185 N Lena St Ridgway, CO 81432

This property features four deed-restricted residential units located within the historic Old Firehouse building. The offering includes three 1-bedroom, 1-bath condos and one studio with a full bath. All units are newly finished and equipped with an oven/range, refrigerator, dishwasher, washer, and dryer. Each residence includes a dedicated storage area and a covered carport. An elevator provides access to the residential level. The in-town location provides walkable access to restaurants, shopping, schools, parks, and community amenities. The deed restriction is income-based, set at 140% of Area Median Income, with approximately 17 years remaining before the units convert to free-market status. The current rents are below the maximum allowable levels and produce over a 5% return at the full asking price. Workforce housing remains a sought-after segment 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. Ridgway’s central position between Ouray and Telluride strengthens long-term demand. The property consists of 3424 square feet and offers a balanced blend of present-day income and long-term value in a high-demand San Juan Mountain market.