Two-Unit Duplex with
For Sale
$475,000
1038 Rood Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size2,332 SF
Price / SF$203.69
Days on Market47
Property Features for 1038 Rood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-8
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Basement, Bathroom 1, Bathroom 3
Interior features
WalkInClosets
Appliances
Dryer, Dishwasher, ElectricOven, ElectricRange, Refrigerator, Washer
Lot features
Landscaped
Elementary school
Chipeta
Middle school
East
High school
Grand Junction
Directions
Located between 10th and 11th Street on north side of Rood Avenue.
Subdivision
Grand Junction City
Standard status
Active
APN
2945-144-11-015
Size
2,332 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1859
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet, Hardwood
Building materials
VinylSiding, WoodFrame
Roof type
Metal
Architectural style
Other
Listing Agency:
COLORADO REALTY 4 LESS, LLC
(970) 531-7448
Listed By:
Kathleen Haas · License #100087561
(970) 531-7448
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 30 at 11:06AM
MLS# 20263469
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 duplex contains 2332 SF across two one-bedroom residences. The larger unit is arranged over two stories and includes two bathrooms, while the second residence occupies one level with one bedroom and one bathroom. Each unit also includes an additional room that may offer future flexibility. The property has a metal roof, vinyl siding, hardwood, vinyl, and carpet flooring, plus forced-air natural gas heat and window-unit cooling. Appliances include refrigerators, dishwashers, electric ranges, washers, and dryers.
One residence has long-term tenants, while the other is vacant. Located at 1038 Rood Avenue in Grand Junction, the property is within walking distance of downtown and Colorado Mesa University and sits a short distance from Main Street. A large backyard provides additional outdoor space.
One residence has long-term tenants, while the other is vacant. Located at 1038 Rood Avenue in Grand Junction, the property is within walking distance of downtown and Colorado Mesa University and sits a short distance from Main Street. A large backyard provides additional outdoor space.
Key Highlights
- 2332 SF duplex with two 1‑bedroom units
- One unit has long‑term tenants; the second unit is vacant
- Two‑story unit includes 2 bathrooms; second unit is single‑level with 1 bed/1 bath
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
$23,193
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
4.88%
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%
$463,860
$463.9K
Cap Rate 7%
$331,329
$331.3K
Cap Rate 9%
$257,700
$257.7K
Market Conditions
NOI Build-Up for 2,332 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
$35.8K $15.36/SF
− Vacancy
−$2.7K −$1.15/SF
EGI
$33.1K $14.21/SF
− OpEx
−$9.9K −$4.26/SF
NOI
$23.2K $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%
$463,860
Cap Rate 7%
$331,329
Cap Rate 9%
$257,700
Alternative Uses
Best Use
Multifamily LT 5
$331.3K
$289.9K – $386.6K
NOI $23,193 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$304.3K
$266.2K – $355.0K
NOI $21,298 @ 7.0% cap · market cap 4.48%
Theoretical Best
Healthcare Medical
$4.43M
$3.87M – $5.16M
NOI $309,783 @ 7.0% cap · market cap 65.22%
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
2,374
Businesses Nearby
Explore this area
Business Placement
Demographics for 81501, CO
23,935
Population
11,524
Households
2.1
Avg Household Size
33
Median Age
27%
College-Educated
90%
High-School Grad
8.7 sq mi
ZIP Area
2,751
Density / Sq Mi
$48,500
Median Household Income
$32,160
Median Earnings
$974
Median Rent
$283,300
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?
Duplex - Two-unit residential property with one leased unit, one vacant unit, and distinct two-story and single-level layouts.
Where is this duplex located?
The property is located at 1038 Rood Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2332 SF duplex with two 1‑bedroom units; One unit has long‑term tenants; the second unit is vacant; Two‑story unit includes 2 bathrooms; second unit is single‑level with 1 bed/1 bath
