Apartment Complex with Attached
501 Independent Avenue, Grand Junction, CO 81505
MULTI_FAMILY - Other - Grand Junction, CO
Property size:
17,259 SFLot size:
0.16 AcresPrice / SF:
$168/SF- Added:
- May 4, 2026
- Days on Market:
- 55
- Last Refresh:
- Jun 27 at 1:06 pm
Property Features for 501 Independent Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 33
- Bathrooms
- 23
- Rooms
- Bedroom 4, Bedroom 13, Bathroom 2, Bathroom 19, Bedroom 23, Bedroom 7, Bedroom 14, Bedroom 1, Bathroom 8, Bathroom 9, Bedroom 31, Bathroom 4, Bedroom 5, Bathroom 21, Bathroom 1, Bathroom 22, Bathroom 6, Bedroom 26, Bedroom 12, Bedroom 15, Bedroom 16, Bedroom 10, Bedroom 19, Bedroom 18, Bathroom 13, Bedroom 8, Bathroom 16, Bathroom 23, Bedroom 6, Bedroom 9, Bathroom 7, Bedroom 24, Bedroom 17, Bathroom 15, Bedroom 32, Bedroom 22, Bathroom 5, Bedroom 21, Bedroom 2, Bedroom 30, Bedroom 11, Bedroom 25, Bedroom 33, Bedroom 3, Bedroom 27, Bathroom 12, Bedroom 28, Bathroom 3, Bedroom 29, Bathroom 14, Bathroom 11, Bathroom 17, Bathroom 20, Bathroom 18, Bedroom 20, Bathroom 10
- Patio and Porch features
- Deck
- Interior features
- WindowTreatments
- Appliances
- Dishwasher, ElectricOven, ElectricRange
- 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
Building Details
- Year built
- 2001
- Floors in Building
- 2
- Number of units
- 12
- Flooring type
- Carpet
- Building materials
- WoodSiding, WoodFrame
- Roof type
- Asphalt, Composition
- Architectural style
- Other
Listing agent Brandon Palmer License #FA100044031 (970) 712-6868
Listing office RE/MAX 4000, INC 120 W PARK DR STE 200, GRAND JUNCTION, CO (970) 241-4000
Listing date May 4, 2026
MLS# 20262136
Listing URL
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.
HighLights
- 12‑unit apartment complex built in 2001 with nine 3 bed/2 bath units and three 2 bed/2 bath units
- Each unit has an attached garage space
- Exterior updates include new siding, roofing, stairs, fire sprinkler system, and improved insulation
- Units include washer/dryer hookups and appliances: electric range, electric oven, dishwasher, and refrigerator
- Public water source and baseboard heating with natural gas; asphalt/composition roof
- NOI expected to increase by $8k–$9k in 2027 (buyer to verify)
Overview
The property is a 12-unit apartment complex featuring nine 3-bedroom/2-bath units and three 2-bedroom/2-bath units. Each unit has an attached garage space and washer/dryer hookups. The units also include an electric range/oven, refrigerator, and dishwasher. The property has documented exterior and system improvements including new siding, new roofing, updated stairs, fire sprinkler systems, and improved insulation.
Located at 501 Independent Avenue in Grand Junction, Colorado, the complex sits on a 0.16-acre lot. The listing describes the community as centrally located, and notes very low maintenance requirements tied to the recent updates.
For buyers seeking an income-producing multifamily asset, the current configuration provides a mix of 3-bedroom and 2-bedroom layouts, which may support varied household needs. The seller also states the property is managed with a low-turnover profile, with units typically rented prior to tenant changes. The listing further indicates a potential future addition of another 4-plex and includes a projected increase in NOI in 2027, which the buyer is advised to verify during due diligence.
Located at 501 Independent Avenue in Grand Junction, Colorado, the complex sits on a 0.16-acre lot. The listing describes the community as centrally located, and notes very low maintenance requirements tied to the recent updates.
For buyers seeking an income-producing multifamily asset, the current configuration provides a mix of 3-bedroom and 2-bedroom layouts, which may support varied household needs. The seller also states the property is managed with a low-turnover profile, with units typically rented prior to tenant changes. The listing further indicates a potential future addition of another 4-plex and includes a projected increase in NOI in 2027, which the buyer is advised to verify during due diligence.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $310.7k | $18.00 |
| − Vacancy | −$24.1k | −$1.40 |
| EGI | $286.6k | $16.61 |
| − OpEx | −$129.0k | −$7.47 |
| NOI | $157.6k | $9.13 |
17,259 SF · lease $18.00/SF/yr · vacancy 7.75% · expense 45.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Grand Junction
- County
- Mesa
- State
- Colorado
- Longitude
- -108.575791
- Latitude
- 39.080758
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-kept 12-unit complex in Grand Junction featuring attached garage spaces and in-unit laundry hookups.
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‑unit apartment complex built in 2001 with nine 3 bed/2 bath units and three 2 bed/2 bath units; Each unit has an attached garage space; Exterior updates include new siding, roofing, stairs, fire sprinkler system, and improved insulation
