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    1940 North Ave Grand Junction, CO 81501

    For Sale
    $2,200,000

    MULTI_FAMILY - Ranch - Grand Junction, CO

    Type:Single Family Residence
    Property size:
    8,824 SF
    Lot size:
    0.99 Acres
    Days on Market:
    21
    Last Refresh:
    Dec 5 at 2:06 am

    Property Features for 1940 North Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Standard status
    Active
    Rooms
    Bedroom 15, Bathroom 1, Bedroom 6, Bedroom 7, Bedroom 12, Bathroom 4, Bathroom 23, Bedroom 22, Bathroom 12, Bathroom 10, Bathroom 19, Bathroom 16, Bedroom 4, Bathroom 13, Bathroom 3, Bedroom 10, Bathroom 5, Bathroom 18, Bedroom 23, Bedroom 17, Bedroom 1, Bedroom 20, Bedroom 2, Bedroom 16, Bathroom 11, Bathroom 8, Bedroom 9, Bedroom 24, Bedroom 8, Bedroom 11, Bathroom 6, Bathroom 7, Bedroom 13, Bathroom 17, Bathroom 15, Bedroom 21, Bathroom 21, Bathroom 2, Bedroom 3, Bathroom 14, Bathroom 22, Bedroom 5, Bedroom 19, Bathroom 20, Bedroom 18, Bedroom 14, Bathroom 9
    Bedrooms
    24
    Bathrooms
    23
    APN
    2945-124-25-025
    Patio and Porch features
    Patio
    Appliances
    ElectricOven, ElectricRange, Refrigerator
    Size
    8,824 SF
    Lot size
    0.99 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1948
    Floors in Building
    1
    Number of units
    23
    Flooring type
    Vinyl
    Building materials
    Block
    Roof type
    Flat
    Architectural style
    Ranch
    Additional Structures
    Outbuilding

    CENTURY 21 CAPROCK REAL ESTATE (970) 257-0500

    Listing agent Rachel Justman (970) 615-0201

    Listing date Nov 15, 2025

    MLS# 20253540 Listing URL

    Overview

    Grand Junction Multifamily Investment Opportunity

    This 23-unit multifamily property, operating at a 7.5 CAP, is located approximately seven blocks from Colorado Mesa University and directly across from the VA Hospital. The unit mix comprises 21 studio-style rooms, with 20 lacking kitchens and one equipped with a full kitchen, along with one 2-bedroom, 1-bath apartment and one 1-bedroom, 1-bath apartment. The current rent roll is $23,010.00, with projections indicating an 8.5 CAP for 2026. Most units are ranch-style with ground-level access, while the 2-bedroom apartment is situated on the second floor. The property includes a separate office space, a laundry room with hookups for two washers and two dryers, a single-car garage, an oversized 4-car garage, and two storage rooms. All units feature new heating and cooling systems, with studios using new PTAC units and apartments equipped with new mini-split systems. Tenants are primarily weekly or monthly, with current rents at $280 per week or $950 per month. Recent improvements encompass a complete electrical overhaul, updated plumbing, roof updates, new flooring and fresh paint in all 21 studios, and upgraded signage. Situated on a 0.99-acre lot, the 8,824 square foot property offers strong current returns with potential for increased profitability through rent increases, kitchen additions, or longer-term tenant conversion. The location near higher education and healthcare hubs supports consistent demand and low vacancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Frontier Motor Lodge Motel

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.542044
    Latitude
    39.077752

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    FAQs

    What type of property is this?
    Apartment building - 23-unit property near Colorado Mesa University and VA Hospital.
    Where is this apartment building located?
    The property is located at 1940 North Ave Grand Junction, CO.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - Excellent income opportunity with a current 7.5 CAP rate and projected 8.5 CAP for 2026.; - Prime location near Colorado Mesa University and directly across from the VA Hospital.; - 23-unit property with a mix of studio, 1-bedroom, and 2-bedroom apartments.
    (970) 615-0201
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    1940 North Ave Grand Junction, CO 81501
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    Grand Junction, CO 81501
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1940 North Ave Grand Junction, CO 81501
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