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    Ridgway Mixed-Use Development Opportunity Title is generated by Realmo AI

    631 Sherman Street, Ridgway, CO 81432

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    For Sale
    $1,595,000

    Multi-Use w/Res - Ridgway, CO

    Property size:
    2,315 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $688/SF
    Added:
    Feb 21, 2026
    Days on Market:
    86
    Last Refresh:
    May 18 at 9:06 am

    Property Features for 631 Sherman Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,315 SF
    Lot size
    0.31 Acres

    Building Details

    Year built
    1993
    Architectural style
    Other

    We can help!

    Listing Contact
    Todd Schroedel
    Todd Schroedel

    Listing agent Todd Schroedel

    Listing office United Country Sneffels Realty 150 Liddell Drive, Ridgway, CO

    Listing date Feb 21, 2026

    MLS# 831835 Listing URL

    Copyright © 2026 Colorado Real Estate Network Inc. 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 mixed‑use development opportunity in downtown Ridgway, Colorado.
    • Highly flexible Historic Business zoning allows maximum design freedom, vertical expansion, and mixed‑use density.
    • Zoning permits multifamily residential, workforce/affordable housing, mixed‑use, retail, office, and hospitality.
    • Existing 2,315 sq ft building provides immediate income potential or redevelopment options.
    • Ample on‑site parking enhances commercial usability.
    • Strategic location in a high‑growth mountain market with limited inventory and strong demand.

    Overview

    This mixed-use development opportunity is located in downtown Ridgway, Colorado, within the Historic Business zoning of Ouray County. The zoning allows for multifamily residential development, workforce and affordable housing, mixed-use commercial and residential projects, retail storefronts and restaurants, professional office suites, art studios, galleries, creative spaces, and boutique hospitality concepts. A 35-foot maximum building height allows for vertical construction to capture mountain views and increase rentable square footage. Minimal setbacks maximize the lot footprint. The existing 2,315 square foot single-level building, constructed in 1993, is configured as two commercial spaces: a fabric arts gallery and workshop, and a retail office supply store. This allows for maintaining current tenants for income stabilization, reconfiguring for higher rents, converting to residential loft-style units, or redeveloping entirely for a higher-density multifamily project. Ample on-site parking enhances commercial usability. An additional adjoining lot to the west, available separately, allows for expanded density, additional structures, structured parking concepts, or phased development strategies. Ridgway is experiencing strong demand driven by tourism, outdoor recreation, and proximity to Telluride and Montrose. The 0.31-acre property is suited for multifamily developers, affordable housing projects, mixed-use investor-operators, retail or restaurant entrepreneurs, creative commercial users, and long-term hold investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Crunch status confirmed Agricultural Supply Dragonfly Creative Art Studio UPS Authorized Shipping ... Courier Service Ridgway Office & Mercantile (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ridgway
    County
    Ouray
    State
    Colorado
    Longitude
    -107.7578445
    Latitude
    38.1515592

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    FAQs

    What type of property is this?
    Mixed-use property - Prime mixed-use development in downtown Ridgway with multifamily and commercial upside.
    Where is this mixed-use property located?
    The property is located at 631 Sherman Street Ridgway, CO.
    What is the asking price?
    The asking price for this property is $1,595,000.
    What are key features of this property?
    This property features: Prime mixed‑use development opportunity in downtown Ridgway, Colorado.; Highly flexible Historic Business zoning allows maximum design freedom, vertical expansion, and mixed‑use density.; Zoning permits multifamily residential, workforce/affordable housing, mixed‑use, retail, office, and hospitality.
    (970) 318-2160
    We can help!
    Listing Contact
    Todd Schroedel
    Todd Schroedel
    Real Estate License ID: ER40026092
    Learn More
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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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