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$ 1,595,000
Est. payment /mo
Active
631 Sherman Street Ridgway, CO 81432
2 Baths
2,315 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Use w/Res
Listing Status Active
Purchase Type For Sale
Square Footage 2,315 sqft
Price per Sqft $688
MLS Listing ID 831835
Half Baths 2
Year Built 1993
Tax Year 2025
Lot Size 0.310 Acres
Acres 0.31
Property Sub-Type Multi-Use w/Res
Property Description
Prime Mixed-Use Development Opportunity in Downtown Ridgway | Historic Business Zone | Multifamily & Commercial Upside Investors, multifamily developers, and commercial owner-operators — this is a rare value-add and redevelopment opportunity in the core of downtown Ridgway, Colorado, located in highly flexible Historic Business zoning within Ouray County. Unlike many “historic” districts, this zone carries no architectural preservation requirements, allowing maximum design freedom, vertical expansion, and true mixed-use density potential — a major advantage for developers focused on multifamily housing, affordable housing projects, workforce housing, retail-commercial integration, or long-term rental income strategies. Zoning Designed for Density & Mixed-Use Development The Historic Business Zone is among the most development-friendly districts in Western Colorado, allowing: Multifamily residential development Workforce and affordable housing configurations Mixed-use commercial + residential projects Retail storefronts and restaurants Professional office suites Art studios, galleries, and creative spaces Boutique hospitality concepts With a 35-foot maximum building height, developers can build vertically to capture mountain views and significantly increase rentable square footage. Minimal setbacks allow you to maximize the lot footprint — a key factor for ROI-driven projects. Existing Structure = Immediate Income or Redevelopment Play The 2,315 square foot, single-level building (constructed in 1993) is currently configured as two separate commercial spaces: West unit: Fabric arts gallery and workshop East unit: Retail office supply store This layout offers multiple pathways: Maintain current tenants for income stabilization Reconfigure for higher rents Convert to residential loft-style units Redevelop entirely for a higher-density multifamily project For value-add investors, this is a strong repositioning candidate in a high-demand mountain market. Parking + Expansion Potential Ample on-site parking along the north side of the property enhances commercial usability — critical for retail, restaurant, or service-based tenants. An additional adjoining lot to the west (available separately) creates rare assemblage potential in downtown Ridgway — allowing expanded density, additional structures, structured parking concepts, or phased development strategies. Strategic Location in a High-Growth Mountain Market Ridgway continues to experience strong demand driven by tourism, outdoor recreation, and proximity to Telluride and Montrose. Limited inventory, constrained land supply, and increasing demand for workforce and affordable housing make this a compelling long-term hold or build-to-rent opportunity. High visibility, walkability, and steady foot traffic in the downtown core support both residential and commercial absorption. Ideal For: Multifamily developers seeking mountain-town density Affordable housing and workforce housing projects Mixed-use investor-operators 1031 exchange buyers Retail or restaurant entrepreneurs Creative commercial users Long-term hold investors seeking appreciation in Ouray County This is not just a building — it's a scalable development opportunity in one of Colorado's most supply-constrained and desirable small-town markets.
Location
State CO
County Ouray
Interior
Heating Natural Gas
Flooring Carpet
Furnishings Unfurnished
Exterior
Parking Features Off Street, Gravel, 20 + Total Spaces, Common, In Rear of Building
Garage Spaces 20.0
Utilities Available Electric, Internet, Natural Gas, Phone, Sanitary Sewer, Water
Roof Type Metal
Building
Story 1
Sewer Public Sewer Installed, Sewer Tap Paid
Water Public, Tap Installed Paid
New Construction No
Listed by United Country Sneffels Realty
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