REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Joe Reed

joe@thejoereedteam.com +1(970) 260-7725

$ 1,490,000

Est. payment | -/mo

3 Beds

4 Baths

3,424 SqFt

Save

$ 1,490,000

Est. payment | -/mo

Save

3 Beds

4 Baths

3,424 SqFt

Key Details

Property Type Condo

Sub Type Condominium

Listing Status Active

Purchase Type For Sale

Square Footage 3,424 sqft

Price per Sqft $435

MLS Listing ID 20260077

Style Other,See Remarks

Bedrooms 3

HOA Y/N false

Year Built 2024

Lot Dimensions Irregular

Property Sub-Type Condominium

Property Description

Condo D includes four deed-restricted residential units within the historic Old Firehouse building. The offering consists of three 1-bedroom/1-bath condos and one studio with a full bath. All units are newly finished and include an oven/range, refrigerator, dishwasher, washer, and dryer. Each residence also comes with a dedicated storage area and covered carport, and an elevator provides access to the residential level. The in-town location offers walkable access to restaurants, shopping, schools, parks, and community amenities. 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 below the maximum allowable levels and still produce over a 5% return at the full asking price, offering stable performance with future upside. Workforce housing remains one of the most consistently sought-after segments 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. With limited inventory and ongoing demand, units of this type remain highly successful rentals with dependable occupancy. Ridgway's central position between two major employment hubs strengthens long-term demand. Ouray, approximately 10 minutes away, supports steady year-round jobs tied to tourism, lodging, and local services. Telluride, roughly 45 minutes west, is a major four-season destination with significant employment in hospitality, events, outdoor recreation, construction, and professional services. Many who work in Telluride choose to live in Ridgway for improved housing access and community amenities, making these units well-situated for a broad pool of renters. With reliable rental performance, walkable in-town convenience, and free-market conversion potential in the future, Condo D offers a balanced blend of present-day income and long-term value in a high-demand San Juan Mountain market.

Location

State CO

County Ouray

Area Ridgway

Direction Town of Ridgway, North on Lena, property on the left.

Rooms

Basement Concrete

Interior

Interior Features Kitchen/Dining Combo, Main Level Primary, Quartz Counters, Window Treatments

Heating Natural Gas

Cooling Heat Pump

Flooring Laminate

Fireplaces Type None

Fireplace false

Window Features Window Coverings

Appliance Dryer, Dishwasher, Electric Oven, Electric Range, Refrigerator, Washer

Exterior

Exterior Feature Shed

Parking Features Carport

Garage Spaces 4.0

Fence None

Roof Type Metal

Present Use Residential,Single Family

Handicap Access None

Porch Deck, Open

Garage true

Building

Lot Description None

Foundation Basement

Sewer Connected

Water Public

Additional Building Shed(s)

Structure Type Metal Frame,Metal Siding,Stone

Schools

Elementary Schools Ridgway

Middle Schools Ridgway Jr. High

High Schools Ridgway

Others

HOA Fee Include Maintenance Structure

Tax ID 4305-162-47-001

Listed by KELLER WILLIAMS SOUTHWEST ASSOC

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(970) 260-7725

joe@thejoereedteam.com

USA

185 N Lena Street Ridgway, CO 81432