Quadplex with
For Sale
$950,000
Pending
2931 Paula Lane, Grand Junction, CO 81504
MULTI_FAMILY - Other - Grand Junction, CO
Property Size6,642 SF
Lot Size0.27 Acres
Days on Market107
Property Features for 2931 Paula Lane
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RM-8
Bedrooms
12
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 10, Bathroom 8, Bedroom 8, Bedroom 7, Bedroom 3, Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 10, Bathroom 3, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 2, Bathroom 6, Bathroom 7, Bedroom 11, Bedroom 12, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 9
Parking features
Assigned
Patio and Porch features
Patio
Interior features
CeilingFans, LaminateCounters, VaultedCeilings, WalkInClosets
Appliances
Dryer, Dishwasher, ElectricOven, ElectricRange, Disposal, Microwave, Refrigerator, Washer
Subdivision
Water's Edge
Lot features
Sprinklers In Front, Landscaped
Elementary school
Pear Park
Middle school
Bookcliff
High school
Grand Junction
Directions
From D Road, turn south onto 29 1/4 Road, turn east onto Paula Lane. Building will be on your right (south).
Standard status
Pending
APN
2943-202-23-001-4
Size
6,642 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5262
HOA Fee
$225 Monthly
Utilities
Heating system
Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
2008
Floors in Building
2
Number of units
4
Flooring type
Carpet, Linoleum, Tile, Vinyl
Building materials
VinylSiding, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Other
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES COLORADO PROPERTIES
(970) 476-2482
Listed By:
Jaida Mckeever
(970) 250-0927
Added: Apr 28
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 20262178
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 quadplex property was built in 2008 and sits on a 0.27-acre lot. The 6,642 SF building features vinyl siding with wood-frame construction and a composition/asphalt roof. Interior elements include ceiling fans, vaulted ceilings, walk-in closets, laminate counters, and a mix of vinyl, carpet, tile, and linoleum flooring. Heating is provided by hot water and baseboard systems, and each unit includes major appliances such as a washer, dryer, refrigerator, microwave, dishwasher, electric range, and disposal.
Parking is available with assigned parking, and the property includes a patio. One unit has been refreshed with new paint, carpet, and LVP. The listing also notes long-term tenants in place with a rental history, and financial information is available.
Located at 2931 Paula Lane in Grand Junction, Colorado, the property is described as a short drive to CMU, downtown Grand Junction, and St. Mary’s Hospital.
Parking is available with assigned parking, and the property includes a patio. One unit has been refreshed with new paint, carpet, and LVP. The listing also notes long-term tenants in place with a rental history, and financial information is available.
Located at 2931 Paula Lane in Grand Junction, Colorado, the property is described as a short drive to CMU, downtown Grand Junction, and St. Mary’s Hospital.
Key Highlights
- 0.27‑acre lot with a 6,642 SF quadplex built in 2008
- One unit refreshed with new paint, carpet, and LVP
- Assigned parking and an on‑site patio
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
$66,059
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
6.95%
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%
$1,321,180
$1.3M
Cap Rate 7%
$943,700
$943.7K
Cap Rate 9%
$733,989
$734.0K
Market Conditions
NOI Build-Up for 6,642 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
$102.0K $15.36/SF
− Vacancy
−$7.7K −$1.15/SF
EGI
$94.4K $14.21/SF
− OpEx
−$28.3K −$4.26/SF
NOI
$66.1K $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%
$1,321,180
Cap Rate 7%
$943,700
Cap Rate 9%
$733,989
Alternative Uses
Best Use
Multifamily LT 5
$943.7K
$825.7K – $1.10M
NOI $66,059 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$866.6K
$758.3K – $1.01M
NOI $60,660 @ 7.0% cap · market cap 6.39%
Theoretical Best
Healthcare Medical
$12.60M
$11.03M – $14.71M
NOI $882,323 @ 7.0% cap · market cap 92.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 81504, CO
31,150
Population
13,042
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
91%
High-School Grad
26.9 sq mi
ZIP Area
1,158
Density / Sq Mi
$67,907
Median Household Income
$40,402
Median Earnings
$1,414
Median Rent
$290,300
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?
Quadplex - 2008-built quadplex on public water with assigned parking, patio, and updated finishes in one unit.
Where is this quadplex located?
The property is located at 2931 Paula Lane Grand Junction, CO.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 0.27‑acre lot with a 6,642 SF quadplex built in 2008; One unit refreshed with new paint, carpet, and LVP; Assigned parking and an on‑site patio
