165 Midland Avenue Basalt, CO 81621
5,364 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 5,364 sqft
Price per Sqft $2,609
Subdivision Basalt Center
MLS Listing ID 182521
Year Built 1896
Annual Tax Amount $19,532
Tax Year 2024
Lot Size 0.320 Acres
Acres 0.32
Property Sub-Type Commercial
Source Aspen Glenwood MLS
Property Description
A rare opportunity to acquire one of Basalt's most iconic and historically significant properties- the Colorado Midland Hotel, built in 1896 and recognized as a designated historic structure. Currently home to the renowned Tempranillo Restaurant, this landmark building is ideally situated in the heart of downtown Basalt, steps from local boutiques, fine dining, and the Roaring Fork River.
This property combines exceptional character with investment and redevelopment potential, offering income from both residential on the upper level and the commercial restaurant below.
Property Highlights
• Prime Downtown Location on Midland Avenue - Central lot on Basalt's main street corridor, surrounded by active retail, dining, and cultural amenities.
• Mixed-Use Potential - Existing configuration includes first-floor restaurant and upper-level residential/office spaces.
• Zoning: C-2 Downtown Business District - Encourages a dynamic blend of commercial, residential, and institutional uses within a pedestrian-friendly setting.
• Historic Charm, Modern Upgrades - Carefully remodeled in 2006 while preserving its original architectural details.
• Transferable Income - Existing leases for both commercial and residential units provide immediate cash flow.
With approximately 0.322 acres and an existing ±5,364 sq. ft. of floor area, the site allows for significant redevelopment potential under Basalt's C-2 zoning. Conceptual studies indicate the feasibility of a luxury boutique hotel or mixed-use redevelopment with ground-floor commercial and upper-level residential units.
A 2023 Feasibility Study detailing potential buildout options is available upon request. The property is offered without entitlements, and all interested parties are encouraged to conduct independent due diligence with the Town of Basalt.
Refer to MLS 187509 for more information on the Residential Units.
Location
State CO
County Eagle
Community Basalt Center
Area Basalt
Zoning C-2
Direction From Aspen head down valley on Hwy 82 and exit at the town of Basalt. Take a right and drive over the bridge onto Midland Avenue. Property is located in the middle of the town on the right next to Alpine Bank.
Exterior
Roof Type Composition
Building
Lot Description Corner Lot, Landscaped
Water Community
Others
Tax ID 246707416001
Acceptable Financing Other, Joint Venture, Cash
Listing Terms Other, Joint Venture, Cash
