New
For Sale
$650,000
1445 Texas Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size2,686 SF
Lot Size0.15 Acres
Price / SF$241
Days on Market5
Property Features for 1445 Texas Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
RES
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Basement, Bathroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 6
Interior features
CeilingFans, Pantry, WindowTreatments
Appliances
Dishwasher, ElectricOven, ElectricRange, Disposal, Microwave, Refrigerator, Washer
Subdivision
Prospect Park
Lot features
Xeriscape
Elementary school
Orchard Avenue
Middle school
West
High school
Grand Junction
Directions
North Avenue to 12th Street, East on Texas Avenue for 2 blocks. Home is on the right.
Standard status
Active
APN
2945-123-14-004
Size
2,686 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2030
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1943
Floors in Building
1
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Stucco, WoodSiding, WoodFrame
Roof type
Composition, Asphalt
Architectural style
Ranch
Listing Agency:
BRAY REAL ESTATE
(970) 242-3647
Listed By:
Derek Irick · License #FA100081113
(970) 424-8425
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 25 at 7:06AM
MLS# 20264222
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.
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
$24,531
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
3.77%
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%
$490,620
$490.6K
Cap Rate 7%
$350,443
$350.4K
Cap Rate 9%
$272,567
$272.6K
Market Conditions
NOI Build-Up for 2,686 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
$48.3K $18.00/SF
− Vacancy
−$3.7K −$1.40/SF
EGI
$44.6K $16.61/SF
− OpEx
−$20.1K −$7.47/SF
NOI
$24.5K $9.13/SF
Area
Mesa County, CO
Vacancy
7.75%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$490,620
Cap Rate 7%
$350,443
Cap Rate 9%
$272,567
Alternative Uses
Best Use
Apartment 5plus
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$5.10M
$4.46M – $5.95M
NOI $356,808 @ 7.0% cap · market cap 54.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,219
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
Where is this multifamily property located?
The property is located at 1445 Texas Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $650,000.
