Quadplex with Elevator
For Sale
$1,490,000
185 N Lena Street, Ridgway, CO 81432
MULTIFAMILY, Contemporary, Ridgway, CO
Property Size3,424 SF
Price / SF$435.16
Days on Market223
Property Features for 185 N Lena Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 2
Directions
Town of Ridgway, North on Lena, property on the left.
Standard status
Active
Size
3,424 SF
Amenities
covered carport
dedicated storage area
oven/range
refrigerator
dishwasher
washer
dryer
Building Details
Year built
2024
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty Southwest Associates, LLC - Montrose
(970) 596-0870
Listed By:
Colleen Aller · License #FA100097828
(970) 901-7018
Added: Jan 11
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 830826
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.
Investment Insights
Based on property information with market context.
Condo D is a quadplex within the historic Old Firehouse building, offering four deed-restricted residential units newly finished in 2024. The mix includes three 1-bedroom, 1-bath condos and one studio with a full bath. Each unit is equipped with an oven/range, refrigerator, dishwasher, washer, and dryer. Residents also receive a dedicated storage area and a covered carport, and an elevator provides access to the residential level.
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. Current rents are reported to be below the maximum allowable levels. The in-town Ridgway location supports walkable access to restaurants, shopping, schools, parks, and community amenities.
Unit operations are designed around attainable workforce housing demand, with the property positioned between two major employment hubs. Ouray is approximately 10 minutes away, and Telluride is roughly 45 minutes west.
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. Current rents are reported to be below the maximum allowable levels. The in-town Ridgway location supports walkable access to restaurants, shopping, schools, parks, and community amenities.
Unit operations are designed around attainable workforce housing demand, with the property positioned between two major employment hubs. Ouray is approximately 10 minutes away, and Telluride is roughly 45 minutes west.
Key Highlights
- Historic Old Firehouse quadplex with elevator access to the residential level
- Newly finished 2024 build includes three 1‑bedroom/1‑bath condos and one studio with a full bath
- In‑unit appliances include oven/range, refrigerator, dishwasher, washer, and dryer
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 81432, CO
3,061
Population
2,058
Households
1.5
Avg Household Size
54
Median Age
56%
College-Educated
99%
High-School Grad
300.4 sq mi
ZIP Area
10
Density / Sq Mi
$87,547
Median Household Income
$46,643
Median Earnings
$1,469
Median Rent
$771,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four deed-restricted residential units in a historic Old Firehouse building, newly finished in 2024 with elevator access.
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: Historic Old Firehouse quadplex with elevator access to the residential level; Newly finished 2024 build includes three 1‑bedroom/1‑bath condos and one studio with a full bath; In‑unit appliances include oven/range, refrigerator, dishwasher, washer, and dryer
