12-Unit Apartment
For Sale
$2,900,000
501 Independent Avenue, Grand Junction, CO 81505
Residential, Grand Junction, CO
Property Size17,259 SF
Lot Size0.16 Acres
Price / SF$168.03
Days on Market126
Property Features for 501 Independent Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RH-16
Bedrooms
33
Bathrooms
23
Full bathrooms
23
Rooms
Bedroom 26, Bathroom 3, Bedroom 13, Bathroom 17, Bathroom 7, Bathroom 16, Bedroom 30, Bedroom 11, Bedroom 29, Bathroom 12, Bedroom 22, Bedroom 15, Bedroom 21, Bathroom 11, Bedroom 16, Bathroom 20, Bedroom 6, Bathroom 15, Bathroom 22, Bathroom 18, Bedroom 5, Bathroom 13, Bedroom 18, Bathroom 6, Bathroom 21, Bedroom 32, Bathroom 5, Bedroom 27, Bedroom 24, Bedroom 8, Bedroom 17, Bedroom 7, Bedroom 2, Bedroom 12, Bathroom 19, Bedroom 14, Bedroom 1, Bedroom 10, Bedroom 3, Bedroom 19, Bedroom 20, Bedroom 23, Bathroom 1, Bedroom 4, Bedroom 25, Bathroom 2, Bathroom 14, Bathroom 23, Bathroom 4, Bathroom 10, Bathroom 8, Bathroom 9, Bedroom 31, Bedroom 33, Bedroom 9, Bedroom 28
Patio and Porch features
Deck
Interior features
WindowTreatments
Appliances
Dishwasher, ElectricOven, ElectricRange
Subdivision
Area 15 Merchand
Lot features
Xeriscape
Elementary school
Pomona
Middle school
West
High school
Grand Junction
Directions
From 1st Street and North Avenue head West on Independent Avenue to property.
Standard status
Active
APN
2945-104-00-033
Size
17,259 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7513
Utilities
Heating system
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
washer/dryer hookups
electric range oven
refrigerator
dishwasher
Building Details
Year built
2001
Floors in Building
2
Number of units
12
Flooring type
Carpet
Building materials
WoodSiding, WoodFrame
Roof type
Composition, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX 4000, INC
(970) 241-4000
Listed By:
Brandon Palmer · License #FA100044031
(970) 712-6868
Added: May 4
Changed: Sep 5
Last Checked: Sep 6 at 12:06AM
MLS# 20262136
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 12-unit apartment property in Grand Junction contains nine three-bedroom, two-bath residences and three two-bedroom, two-bath residences. The 17,259-square-foot complex was built in 2001 on 0.16 acres, with attached garage spaces serving the units. Recent property improvements include new siding, roofing, stairs, fire sprinkler systems, and upgraded insulation.
Each residence includes washer and dryer hookups, an electric range, refrigerator, and dishwasher. Additional features include natural-gas hot-water baseboard heating, carpeted flooring, decks, and public water service. The unit mix offers a blend of larger and smaller floor plans within a single multifamily asset.
Each residence includes washer and dryer hookups, an electric range, refrigerator, and dishwasher. Additional features include natural-gas hot-water baseboard heating, carpeted flooring, decks, and public water service. The unit mix offers a blend of larger and smaller floor plans within a single multifamily asset.
Key Highlights
- 12 units: nine 3‑bedroom/2‑bath and three 2‑bedroom/2‑bath residences
- 17,259‑square‑foot apartment complex on 0.16 acres
- Attached garage spaces serve the apartment units
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
$157,622
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
5.44%
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%
$3,152,440
$3.2M
Cap Rate 7%
$2,251,743
$2.3M
Cap Rate 9%
$1,751,356
$1.8M
Market Conditions
NOI Build-Up for 17,259 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
$310.7K $18.00/SF
− Vacancy
−$24.1K −$1.40/SF
EGI
$286.6K $16.61/SF
− OpEx
−$129.0K −$7.47/SF
NOI
$157.6K $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%
$3,152,440
Cap Rate 7%
$2,251,743
Cap Rate 9%
$1,751,356
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,622 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$32.75M
$28.66M – $38.21M
NOI $2,292,686 @ 7.0% cap · market cap 79.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 81505, CO
11,791
Population
5,379
Households
2.2
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
72.1 sq mi
ZIP Area
164
Density / Sq Mi
$87,677
Median Household Income
$46,560
Median Earnings
$1,424
Median Rent
$436,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Exterior improvements include siding, roofing, stairs, sprinklers, and insulation.
Where is this apartment building located?
The property is located at 501 Independent Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 12 units: nine 3‑bedroom/2‑bath and three 2‑bedroom/2‑bath residences; 17,259‑square‑foot apartment complex on 0.16 acres; Attached garage spaces serve the apartment units
