Four-Unit Apartment
New
For Sale
$795,000
1821 Gunnison Avenue, Grand Junction, CO 81501
Four two-bedroom residences feature individual bathrooms, tenant-paid utilities, and recent boiler and roof replacements.
Property Size3,510 SF
Price / SF$226.50
Days on Market2
Property Features for 1821 Gunnison Avenue
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1953
Buildings
1
Listing Agency:
BRAY REAL ESTATE
Listed By:
John Duffy · License #211
(970) 234-4830
Source:
Buygrandjunctionco
Added: Oct 24
Last Checked: Oct 24 at 2:50PM
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
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Investment Insights
Based on property information with market context.
This 3,510-square-foot apartment property contains four units, each with two bedrooms and one bathroom. Built in 1953, the building has a recently installed boiler and roof. One residence has been fully updated, while the other three are described as being in good condition. Tenants pay all utilities.
The property is at 1821 Gunnison Avenue in Grand Junction, near CMU, downtown, and Lincoln Park.
The property is at 1821 Gunnison Avenue in Grand Junction, near CMU, downtown, and Lincoln Park.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 3,510 square feet; built in 1953
- New boiler and roof installed in the last few years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,909
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$698,180
$698.2K
Cap Rate 7%
$498,700
$498.7K
Cap Rate 9%
$387,878
$387.9K
Market Conditions
NOI Build-Up for 3,510 SF
Gross rent
$53.9K $15.36/SF
− Vacancy
−$4.0K −$1.15/SF
EGI
$49.9K $14.21/SF
− OpEx
−$15.0K −$4.26/SF
NOI
$34.9K $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 Rate 5%
$698,180
Cap Rate 7%
$498,700
Cap Rate 9%
$387,878
Alternative Uses
Best Use
Multifamily LT 5
$498.7K
$436.4K – $581.8K
NOI $34,909 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$457.9K
$400.7K – $534.3K
NOI $32,056 @ 7.0% cap · market cap 4.03%
Theoretical Best
Healthcare Medical
$6.66M
$5.83M – $7.77M
NOI $466,268 @ 7.0% cap · market cap 58.65%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,160
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
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences feature individual bathrooms, tenant-paid utilities, and recent boiler and roof replacements.
Where is this quadplex located?
The property is located at 1821 Gunnison Avenue 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 units, each with 2 bedrooms and 1 bathroom; 3,510 square feet; built in 1953; New boiler and roof installed in the last few years
