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$499,900
Est. payment /mo
2 Baths
2,939 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Use w/Res
Listing Status Active
Purchase Type For Sale
Square Footage 2,939 sqft
Price per Sqft $170
MLS Listing ID 833430
Full Baths 1
Three Quarter Bath 1
Year Built 1898
Tax Year 2025
Lot Size 6,098 Sqft
Acres 0.14
Property Sub-Type Multi-Use w/Res
Property Description
Downtown Montrose Commercial Investment & Business Opportunity | 238 S 2nd Street Position your business, expand your investment portfolio, or relocate to one of Western Colorado's fastest-growing commercial hubs. Located in the heart of Downtown Montrose, this landmark property—affectionately known as the "Grand Old Lady"—has stood proudly since 1898 and has been thoughtfully renovated to combine historic character with modern functionality. Situated just steps from Main Street, this highly visible downtown location offers exceptional accessibility, walkability, and business exposure. Customers and tenants alike will appreciate proximity to local favorites including The Rathbone, Colorado Boy, MSSO, Eatery 66, City Market, retail shops, professional services, and the vibrant downtown business district. The property's flexible configuration creates multiple income and business-use opportunities: • Owner-user business headquarters with supplemental rental income • Professional office, boutique retail, wellness, or service-based business • Mixed-use live/work environment • Multi-tenant commercial configuration • Investment property with future repositioning potential A standout feature is the separate upper-level apartment, complete with its own living space and kitchen. Whether used as a long-term rental, employee housing, owner's residence, or executive suite, this income-producing component provides flexibility and additional revenue potential rarely found in downtown commercial properties. The property offers approximately 2,939 square feet plus basement storage and sits on a 0.14-acre lot with valuable alley access and a detached one-car garage/carport. The alley access creates additional convenience for deliveries, employee parking, tenant access, storage, or future operational needs. Investment & Business Highlights • Prime downtown Montrose location • Historic building with modern improvements • Income-producing upper-level apartment • Highly walkable business district • Flexible mixed-use and multi-tenant possibilities • Valuable alley access and rear garage • Strong owner-user or investment opportunity • Potential value-add and redevelopment upside • Excellent visibility near Main Street Montrose continues to experience substantial economic growth as the commercial, healthcare, recreation, and tourism hub of Western Colorado. The recent Downtown Main Street revitalization efforts have further enhanced accessibility, infrastructure, streetscapes, and the overall business environment, creating new momentum for downtown investment and entrepreneurship. Potential buyers may also explore a variety of business development resources and incentives available through the City of Montrose Development and Revitalization Team (DART), including downtown business assistance programs, façade improvement opportunities, low-interest revitalization funding, and business relocation support. For qualifying projects, historic designation and preservation initiatives may provide access to state and federal historic preservation funding opportunities, while Region 10 administers Enterprise Zone incentives and business assistance programs designed to support business growth, job creation, and property investment throughout the region. Eligibility requirements apply and should be independently verified by buyers. Whether you're an entrepreneur seeking a flagship location, an investor pursuing mixed-use income potential, or a business owner looking to relocate to a thriving Western Colorado community, 238 S 2nd Street presents a rare opportunity to own a piece of Montrose history while capitalizing on its future growth.
Location
State CO
County Montrose
Interior
Heating Forced Air
Cooling Evaporative Cooler
Flooring Carpet, Tile
Furnishings Unfurnished
Exterior
Parking Features On Street
Utilities Available Electric, Internet, Natural Gas, Sanitary Sewer
Roof Type Composition
Building
Story 2
Sewer Public Sewer Installed
Water Public
New Construction No
Others
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Listed by Keller Williams Colorado West Realty