165 Midland Avenue, Basalt, CO 81621
$12,500,000
Property Type:
Commercial Sale
Square Footage:
5,364
Lot Size (sq. ft.):
13,939
Status:
Active
Current Price:
$12,500,000
List Date:
2/12/2024
Last Modified:
4/02/2026
Listing Details MLS# 182521
Location Info
- Inside City Limits
- Yes
- Condominiumized
- Yes
- Zoning City
- Basalt Colorado
- Zoning County
- Eagle County
- Type
- Commercial
- Major Area
- Basalt
- Area
- 05-Basalt Proper
- Asking Price
- 12500000
- Original List Price
- 13495000
- Street #
- 165
- Street Name
- Midland
- Street Suffix
- Avenue
- City/Town
- Basalt
- State/Province
- CO
- Postal Code
- 81621
Keywords Info
- Total Building SqFt
- 5,001 - 10,001
- Association Dues
- No
Listing Info
- Occupant Type
- Owner
- Seller/Owner is Licensed
- No
- Short Sale
- No
- REO
- No
- Auction
- No
- In Foreclosure
- No
- Member Association
- Aspen Association
General Info
- Sub/Loc
- Basalt Center
- County
- Eagle
- Legal
- Condominium Units 1,2 and 3, Building 1, AND CONDOMINIUM UNIT 11, BUILDING 3 Frying Pan Inn Condomimiiums.
- Zoning
- C-2
- Lot SqFt
- 13939
- Nbr of Acres
- 0.32
- Stories
- 2
- Total SqFt
- 5364
- Unit SqFt
- 1820
- Inventory
- No
- Parcel #
- 246707416001
- Year Built
- 1896
- Year Remodeled
- 2006
- Directions
- 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.
Financing Info
- Metro Tax District
- No
- Taxes
- 19532
- Tax Year
- 2024
- Transfer Tax
- No
- Total HOA Fee Per Year
- 0
Status Change Info
- Sold Price Per/SF
- 0
More Information
Remarks
- Public Remarks
- Development Opportunity- Mixed Used Zoning 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. Studies indicate the feasibility of a luxury Boutique Hotel or mixed-use redevelopment with ground floor commercial and upper level residential units. 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. 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.
Current Use
- Other
- Residential
- Restaurant
- Yes
Units
- Units
- 3
Allowable Uses
- Hotel/Lodge
- Yes
- Income
- Yes
- Mixed Use
- Yes
- Restaurant/Bar
- Yes
- Retail
- Yes
- Single Family Res
- Yes
Construction
- Brick
- Yes
- Frame
- Yes
Access
- Paved
- Yes
Electric
- Yes
- Yes
Condition
- Good
- Yes
Basement/Substructure
- Crawl Space
- Yes
Gas
- Natural Gas
- Yes
Roof
- Composition Shingles
- Yes
Water
- Community
- Yes
Sanitation
- Community
- Yes
Water Rights
- No
- Yes
Extras
- Fire Alarm
- Yes
- Fireplace
- Yes
- Furnished
- Yes
- Kitchen Area
- Yes
- Landscaped
- Yes
- Living Quarters
- Yes
- Restrooms
- Yes
- Smoke Detectors
- Yes
- Storage
- Yes
Heating/Cooling
- Baseboard
- Yes
- Central AC
- Yes
- Central Heating
- Yes
- Electric
- Yes
- Forced Air
- Yes
- Gas
- Yes
- Other
- Yes
Location Amenities
- Corner Lot
- Yes
- High Traffic Loc
- Yes
- High Visibility
- Yes
- Highway Access
- Yes
Mineral Rights
- No
- Yes
Documents on File
- CC & R's
- Yes
- Easements
- Yes
- Financials
- Yes
- Leases
- Yes
- Rent Roll
- Yes
- Survey/ILC
- Yes
- Title Insurance
- Yes
Parking
- 11 - 20 Spaces
- Yes
- Off Site
- Yes
- Street Parking
- Yes
Occupant
- Owner Occupied
- Yes
- Tenant Occupied
- Yes
Disclosures
- 1031 Exchange
- Yes
- Lease/Mve Out Clause
- Yes
Terms Offered
- Cash
- Yes
- Joint Venture
- Yes
- Lease w/Option to Purchase
- Yes
Possession
- DOD
- Yes
- Negotiable
- Yes
- Subject to Lease
- Yes
Sign
- No
- Yes
Property Features
Allowable Uses:
Hotel/Lodge; Income; Mixed Use; Restaurant/Bar; Retail; Single Family Res
Current Use:
Restaurant
Construction:
Brick; Frame
Roof:
Composition Shingles
Condition:
Good
Electric:
Yes
Gas:
Natural Gas
Water:
Community
Sanitation:
Community
Parking:
11 - 20 Spaces; Off Site; Street Parking
Access:
Paved
Extras:
Fire Alarm; Fireplace; Furnished; Kitchen Area; Landscaped; Living Quarters; Restrooms; Smoke Detectors; Storage
Location Amenities:
Corner Lot; High Traffic Loc; High Visibility; Highway Access
Occupant:
Owner Occupied; Tenant Occupied
Disclosures:
1031 Exchange; Lease/Mve Out Clause
Documents on File:
CC & R's; Easements; Financials; Leases; Rent Roll; Survey/ILC; Title Insurance
Water Rights:
No
Mineral Rights:
No
Terms Offered:
Cash; Joint Venture; Lease w/Option to Purchase
Sign:
No
Possession:
DOD; Negotiable; Subject to Lease
Tempranillo Survey ›
Listing Office:
Douglas Elliman Real Estate-Willits
Last Updated: April - 02 - 2026
Broker Attribution:
(970) 925-8810
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