Quadplex with Storage
For Sale
$739,000
2045 Bunting Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size2,989 SF
Lot Size0.20 Acres
Price / SF$247.24
Days on Market46
Property Features for 2045 Bunting Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RM-8
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 3
Pets allowed
Yes
Exterior features
DogRun, Shed
Appliances
Dishwasher, ElectricOven, ElectricRange, Disposal, Refrigerator, RangeHood
Lot features
Corner Lot, Landscaped
Elementary school
Orchard Avenue
Middle school
Bookcliff
High school
Grand Junction
Directions
From north avenue and N 21st Street, turn north, turn left on Bunting Ave, property on your left.
Subdivision
Grand Junction City
Standard status
Active
APN
2945-124-25-011
Size
2,989 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2023
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
storage building
fenced yard space
private laundry
Building Details
Year built
1976
Floors in Building
1
Number of units
4
Flooring type
Carpet, Vinyl, Laminate
Building materials
BrickVeneer, WoodSiding, WoodFrame
Roof type
Composition, Asphalt
Architectural style
Ranch
Additional Structures
Shed(s)
Listing Agency:
VENTURE GROUP
(970) 892-2200
Listed By:
Kyle Serrano · License #II100075682
(970) 778-0796
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 11:06PM
MLS# 20263460
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 2,989-square-foot ranch-style quadplex sits on a 0.2-acre parcel and contains four residential units. The property includes a separate storage building with five units, along with fenced yard areas, private laundry service for each residence, and on-site parking. Gas and electric utilities are separately metered.
Built in 1976, the property has received new exterior paint and replacement showers throughout. Two units were comprehensively updated within the last couple of years with refreshed finishes, flooring, fixtures, vanities, showers, and countertops. The asset is fully leased and is located less than one-half mile from CMU in Grand Junction, with a recently constructed car wash nearby. Current cap rate is 7.31%, with a pro forma cap rate of 8.22+%.
Built in 1976, the property has received new exterior paint and replacement showers throughout. Two units were comprehensively updated within the last couple of years with refreshed finishes, flooring, fixtures, vanities, showers, and countertops. The asset is fully leased and is located less than one-half mile from CMU in Grand Junction, with a recently constructed car wash nearby. Current cap rate is 7.31%, with a pro forma cap rate of 8.22+%.
Key Highlights
- Four‑unit quadplex with 2,989 square feet on 0.2 acres
- Five‑unit storage building: four tenant spaces plus one owner/maintenance unit
- Fully leased with a 7.31% current cap rate and 8.22+% pro forma cap rate
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
$29,727
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
4.02%
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%
$594,540
$594.5K
Cap Rate 7%
$424,671
$424.7K
Cap Rate 9%
$330,300
$330.3K
Market Conditions
NOI Build-Up for 2,989 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
$45.9K $15.36/SF
− Vacancy
−$3.4K −$1.15/SF
EGI
$42.5K $14.21/SF
− OpEx
−$12.7K −$4.26/SF
NOI
$29.7K $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%
$594,540
Cap Rate 7%
$424,671
Cap Rate 9%
$330,300
Alternative Uses
Best Use
Multifamily LT 5
$424.7K
$371.6K – $495.5K
NOI $29,727 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$390.0K
$341.2K – $455.0K
NOI $27,298 @ 7.0% cap · market cap 3.69%
Theoretical Best
Healthcare Medical
$5.67M
$4.96M – $6.62M
NOI $397,059 @ 7.0% cap · market cap 53.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased four-unit property with fenced yards, private laundry areas, separate utility metering, and on-site parking.
Where is this quadplex located?
The property is located at 2045 Bunting Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,989 square feet on 0.2 acres; Five‑unit storage building: four tenant spaces plus one owner/maintenance unit; Fully leased with a 7.31% current cap rate and 8.22+% pro forma cap rate
