USACORidgwayOtherCondo-D-185 N Lena Street

condo-d-185 N Lena Street, Ridgway, CO

Name: CONDO-D - 185 N Lena Street, For Sale in Ridgway - eXp Realty
Brand: KELLER WILLIAMS SOUTHWEST ASSOC
SKU: 20260077
Price: 1490000 USD

Condo

For Sale

Listed price in listed location currency (USD).

$1,490,000

340

MLS® 20260077

Key Facts
Description
Rooms
Map

Key Facts

Type Condominium

Levels Residential

Size -

Garage Yes

HOA Fees

Taxes

Days Active 1

Approx. Age 2024

MLS® Number 20260077

Property Address: condo-d-185 N Lena Street, Ridgway, CO, 81432

Average square foot calculated using Size range provided by listing agent.

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.

MLS® Number20260077

Locker

Ensuite LaundryNo

Balcony

Furnished

Laundry Level

Exposure

Exterior

GarageYes

Approx. Age2024

Stories

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

Similar Listings

Price History

-End Date

Not Sold YetSold Price

For Sale

Jan 8, 2026List Date

$1,490,000List Price

Commute

Commute

Starting Address

Destination Address

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