165 Midland Avenue, Basalt, CO 81621 (MLS# 187509) -

165 Midland Avenue, Basalt, CO 81621

$12,500,000

Tempranillo Left Side Porch with More Ga

Property Type: Residential Bedrooms: 2 Baths: 4 Square Footage: 5,364 Lot Size (sq. ft.): 13,939 Status: Active

Current Price: $12,500,000 List Date: 3/25/2025 Last Modified: 4/02/2026

Overview

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. 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. • Zoning: C-2 Downtown Business District - Encourages a dynamic blend of commercial and residential 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 ... (Read more)

Listing Details MLS# 187509

Location Info

Type: Condominium
Right of First Refusal: No
Major Area: Basalt
Area: 05-Basalt Proper
Original List Price: 13495000
Asking Price: 12500000
Street #: 165
Street Name: Midland
Street Suffix: Avenue
City/Town: Basalt
State/Province: CO
Postal Code: 81621
Furnished: Unfurnished

Keywords Info

Total Baths: 4
Baths - Full: 2
Baths - Half: 2
Acreage: Refer to Lot Size
Garage: No
Pre-Fabricated Home: No

Listing Info

New Construction: No
Seller/Owner is Licensed: No
Short Sale: No
REO: No
Auction: No
In Foreclosure: No
Member Association: Aspen Association
County: Eagle

General Info

Sub/Loc: Townsite of Basalt
Legal: Condominium Units 1,2 and 3, Building 1, AND CONDOMINIUM UNIT 11, BUILDING 3 Frying Pan Inn Condomimiiums.
Zoning: C-2
Nbr of Acres: 0.32
Lot SqFt: 13939
Lv Ht SqFt: 5364
Total SqFt: 5364
Price/LvH SqFt: 2330.35
ud_i_02: 2
Main Floor Primary Bedroom: No
Year Built: 1896
Year Remodeled: 2006
Parcel #: 246707416001
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.
Unfinished SqFt: 0

Financing Info

Metro Tax District: No
Taxes: 19532
Tax Year: 2024
Transfer Tax: No
HOA Dues Y/N: No
HOA Transfer Fee: No
Total HOA Fee Per Year: 0

Status Change Info

Sold Price Per/SF: 0

More Information

Remarks

Public Remarks: 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. 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. • Zoning: C-2 Downtown Business District - Encourages a dynamic blend of commercial and residential 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. 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 182521 for more information on the Commercial Mixed Use Development Opportunity.

Construction

Brick: Yes
Frame: Yes

Condition

Good: Yes

Basement/Substructure

Crawl Space: Yes

Gas

Natural Gas: Yes

Roof

Composition Shingles: Yes

Water

Community: Yes

Water Rights

No: Yes

Extras

Landscaping: Yes
Storage Shed: Yes

Location Amenities

Corner Lot: Yes

Mineral Rights

No: Yes

Documents on File

CC & R's: Yes
Easements: Yes
Financials: Yes
Leases: Yes
Survey/ILC: Yes

Disclosures

1031 Exchange: Yes

Terms Offered

Cash: Yes

Possession

DOD: Yes
Negotiable: Yes
Subject to Lease: Yes

Sign

No: Yes

Property Features

Construction: Brick; Frame Roof: Composition Shingles Condition: Good Gas: Natural Gas Water: Community Possession: DOD; Negotiable; Subject to Lease Extras: Landscaping; Storage Shed Terms Offered: Cash Disclosures: 1031 Exchange Mineral Rights: No Water Rights: No Documents on File: CC & R's; Easements; Financials; Leases; Survey/ILC Location Amenities: Corner Lot Sign: No

Documents

Tempranillo Survey 2006 ›

Tempranillo Lot Line Adjustment 2009 ›

Listing Office: Douglas Elliman Real Estate-Willits

Last Updated: April - 02 - 2026

Broker Attribution: (970) 925-8810

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