NNN Warehouse
For Sale
Contact for pricing
2469 Commerce Blvd, Grand Junction, CO 81505
Single-tenant facility with a corporate guaranty and scheduled annual rent increases.
Property Size13,315 SF
Price / SF$269.68
Days on Market210
Property Features for 2469 Commerce Blvd
General Information
Standard status
Active
Size
13,315 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$215,450
Building Details
Year Built
1978
Year Renovated
2024
Buildings
1
Tenancy
Single
Building Size
13,315 SF
Listing Agency:
Sands Investment Group
Listed By:
Max Freedman · License #TX 644481
Source:
Crexi
Added: Feb 2
Changed: Aug 31
Last Checked: Aug 30 at 6:24PM
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 Sands Investment Group
Investment Insights
Based on property information with market context.
The 13,315-square-foot facility at 2469 Commerce Boulevard was built in 1978 and is associated with Hajoca, also identified as Keenan-Dahl Supply. The property is structured as an NNN investment with a corporate guarantee from Hajoca Corporation, a wholesale distributor serving plumbing, heating, pool, and industrial supply markets.
Lease economics include 3% annual increases, providing a defined escalation schedule within the existing arrangement. Hajoca Corporation operates more than 450 locations across North America, adding corporate scale to the tenancy. The asset is located in Grand Junction, Colorado, and is presented as a single facility rather than a multi-suite property.
Lease economics include 3% annual increases, providing a defined escalation schedule within the existing arrangement. Hajoca Corporation operates more than 450 locations across North America, adding corporate scale to the tenancy. The asset is located in Grand Junction, Colorado, and is presented as a single facility rather than a multi-suite property.
Key Highlights
- 13,315‑square‑foot facility completed in 1978
- NNN lease structure with 3% annual increases
- Corporate guarantee from Hajoca Corporation
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
$124,493
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
3.47%
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%
$2,489,860
$2.5M
Cap Rate 7%
$1,778,471
$1.8M
Cap Rate 9%
$1,383,256
$1.4M
Market Conditions
NOI Build-Up for 13,315 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
$155.0K $11.64/SF
− Vacancy
−$8.5K −$0.64/SF
EGI
$146.5K $11.00/SF
− OpEx
−$22.0K −$1.65/SF
NOI
$124.5K $9.35/SF
Area
Mesa County, CO
Vacancy
5.50%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
15.00%
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%
$2,489,860
Cap Rate 7%
$1,778,471
Cap Rate 9%
$1,383,256
Alternative Uses
Best Use
Warehouse
$1.78M
$1.56M – $2.07M
NOI $124,493 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$25.27M
$22.11M – $29.48M
NOI $1,768,765 @ 7.0% cap · market cap 49.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,658
Businesses Nearby
Explore this area
Business Placement
Demographics for 81505, CO
11,791
Population
5,379
Households
2.2
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
72.1 sq mi
ZIP Area
164
Density / Sq Mi
$87,677
Median Household Income
$46,560
Median Earnings
$1,424
Median Rent
$436,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant facility with a corporate guaranty and scheduled annual rent increases.
Where is this nnn property located?
The property is located at 2469 Commerce Blvd Grand Junction, CO.
What is the asking price?
The asking price for this property is $3,590,838.
What are key features of this property?
This property features: 13,315‑square‑foot facility completed in 1978; NNN lease structure with 3% annual increases; Corporate guarantee from Hajoca Corporation
