The Old Firehouse Condo D - 4 Affordable Housing… — Sale in Ridgway, CO

  • Price: $1.5M
  • Listing type: For sale
  • Asset type: Business
  • Location: Ridgway, CO 81432
  • Size: 30,000 SF
  • Year built: 1907

Investment Figures

Price per square foot
$50

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

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

Market Context

This commercial property in Ridgway, CO is listed for sale at $1,490,000 across 30,000 SF. The building dates to 1907. It has been on the market for 44 days. Compare it against other commercial property listings for sale in Ridgway, CO — view the full market.

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