Flex Space with Overhead
For Sale
$680,000
1133 N 23rd Street, Grand Junction, CO 81501
CommercialSale, Grand Junction, CO
Property Size3,200 SF
Price / SF$212.50
Days on Market41
Property Features for 1133 N 23rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
MU-2
Lot features
Irregular Lot
Directions
Travel North on 23rd street from North ave and it will be the second building on the West side.
Subdivision
Grand Junction City
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
5030
Listing Agency:
COLDWELL BANKER DISTINCTIVE PROPERTIES
(970) 243-0456
Listed By:
John Metcalf
(760) 685-4995
Added: Jul 13
Changed: Aug 21
Last Checked: Aug 22 at 12:06PM
MLS# 20263412
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 3,200-square-foot flex property combines enclosed commercial space with a fully fenced yard and six overhead doors. The configuration supports warehouse, contractor, service, light industrial, and retail operations, with outdoor area for equipment, fleet vehicles, trailers, and storage.
The property is located at 1133 N 23rd Street in Grand Junction, just off North Avenue. Its position provides access to major roads, suppliers, and customers while placing the site within a commercial corridor in Mesa County.
The property is located at 1133 N 23rd Street in Grand Junction, just off North Avenue. Its position provides access to major roads, suppliers, and customers while placing the site within a commercial corridor in Mesa County.
Key Highlights
- 3,200‑square‑foot flex property
- Six overhead doors for operational access
- Fully fenced yard
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
$33,387
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
4.91%
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%
$667,740
$667.7K
Cap Rate 7%
$476,957
$477.0K
Cap Rate 9%
$370,967
$371.0K
Market Conditions
NOI Build-Up for 3,200 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
$55.7K $17.40/SF
− Vacancy
−$4.3K −$1.35/SF
EGI
$51.4K $16.05/SF
− OpEx
−$18.0K −$5.62/SF
NOI
$33.4K $10.43/SF
Area
Mesa County, CO
Vacancy
7.75%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$667,740
Cap Rate 7%
$476,957
Cap Rate 9%
$370,967
Alternative Uses
Best Use
Flex RnD
$477.0K
$417.3K – $556.5K
NOI $33,387 @ 7.0% cap · market cap 4.91%
Second Best
Warehouse
$427.4K
$374.0K – $498.7K
NOI $29,919 @ 7.0% cap · market cap 4.40%
Theoretical Best
Healthcare Medical
$6.07M
$5.31M – $7.08M
NOI $425,088 @ 7.0% cap · market cap 62.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Flavours Catering By Sodexo — 1455 North Ave, Grand Junction, CO 81501
Frequently Asked Questions
What type of property is this?
Flex space - Fenced outdoor area accommodates equipment, vehicles, trailers, and storage needs.
Where is this flex space located?
The property is located at 1133 N 23rd Street Grand Junction, CO.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: 3,200‑square‑foot flex property; Six overhead doors for operational access; Fully fenced yard
