Updated Side-by-Side
For Sale
$485,000
1011 Belford Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size1,904 SF
Lot Size0.14 Acres
Price / SF$254.73
Days on Market75
Property Features for 1011 Belford Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multifamily
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1
Patio and Porch features
Patio
Interior features
Pantry, WindowTreatments
Appliances
ElectricOven, ElectricRange, Refrigerator
Elementary school
Chipeta
Middle school
West
High school
Grand Junction
Directions
From 1st and North Ave. Travel east on North Ave. Turn right on 10TH ST. at BELFORD, then turn left.
Subdivision
Grand Junction City
Standard status
Active
APN
2945-141-08-002
Size
1,904 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1821
Utilities
Heating system
Electric (Heating)
Water source
Public
Amenities
open patio
on-site laundry
Building Details
Year built
1964
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Vinyl, Laminate
Building materials
Block, WoodSiding
Roof type
Composition, Asphalt
Architectural style
Other
Listing Agency:
BRAY/COMMERCIAL
(970) 241-2909
Listed By:
Andrea Haitz
(970) 201-3578
Added: Jun 13
Changed: Aug 25
Last Checked: Aug 26 at 11:06AM
MLS# 20262816
Copyright © 2026 Grand Junction Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two residential units with a combined four bedrooms and two bathrooms. Unit 1011 has two bedrooms and one-and-a-half baths, while Unit 1013 provides two bedrooms and one bath. Recent improvements include fresh interior paint, new flooring, and updated appliances in Unit 1011. The property also includes an open patio, on-site laundry, electric heating, public water, and a combination of laminate, tile, carpet, and vinyl flooring. The building was constructed in 1964.
Positioned near the university and downtown, the property is just off 10th Street with access to campus and local amenities. Each unit has its own electric and water meter, supporting separate utility service. The parcel measures 50 by 125 feet and covers 0.14 acres.
Positioned near the university and downtown, the property is just off 10th Street with access to campus and local amenities. Each unit has its own electric and water meter, supporting separate utility service. The parcel measures 50 by 125 feet and covers 0.14 acres.
Key Highlights
- Side‑by‑side duplex with 4 bedrooms and 2 bathrooms
- Unit 1011 includes 2 bedrooms, 1.5 baths, and updated appliances
- Unit 1013 provides 2 bedrooms and 1 bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,936
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$378,720
$378.7K
Cap Rate 7%
$270,514
$270.5K
Cap Rate 9%
$210,400
$210.4K
Market Conditions
NOI Build-Up for 1,904 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.2K $15.36/SF
− Vacancy
−$2.2K −$1.15/SF
EGI
$27.1K $14.21/SF
− OpEx
−$8.1K −$4.26/SF
NOI
$18.9K $9.95/SF
Area
Mesa County, CO
Vacancy
7.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$378,720
Cap Rate 7%
$270,514
Cap Rate 9%
$210,400
Alternative Uses
Best Use
Multifamily LT 5
$270.5K
$236.7K – $315.6K
NOI $18,936 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$248.4K
$217.4K – $289.8K
NOI $17,389 @ 7.0% cap · market cap 3.59%
Theoretical Best
Healthcare Medical
$3.61M
$3.16M – $4.22M
NOI $252,927 @ 7.0% cap · market cap 52.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 81501, CO
23,935
Population
11,524
Households
2.1
Avg Household Size
33
Median Age
27%
College-Educated
90%
High-School Grad
8.7 sq mi
ZIP Area
2,751
Density / Sq Mi
$48,500
Median Household Income
$32,160
Median Earnings
$974
Median Rent
$283,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate electric and water metering, on-site laundry, and an open patio near campus and downtown.
Where is this duplex located?
The property is located at 1011 Belford Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 4 bedrooms and 2 bathrooms; Unit 1011 includes 2 bedrooms, 1.5 baths, and updated appliances; Unit 1013 provides 2 bedrooms and 1 bath
