Property Description

Cathy L Redmond, Ridgway Real Estate, C: 970-729-0898, cathy@ridgwayco.com, www.ridgwayco.com: Turnkey, well established and popular vacation rental business in a custom built (2007), carbon emission free, two-story building situated on a frontage road paralleling U.S. Highway 550 in an edge-of-town General Commercial zone where mixed uses and live-work arrangements are encouraged. The business, known as Cow Creek Suites, offers two fully and beautifully furnished apartments: a ground-floor open concept studio and a second-floor, one-bedroom, one-bath with full kitchen, laundry and office/guest bedroom. It is nicely irrigated with water provided through the HOA. A contained storage room and mechanical room are each accessed with their own exterior entrances. The ground floor unit is easily converted back to commercial, office or retail space as a use by right. According to reporting by listing service VRBO (subsidiary of Expedia, Inc.) on their booking platform these rentals have consistently outperformed 95% of their market during the past several years (a market including the towns of Telluride and Ouray comprised of over 1500 listed lodging properties). The occupancy rate for the five-year period ending December 31, 2020, was 64% including many long-time repeat guests. Confirmed reservations for 2021 are already at 65% occupancy. Furnishings included. Buried optical fiber is on the property with residential and commercial symmetrical service plans available up to 1000 Mbps download and 1000Mbps upload. Building is extremely energy efficient with central heating and air conditioning provided by an air-source all-climate heat pump (no fossil fuels burned on premises). Be sure and see listings on the VRBO website (property #s 130480 and 597318) for additional information including photos, guest reviews and availability calendar. Short term rental licenses are required by the Town of Ridgway and capped at 50. Transfers are not allowed however about half the available licenses are currently available. Property is situated on a frontage road paralleling US Highway 550 near its intersection with Colorado Highway 62, the northern entry to Colorado’s famous San Juan Skyway Scenic Byway, considered by many the most scenic part of Colorado’s Scenic and Historic Byway System. Property is just 9 highway miles north of the charming, historic mining town of Ouray, 37 highway miles from the ski-resort/festival town of Telluride (airport code TEX), and 26 highway miles south of the burgeoning retirement community of Montrose (airport code MTJ). Montrose Memorial Hospital is the #1 Small Hospital in Colorado (receiving an overall grade of A+ by the Lown Institute) and is the only Colorado hospital to place for the sixth consecutive year in the Top 100 Rural & Community Hospitals in the United States.

Features
Address Map
US
CO
Ridgway
81432
400 Palomino Trail
W108° 15' 17.3''
N38° 9' 0.5''
Additional Information
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Active
CRENCO
Colorado Real Estate Network Inc.
Cathy
Redmond
9706265455
Ridgway Real Estate
Ouray
2021-06-13T14:25:21-06:00
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Multifamily

400 Palomino Trail, Ridgway, Colorado 81432

1,952 Sqft
$1,150,000
Listing ID #782527
Basic Details
Property Type : Multifamily
Listing Type : For Sale
Listing ID : 782527
Price : $1,150,000
Square Footage : 1,952 Sqft
Year Built : 2006
Lot Area : 0.22 Acre
Contact Agent
Leslie Musselmann - Realtor - Montrose Homes for Sale and Real Estate Listings