165 Midland Ave Basalt, CO 81621

This exceptional redevelopment opportunity presents a unique chance to acquire a 0.322-acre commercial property in the heart of downtown Basalt, Colorado, just 20 minutes from Aspen. The existing structure, built in 1896 and extensively renovated between 2006 and 2020, encompasses approximately 5,547 square feet and features a mix of commercial and residential spaces. The main level includes a substantial restaurant area (approximately 1,820 square feet) with two fireplaces, a kitchen, office, and storage areas. Upstairs, three residential units offer additional income potential. A remodeled, approximately 1,820 square foot patio, complete with a new roof, drop-down enclosures, and infra-heaters, provides year-round outdoor seating. Additional new stone patios expand seating capacity during warmer months. The property also includes a children's playground. The asking price is $13,495,000, translating to $2,432.85 per square foot. A 2023 feasibility study outlines potential future development options, primarily focused on high-end condominium hotel units. However, the property is not being conveyed with entitlements; future development will require approvals from the Town of Basalt. The property is zoned C-2. Square footage is approximate; buyers are advised to verify all measurements.