3-Unit Triplex with
New
For Sale
$683,000
236 Gunnison Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size1,978 SF
Lot Size0.17 Acres
Price / SF$345.30
Days on Market3
Property Features for 236 Gunnison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
RES
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bedroom 3, Basement, Bedroom 2, Bathroom 2, Bedroom 1
Patio and Porch features
Patio
Interior features
LaminateCounters
Exterior features
Shed, SprinklerIrrigation
Appliances
Refrigerator, RangeHood
Subdivision
City of Grd Jct
Lot features
Landscaped, Sprinkler System
Elementary school
Chipeta
Middle school
West
High school
Grand Junction
Directions
From 1st Street and Patterson Road. Head South on 1st Street. Turn left onto Gunnison Avenue. Home is on left hand side.
Standard status
Active
APN
2945-142-23-012
Size
1,978 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1782
Utilities
Heating system
Hot Water(Heating), Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1939
Number of units
3
Flooring type
Laminate, Simulatedwood, Hardwood
Building materials
Stucco, WoodSiding, WoodFrame
Roof type
Asphalt, Composition
Additional Structures
Outbuilding
Listing Agency:
RE/MAX 4000, INC
(970) 241-4000
Listed By:
Jim Brunswick - The Brunswick Team
(970) 640-4322
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 1:06AM
MLS# 20264563
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 1,978-square-foot triplex on a 0.17-acre lot includes three distinct living spaces. The updated main-level residence provides 2 bedrooms and 2 bathrooms. A lower-level unit has a private entrance, 1 bedroom, 1 bathroom, and kitchenette; its basement bedroom is non-conforming because of an existing non-egress window. The detached ADU adds another 1-bedroom, 1-bathroom living space with kitchenette.
Two secondary units are currently occupied, and both tenants have expressed interest in remaining. The property was built in 1939 and includes a patio, shed, sprinkler irrigation, public water, natural-gas heating, and a combination of laminate, simulated wood, and hardwood flooring. Its location at 236 Gunnison Avenue provides access to Downtown Grand Junction, Colorado Mesa University, restaurants, shopping, parks, and entertainment.
Two secondary units are currently occupied, and both tenants have expressed interest in remaining. The property was built in 1939 and includes a patio, shed, sprinkler irrigation, public water, natural-gas heating, and a combination of laminate, simulated wood, and hardwood flooring. Its location at 236 Gunnison Avenue provides access to Downtown Grand Junction, Colorado Mesa University, restaurants, shopping, parks, and entertainment.
Key Highlights
- 1,978 square feet on a 0.17‑acre lot
- Three distinct living spaces, including a detached ADU
- Main residence includes 2 bedrooms and 2 bathrooms
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
$19,672
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
2.88%
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%
$393,440
$393.4K
Cap Rate 7%
$281,029
$281.0K
Cap Rate 9%
$218,578
$218.6K
Market Conditions
NOI Build-Up for 1,978 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
$30.4K $15.36/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$28.1K $14.21/SF
− OpEx
−$8.4K −$4.26/SF
NOI
$19.7K $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%
$393,440
Cap Rate 7%
$281,029
Cap Rate 9%
$218,578
Alternative Uses
Best Use
Multifamily LT 5
$281.0K
$245.9K – $327.9K
NOI $19,672 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$258.1K
$225.8K – $301.1K
NOI $18,065 @ 7.0% cap · market cap 2.64%
Theoretical Best
Healthcare Medical
$3.75M
$3.28M – $4.38M
NOI $262,758 @ 7.0% cap · market cap 38.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,537
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Includes a two-bedroom main residence plus two one-bedroom secondary living spaces with kitchenettes.
Where is this triplex located?
The property is located at 236 Gunnison Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $683,000.
What are key features of this property?
This property features: 1,978 square feet on a 0.17‑acre lot; Three distinct living spaces, including a detached ADU; Main residence includes 2 bedrooms and 2 bathrooms
