioned to serve year-round staffing needs from employers across hospitality, education, healthcare, trades, municipal services, and recreation.
Key Highlights
- Condo D includes four deed‑restricted residential units in the historic Old Firehouse building, under construction (year built 2024).
- Unit mix: three 1‑bedroom/1‑bath condos plus one studio with a full bath.
- Each newly finished unit includes oven/range, refrigerator, dishwasher, washer, and dryer.
Property Analytics
Location Intelligence
Current Use by Public Records
The Old Firehouse
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four newly finished deed-restricted condos with covered carports and storage, in an elevator-served historic building.
Where is this quadplex located?
The property is located at 185 N Lena Street Ridgway, CO.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Condo D includes four deed‑restricted residential units in the historic Old Firehouse building, under construction (year built 2024).; Unit mix: three 1‑bedroom/1‑bath condos plus one studio with a full bath.; Each newly finished unit includes oven/range, refrigerator, dishwasher, washer, and dryer.
