Historic Basalt Property with Redevelopment
For Sale
$12,500,000
165 Midland Ave, Basalt, CO 81621
Iconic mixed-use property in downtown Basalt with redevelopment potential.
Property Size5,364 SF
Lot Size0.32 Acres
Price / SF$2,330
Days on Market164
Property Features for 165 Midland Ave
General Information
Standard status
Active
Size
5,364 SF
Lot size
0.32 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,113
Building Details
Building Size
5,364 SF
Year Built
1896
Stories
2
Listing Agency:
Douglas Elliman Real Estate
(970) 379-1771
Listed By:
Cynthia Milling · License #EA.001328368
(970) 379-1771
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 21 at 1:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This historic property, the Colorado Midland Hotel, was built in 1896 and is recognized as a designated historic structure. The property is situated in downtown Basalt, near boutiques, dining options, and the Roaring Fork River. The existing configuration includes a first-floor restaurant and upper-level residential/office spaces. The property is zoned C-2 Downtown Business District, which 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 has approximately 0.322 acres and an existing ±5,364 sq. ft. of floor area. The site allows for redevelopment potential 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. Studies indicate the feasibility of a luxury Boutique Hotel or mixed-use redevelopment with ground floor commercial and upper level residential units. The property is located on Midland Avenue, surrounded by retail, dining, and cultural amenities.
Key Highlights
- Prime downtown location on Midland Avenue, steps from amenities and the Roaring Fork River.
- Significant redevelopment potential under C‑2 zoning for a boutique hotel or mixed‑use development.
- Mixed‑use potential with existing restaurant and residential/office spaces.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 81621, CO
6,034
Population
3,145
Households
1.9
Avg Household Size
41
Median Age
59%
College-Educated
96%
High-School Grad
258.7 sq mi
ZIP Area
23
Density / Sq Mi
$103,721
Median Household Income
$58,008
Median Earnings
$2,220
Median Rent
$1,138,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Iconic mixed-use property in downtown Basalt with redevelopment potential.
Where is this mixed-use property located?
The property is located at 165 Midland Ave 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 on Midland Avenue, steps from amenities and the Roaring Fork River.; Significant redevelopment potential under C‑2 zoning for a boutique hotel or mixed‑use development.; Mixed‑use potential with existing restaurant and residential/office spaces.
