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    Grand Junction Land Opportunity Title is generated by Realmo AI

    818 Sumaya Drive, Grand Junction, CO 81507

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    Claim this Listing
    New
    For Sale
    $470,000

    LAND - Grand Junction, CO

    Type:Single Family Residence
    Lot size:
    2.04 Acres
    Added:
    May 27, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 1 at 7:06 pm

    Property Features for 818 Sumaya Drive

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Standard status
    Active
    APN
    2697-283-21-038
    Lot size
    2.04 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    1

    Utilities

    Sewer type
    Septic Needed
    Water source
    Public

    We can help!

    Listing Contact
    Julie Hicks
    Julie Hicks

    Listing agent Julie Hicks License #FA40017392

    Listing office EXP REALTY, LLC 9800 PYRAMID CT #400, ENGLEWOOD, CO

    Listing date May 27, 2026

    MLS# 20262503 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

    • Customizable luxury homesites, build your dream home with minimum 3000 sq ft homes, ADU and outbuilding options.
    • Prime location in the Redlands, overlooking the Colorado River and Colorado National Monument.
    • Designed to preserve spectacular valley views for all residents.
    • Dark Sky preservation through down lighting.
    • Close proximity to world‑class hiking, biking, and outdoor adventures.
    • Convenient access to necessary amenities.

    Overview

    This property presents an opportunity in the heart of The Grand Valley, specifically in the Redlands area. It offers a chance to create luxury living on a meticulously planned homesite. The minimum home size is 3000 square feet, with options for Accessory Dwelling Units (ADUs) and an outbuilding. This subdivision is designed to redefine luxury living, overlooking the Colorado River with the Colorado National Monument as a backdrop. The subdivision design incorporates down lighting for Dark Sky preservation, open spaces, and designed building locations to preserve views of the valley for all residents. The lot size is approximately 2.04 acres. The location provides access to hiking, biking, and outdoor adventures, while also being close to necessary amenities. The property is located in Grand Junction, Colorado, within Mesa County.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.543
    Latitude
    39.0723

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    FAQs

    What type of property is this?
    Residential land & home lot - Homesite in the Redlands with views and outdoor access.
    Where is this residential land & home lot located?
    The property is located at 818 Sumaya Drive Grand Junction, CO.
    What is the asking price?
    The asking price for this property is $470,000.
    What are key features of this property?
    This property features: Customizable luxury homesites, build your dream home with minimum 3000 sq ft homes, ADU and outbuilding options.; Prime location in the Redlands, overlooking the Colorado River and Colorado National Monument.; Designed to preserve spectacular valley views for all residents.
    (970) 216-6322
    We can help!
    Listing Contact
    Julie Hicks
    Julie Hicks
    Real Estate License ID: FA40017392
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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