Victorian Duplex with Two-Car
For Sale
$409,000
Pending
605 Chipeta Avenue, Grand Junction, CO 81501
Two separately entered units support an owner-occupant arrangement with rental income from the other residence.
Property Size1,762 SF
Days on Market8
Property Features for 605 Chipeta Avenue
General Information
Standard status
Pending
Size
1,762 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
wrap-around deck
brick patio
gardens & landscaping
Building Details
Year Built
1904
Construction
Victorian
Listing Agency:
BRAY REAL ESTATE
Listed By:
John Duffy · License #211
(970) 234-4830
Source:
Buygrandjunctionco
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 4:18AM
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 BRAY REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 1904, this Victorian duplex contains 1,762 square feet with two distinct residences. The main-level unit includes two bedrooms, a five-piece bathroom, an open living room, formal dining room, and a kitchen with an eat-at counter, breakfast nook, and extensive cabinet and counter space. The upper unit has its own entrance, two bedrooms, a full bathroom, open living and dining areas, and access to an exterior deck.
Outdoor features include a wraparound deck, an east-facing brick patio, established gardens and landscaping, and an oversized two-car garage. The garage is accessed from the alley and includes room for an RV. The property is within walking distance of downtown Grand Junction.
Outdoor features include a wraparound deck, an east-facing brick patio, established gardens and landscaping, and an oversized two-car garage. The garage is accessed from the alley and includes room for an RV. The property is within walking distance of downtown Grand Junction.
Key Highlights
- Duplex built in 1904 with 1,762 square feet
- Two 2‑bedroom units, each with a dedicated bathroom
- Upper residence has a separate entrance and outdoor deck
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
$17,524
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
4.28%
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%
$350,480
$350.5K
Cap Rate 7%
$250,343
$250.3K
Cap Rate 9%
$194,711
$194.7K
Market Conditions
NOI Build-Up for 1,762 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
$27.1K $15.36/SF
− Vacancy
−$2.0K −$1.15/SF
EGI
$25.0K $14.21/SF
− OpEx
−$7.5K −$4.26/SF
NOI
$17.5K $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%
$350,480
Cap Rate 7%
$250,343
Cap Rate 9%
$194,711
Alternative Uses
Best Use
Multifamily LT 5
$250.3K
$219.1K – $292.1K
NOI $17,524 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$229.9K
$201.2K – $268.2K
NOI $16,092 @ 7.0% cap · market cap 3.93%
Theoretical Best
Healthcare Medical
$3.34M
$2.93M – $3.90M
NOI $234,064 @ 7.0% cap · market cap 57.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,030
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered units support an owner-occupant arrangement with rental income from the other residence.
Where is this duplex located?
The property is located at 605 Chipeta Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Duplex built in 1904 with 1,762 square feet; Two 2‑bedroom units, each with a dedicated bathroom; Upper residence has a separate entrance and outdoor deck
