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185 N Lena Street #Condo "D", 
Ridgway, CO 81432

$1,490,000


Bed


4

Baths


3,424

Sq Ft


Multi-Family

Active

Listed by

Colleen Aller

Keller Williams Realty Southwest Associates, LLC. - Montrose

970-596-0870

Last updated:

February 10, 2026, 03:24 PM

MLS#

830826

Source:

CO CREN

About This Home

185 N Lena Street #Condo "D"

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.

Home Facts

Multi-Family

4 Baths

Built in 2024

Price Summary

1,490,000

$435 per Sq. Ft.

MLS #:

830826

Last Updated:

February 10, 2026, 03:24 PM

Added:

1 month(s) ago


Rooms & Interior

Bathrooms

Total Bathrooms:

4

Full Bathrooms:

4

Interior

Living Area:

3,424 Sq. Ft.


Structure

Structure

Architectural Style:

Contemporary

Building Area:

3,424 Sq. Ft.

Year Built:

2024


Finances & Disclosures

Finances

Price:

$1,490,000

Price per Sq. Ft:

$435 per Sq. Ft.

MLS Logo
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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.