Stucco Ranch
For Sale
$795,000
2348 Carolina Drive, Grand Junction, CO 81507
Residential, Grand Junction, CO
Property Size2,778 SF
Lot Size0.49 Acres
Price / SF$286.18
Days on Market94
Property Features for 2348 Carolina Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RSF4
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1
Parking features
Open, RV
Patio and Porch features
Patio
Interior features
CeilingFans, LaminateCounters, Pantry, WalkInClosets
Exterior features
SprinklerIrrigation
Appliances
Dishwasher, ElectricOven, ElectricRange, Disposal, Microwave, Refrigerator
Lot features
Corner Lot, Landscaped, Sprinkler System
Elementary school
Broadway
Middle school
Redlands
High school
Grand Junction
Directions
Broadway to Vista Grande, turn North to Carolina - turn West
Subdivision
Redlands
Standard status
Active
APN
2945-172-10-003
Size
2,778 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2883
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
covered patio
privacy fence
central air
Building Details
Year built
2014
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile, Carpet, Simulatedwood
Building materials
Stucco, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Ranch
Listing Agency:
RE/MAX 4000, INC
(970) 241-4000
Listed By:
Lori Maser Jones · License #325
(970) 201-8000
Added: Jun 11
Changed: Sep 12
Last Checked: Sep 12 at 8:06AM
MLS# 20262792
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.
Built in 2014, this stucco ranch-style duplex contains two mirrored residences totaling 2,778 square feet. Each side offers 1,389 square feet with 3 bedrooms, 2 bathrooms, an open-concept living area, split-bedroom arrangement, laminate flooring, central air, forced-air natural gas heat, and a 2-car garage. Both units also include a private yard, covered patio, privacy fencing, and RV parking. Public water serves the property, and the construction includes a stem wall foundation with asphalt composition roofing.
The duplex occupies 0.49 acres at 2348 Carolina Drive in Grand Junction’s Redlands area. The property has no covenants and includes practical interior features such as walk-in closets, pantry storage, ceiling fans, and laminate counters. Each residence is separately configured while sharing the same overall building design.
The duplex occupies 0.49 acres at 2348 Carolina Drive in Grand Junction’s Redlands area. The property has no covenants and includes practical interior features such as walk-in closets, pantry storage, ceiling fans, and laminate counters. Each residence is separately configured while sharing the same overall building design.
Key Highlights
- Two‑unit duplex totaling 2,778 square feet
- Each unit measures 1,389 square feet with 3 bedrooms and 2 bathrooms
- Built in 2014 with stucco ranch‑style construction
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
$27,629
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
3.48%
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%
$552,580
$552.6K
Cap Rate 7%
$394,700
$394.7K
Cap Rate 9%
$306,989
$307.0K
Market Conditions
NOI Build-Up for 2,778 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
$42.7K $15.36/SF
− Vacancy
−$3.2K −$1.15/SF
EGI
$39.5K $14.21/SF
− OpEx
−$11.8K −$4.26/SF
NOI
$27.6K $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%
$552,580
Cap Rate 7%
$394,700
Cap Rate 9%
$306,989
Alternative Uses
Best Use
Multifamily LT 5
$394.7K
$345.4K – $460.5K
NOI $27,629 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$362.4K
$317.1K – $422.9K
NOI $25,371 @ 7.0% cap · market cap 3.19%
Theoretical Best
Healthcare Medical
$5.27M
$4.61M – $6.15M
NOI $369,030 @ 7.0% cap · market cap 46.42%
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
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 81507, CO
16,053
Population
7,256
Households
2.2
Avg Household Size
51
Median Age
56%
College-Educated
98%
High-School Grad
112.2 sq mi
ZIP Area
143
Density / Sq Mi
$106,039
Median Household Income
$53,084
Median Earnings
$1,580
Median Rent
$491,300
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 mirrored residences provide private yards, covered patios, garages, and separate living areas.
Where is this duplex located?
The property is located at 2348 Carolina Drive 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: Two‑unit duplex totaling 2,778 square feet; Each unit measures 1,389 square feet with 3 bedrooms and 2 bathrooms; Built in 2014 with stucco ranch‑style construction
