185 N Lena St 1,471 - 5,293 SF Condo Units Offered at $925,000 - $6,350,000 Per Unit in Ridgway, CO 81432

The Old Firehouse stands as one of Ridgway’s most remarkable commercial properties—an iconic 1907 structure elevated in 2024 with a stunning new addition and high-end commercial construction.? The result is a 5,293 SF, turnkey restaurant and event venue that blends historic character with modern performance-level infrastructure.?
Originally constructed as part of the True Grit movie set, in 2024 is was redesigned for serious culinary and hospitality operations.? The property features a state-of-the-art commercial kitchen, exceptionally planned for efficiency, capacity, and workflow.? A handcrafted bar anchors the interior with warmth and craftsmanship, while integrated AV systems support private dining, live music, corporate events, and celebrations.? Indoor and outdoor seating areas offer flexibility for everything from intimate service to large groups, making this a versatile space for a variety of concepts.?
The property is not currently operating, providing a rare blank slate for a visionary owner.? Every major component—from mechanicals to finishes—has been thoughtfully executed, eliminating the construction risk, time, and cost typically associated with launching a high-caliber restaurant or event venue.? This Grade-A commercial buildout is truly turnkey.?
Ridgway’s year-round recreation, strong local community, proximity to Telluride and Ouray, and steady tourism activity create an exceptional environment for a destination restaurant, event center, brewery, distillery, or hybrid hospitality idea.? Few properties in Western Colorado offer this level of history, infrastructure, and design quality.?
Located in the heart of Ridgway’s vibrant town core, 185 N.? Lena benefits from high visibility, pedestrian access, and a setting that captures the charm and energy of this mountain community.? The combination of historic brickwork, contemporary construction, and standout craftsmanship makes the Old Firehouse a signature asset that cannot be replicated.?

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.?

Condo C is a standout office condominium within Ridgway’s revitalized Old Firehouse project—an iconic 1907 structure transformed in 2024 through a comprehensive, architecturally sensitive redevelopment. This 1,145 SF office space blends historic charm with modern commercial performance, creating a rare investment opportunity in the heart of one of Western Colorado’s most desirable mountain communities. The space is currently leased to Alt Space, a well-known coworking operator serving remote professionals, freelancers, entrepreneurs, and small teams throughout the region. Their presence enhances the professionalism and daily activity within the building and reflects the increasing demand for flexible office environments in Ridgway’s thriving town center. The existing lease offers stable income and minimal management oversight, giving investors a turnkey foothold in a growing market. Inside, the unit features a versatile layout suited for a range of professional uses—including open collaborative zones, private meeting areas, and adaptable workspaces. Natural light, modern finishes, and thoughtful design contribute to a polished, comfortable environment for tenants and visitors. As part of the 2024 expansion and rebuild, the space benefits from upgraded electrical, mechanical, insulation, windows, and life-safety systems, providing the reliability and efficiency expected in a contemporary commercial property. Situated along North Lena Street, Condo C enjoys exceptional walkability and visibility. Tenants benefit from immediate access to Ridgway’s restaurants, coffee shops, retail, parks, pathways, and civic amenities. The location also attracts regional traffic from Ouray, Telluride, and Montrose—all communities linked by strong tourism, growing populations, and year-round recreation industries. This steady flow of professionals and visitors supports long-term demand for workspace in Ridgway’s core. The Old Firehouse redevelopment is one of Ridgway’s most significant commercial improvements, seamlessly integrating the building’s original brickwork with new construction, modern architectural lines, and updated structurals. Ownership here offers more than just income—it conveys participation in a legacy project that has elevated the entire district and strengthened Ridgway’s commercial identity. As part of a broader portfolio, as a standalone investment, or as a future owner-occupied space, Condo C is a strategic and attractive acquisition. Its combination of history, modern upgrades, strong tenant profile, and irreplaceable location positions it as a long-term hold with meaningful upside potential. Properties of this caliber are rare in the Ridgway marketplace, particularly those offering turnkey stability within a landmark development. A polished, fully improved, income-producing commercial condominium in one of Ridgway’s most iconic and thoughtfully restored buildings.

Discover a bright, modern commercial condo in one of Ridgway’s most recognizable historic buildings.? Greenhouse Condo B at the Old Firehouse offers an attractive, flexible space ideal for retail, studio, office, or professional service uses.? The unit features excellent natural light, quality finishes, and an efficient layout that supports a wide range of business concepts.?
Located just off Ridgway’s main commercial corridor, the property benefits from convenient access, steady local activity, and walkability to restaurants, shops, parks, and community amenities.? The Old Firehouse renovation blends historic character with contemporary upgrades, creating an inviting environment for customers and clients.?

High-end Penthouse, overlooking Ridgway Town Park, the Cimarron's, and San Juan ranges.  Elevator access from the Garage Level.  Some buildout still required.  HVAC, Lighting, Plumbing, Electrical all installed.  
Still needed:  Kitchen Counters, Cabinets and Bathroom Fixtures.
A 700 SF Snow-melted balcony on the east side and a smaller "hot tub" balcony on the west.  Large sliding glass walls from the living room onto the balcony.