Duplex with Oversized
For Sale
$199,000
2009 Aspen Street, Grand Junction, CO 81503
Residential, Grand Junction, CO
Property Size1,144 SF
Lot Size0.19 Acres
Price / SF$173.95
Days on Market19
Property Features for 2009 Aspen Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RM-8
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1
Parking features
RV
Appliances
ElectricOven, ElectricRange, Refrigerator
Subdivision
Orchard Mesa Heights
Elementary school
Dos Rios
Middle school
Orchard Mesa
High school
Grand Junction
Directions
Hwy 50 in Orchard Mesa to south on Aspen.
Standard status
Active
APN
2945-261-23-004
Size
1,144 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1139
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
washer/dryer setup
Building Details
Year built
1936
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl, Hardwood
Building materials
Adobe, Block
Roof type
Asphalt, Composition
Architectural style
Ranch
Listing Agency:
BRAY REAL ESTATE
(970) 242-3647
Listed By:
Brian Donaldson
(970) 773-6243
Added: Aug 7
Changed: Aug 24
Last Checked: Aug 25 at 7:06AM
MLS# 20263927
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 1936 ranch-style duplex contains 1,144 square feet on a 0.19-acre parcel in Grand Junction. The property features adobe and block construction, hardwood, vinyl, and carpet flooring, forced-air heating, window-unit cooling, and a composition asphalt roof. The kitchen areas include electric ovens, electric ranges, and refrigerators.
All tenants are on month-to-month arrangements. An oversized garage is included and is not currently leased, providing additional on-site space. The property also has a washer and dryer setup, RV parking, and public water service. Located at 2009 Aspen Street in Grand Junction, the property is identified in Mesa County and carries a ranch architectural style.
All tenants are on month-to-month arrangements. An oversized garage is included and is not currently leased, providing additional on-site space. The property also has a washer and dryer setup, RV parking, and public water service. Located at 2009 Aspen Street in Grand Junction, the property is identified in Mesa County and carries a ranch architectural style.
Key Highlights
- 1,144‑square‑foot duplex on a 0.19‑acre parcel
- All tenants occupy under month‑to‑month arrangements
- Oversized garage is included and not currently leased
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
$11,378
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
5.72%
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%
$227,560
$227.6K
Cap Rate 7%
$162,543
$162.5K
Cap Rate 9%
$126,422
$126.4K
Market Conditions
NOI Build-Up for 1,144 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
$17.6K $15.36/SF
− Vacancy
−$1.3K −$1.15/SF
EGI
$16.3K $14.21/SF
− OpEx
−$4.9K −$4.26/SF
NOI
$11.4K $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%
$227,560
Cap Rate 7%
$162,543
Cap Rate 9%
$126,422
Alternative Uses
Best Use
Multifamily LT 5
$162.5K
$142.2K – $189.6K
NOI $11,378 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$149.3K
$130.6K – $174.1K
NOI $10,448 @ 7.0% cap · market cap 5.25%
Theoretical Best
Healthcare Medical
$2.17M
$1.90M – $2.53M
NOI $151,969 @ 7.0% cap · market cap 76.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 81503, CO
16,121
Population
6,567
Households
2.5
Avg Household Size
42
Median Age
23%
College-Educated
92%
High-School Grad
22.0 sq mi
ZIP Area
733
Density / Sq Mi
$71,681
Median Household Income
$36,918
Median Earnings
$1,015
Median Rent
$307,600
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 - Ranch-style duplex with month-to-month tenancy and an on-site washer and dryer setup.
Where is this duplex located?
The property is located at 2009 Aspen Street Grand Junction, CO.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,144‑square‑foot duplex on a 0.19‑acre parcel; All tenants occupy under month‑to‑month arrangements; Oversized garage is included and not currently leased
