185 N Lena St Unit Condo "D", Ridgway, CO 81432

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.