Office Unit Portfolio with Separate
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1048 Independent Avenue, Grand Junction, CO 81505
Commercial condominium units offer separately metered gas and electric service with options for leasing or individual sales.
Property Size56,031 SF
Price / SF$169
Days on Market16
Property Features for 1048 Independent Avenue
General Information
Standard status
Active
Size
56,031 SF
Property subtype
Office, Retail, Industrial
Zoning
CG
Additional Details
Utilities to Site
Yes
Office Units
34
Building Details
Year Built
1982
Year Renovated
2026
Buildings
2
Units
34
Listing Agency:
Malman Real Estate
(970) 261-9136
Listed By:
Jake Malman · License #100099297
Source:
Crexi
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 21 at 2:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Malman Real Estate
Investment Insights
Based on property information with market context.
This office unit property comprises commercial condominiums at 1048 Independent Avenue in Grand Junction, Colorado. The building was constructed in 1982 and converted to commercial condominium use as of August 2026. Gas and electric service are separately metered for the units, supporting distinct utility allocation across the property.
The property is zoned CG and includes an association structure that the owner would manage. The ownership model allows for continued leasing or disposition of individual commercial condominium units, providing flexibility in how the asset is operated and marketed.
The property is zoned CG and includes an association structure that the owner would manage. The ownership model allows for continued leasing or disposition of individual commercial condominium units, providing flexibility in how the asset is operated and marketed.
Key Highlights
- Commercial condominium property at 1048 Independent Avenue in Grand Junction, CO 81505
- 56,031 SF property constructed in 1982
- Converted to commercial condominium use as of August 2026
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
$531,470
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
5.58%
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%
$10,629,400
$10.6M
Cap Rate 7%
$7,592,429
$7.6M
Cap Rate 9%
$5,905,222
$5.9M
Market Conditions
NOI Build-Up for 56,031 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
$806.8K $14.40/SF
− Vacancy
−$47.6K −$0.85/SF
EGI
$759.2K $13.55/SF
− OpEx
−$227.8K −$4.07/SF
NOI
$531.5K $9.49/SF
Area
Mesa County, CO
Vacancy
5.90%
Lease Rate
$14.40 /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%
$10,629,400
Cap Rate 7%
$7,592,429
Cap Rate 9%
$5,905,222
Alternative Uses
Best Use
Retail
$7.59M
$6.64M – $8.86M
NOI $531,470 @ 7.0% cap · market cap 5.58%
Second Best
Office B
$7.56M
$6.62M – $8.82M
NOI $529,493 @ 7.0% cap · market cap 5.56%
Theoretical Best
Healthcare Medical
$106.33M
$93.04M – $124.05M
NOI $7,443,158 @ 7.0% cap · market cap 78.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
34
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
933
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condominium units offer separately metered gas and electric service with options for leasing or individual sales.
Where is this office units located?
The property is located at 1048 Independent Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $9,525,000.
What are key features of this property?
This property features: Commercial condominium property at 1048 Independent Avenue in Grand Junction, CO 81505; 56,031 SF property constructed in 1982; Converted to commercial condominium use as of August 2026
