7-Unit Mixed-Use
For Sale
$795,000
2683 Patterson Rd, Grand Junction, CO 81506
Four apartments and three retail suites are fully leased in a shared commercial building.
Property Size7,198 SF
Price / SF$110.45
Days on Market3480
Property Features for 2683 Patterson Rd
General Information
Standard status
Active
Size
7,198 SF
Property subtype
Mixed Use
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$6,607
Amenities
3
Business
Parking.
30 Parking Spaces. Off Street, Paved Driveway.
145 x 180, .5-.99
River
River.
Building Details
Year Built
1962
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Prime Properties LLC
(970) 244-6602
Listed By:
Michael Foster · License #IA40011873
Source:
Xome
Added: Feb 19, 2017
Changed: Aug 30
Last Checked: Aug 30 at 3:10PM
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 Coldwell Banker Commercial Prime Properties LLC
Investment Insights
Based on property information with market context.
This mixed-use building contains four residential units and three retail units within 7,198 square feet. The residential component includes three two-bedroom, one-bath apartments and one two-bedroom, two-bath apartment. Residential units use baseboard heat and swamp coolers, while the retail spaces are served by central air. The property was built in 1962.
All seven units are currently leased. On-site amenities include 30 paved, off-street parking spaces and a paved driveway. The building combines residential occupancy with retail space in a single income-producing property.
All seven units are currently leased. On-site amenities include 30 paved, off-street parking spaces and a paved driveway. The building combines residential occupancy with retail space in a single income-producing property.
Key Highlights
- Four residential units: three 2 bed/1 bath and one 2 bed/2 bath
- Three additional retail units on the building’s north side
- 7,198 SF mixed‑use building built in 1962
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
$71,588
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
9.00%
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%
$1,431,760
$1.4M
Cap Rate 7%
$1,022,686
$1.0M
Cap Rate 9%
$795,422
$795.4K
Market Conditions
NOI Build-Up for 7,198 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
$110.6K $15.36/SF
− Vacancy
−$8.3K −$1.15/SF
EGI
$102.3K $14.21/SF
− OpEx
−$30.7K −$4.26/SF
NOI
$71.6K $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%
$1,431,760
Cap Rate 7%
$1,022,686
Cap Rate 9%
$795,422
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$894.9K – $1.19M
NOI $71,588 @ 7.0% cap · market cap 9.00%
Second Best
Retail
$975.4K
$853.4K – $1.14M
NOI $68,275 @ 7.0% cap · market cap 8.59%
Theoretical Best
Healthcare Medical
$13.66M
$11.95M – $15.94M
NOI $956,182 @ 7.0% cap · market cap 120.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 81506, CO
11,412
Population
5,737
Households
2
Avg Household Size
52
Median Age
43%
College-Educated
95%
High-School Grad
23.9 sq mi
ZIP Area
477
Density / Sq Mi
$76,464
Median Household Income
$40,705
Median Earnings
$1,211
Median Rent
$428,000
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?
Mixed-use property - Four apartments and three retail suites are fully leased in a shared commercial building.
Where is this mixed-use property located?
The property is located at 2683 Patterson Rd Grand Junction, CO.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four residential units: three 2 bed/1 bath and one 2 bed/2 bath; Three additional retail units on the building’s north side; 7,198 SF mixed‑use building built in 1962
