165 Midland Ave Basalt, CO 81621
Iconic property with redevelopment potential in downtown Basalt.
Type:Hospitality, Mixed Use, Land
Property size:
5,547 SFLot size:
0.32 AcresPrice / SF:
$2,253/SF- Added:
- Mar 14, 2024
- Days on Market:
- 778
- Last Refresh:
- Mar 17 at 1:25 pm
Property Features for 165 Midland Ave
General Information
- Standard status
- Active
- Size
- 5,547 SF
- Lot size
- 0.32 Acres
- Property subtype
- Hospitality, Mixed Use, Land
Building Details
- Year Built
- 1896
Listing agent Cynthia Milling License #CO 216500151
Listing office Douglas Elliman Real Estate-Hyman Ave
Listing date Mar 14, 2024
Source Crexi
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-Hyman Ave
Overview
Historic Basalt Mixed-Use Opportunity
This property presents a development opportunity with mixed-use zoning in downtown Basalt. The Colorado Midland Hotel, a designated historic structure built in 1896, is situated in the heart of downtown Basalt, near boutiques, dining options, and the Roaring Fork River. The property combines character with investment and redevelopment potential, offering income from residential units on the upper level and a commercial restaurant below. The property is located on Midland Avenue in a central lot surrounded by retail, dining, and cultural amenities. The existing configuration includes a first-floor restaurant and upper-level residential/office spaces. The C-2 Downtown Business District zoning encourages a blend of commercial, residential, and institutional uses. The property was remodeled in 2006 while preserving its original architectural details. Existing leases for commercial and residential units provide income. With 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. Conceptual studies indicate the feasibility of a luxury boutique hotel or mixed-use redevelopment with ground-floor commercial and upper-level residential units. 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.
Location Intelligence
Current Use by Public Records
Tempranillo Restaurant
Restaurant
Location Insight
- Map
- Local Demand
- City
- Basalt
- County
- Eagle
- State
- Colorado
- Longitude
- -107.03317
- Latitude
- 39.368748
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Iconic property with redevelopment potential in downtown Basalt.
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: Centrally located on Basalt's main street, close to retail, dining, and the Roaring Fork River.; Mixed‑Use Zoning (C‑2): Allows for a dynamic blend of commercial, residential, and institutional uses.; Significant Redevelopment Potential under Basalt's C‑2 zoning, with conceptual studies suggesting a luxury boutique hotel or mixed‑use development.
