Medical Office Space with Reception
For Sale
$225,000
502 28 1/2 Road, Grand Junction, CO 81501
CommercialSale, Grand Junction, CO
Property Size1,440 SF
Price / SF$156.25
Days on Market497
Property Features for 502 28 1/2 Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
MU-2
Lot features
Irregular Lot
Directions
East on North Ave, North on 28 1/2 Road, business is on the right.
Subdivision
Grand Junction City
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
4549
Listing Agency:
CANYON VIEW REALTY & PROPERTY MANAGEMENT
(970) 244-2920
Listed By:
Connie Barker · License #FA100073993
(970) 210-1848
Added: Apr 11, 2025
Changed: Aug 20
Last Checked: Aug 20 at 5:06AM
MLS# 20252186
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 1,440-square-foot medical office property has an interior arrangement that includes treatment areas, reception space, and administrative rooms. The building was previously configured for use as a spay/neuter clinic, providing an existing framework for medical operations while also supporting other professional or retail applications identified under its MU-2 zoning.
The property is located just off North Ave in Grand Junction, Colorado, at 502 28 1/2 Road. Its position provides access to the North Ave corridor, with the building’s layout offering a practical starting point for an owner-user or operator seeking dedicated commercial space.
The property is located just off North Ave in Grand Junction, Colorado, at 502 28 1/2 Road. Its position provides access to the North Ave corridor, with the building’s layout offering a practical starting point for an owner-user or operator seeking dedicated commercial space.
Key Highlights
- 1,440 square feet of commercial building space
- MU‑2 zoning with medical, professional, and retail use options
- Previously configured as a spay/neuter clinic
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
$13,608
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
6.05%
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%
$272,160
$272.2K
Cap Rate 7%
$194,400
$194.4K
Cap Rate 9%
$151,200
$151.2K
Market Conditions
NOI Build-Up for 1,440 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
$25.9K $18.00/SF
− Vacancy
−$7.8K −$5.40/SF
EGI
$18.1K $12.60/SF
− OpEx
−$4.5K −$3.15/SF
NOI
$13.6K $9.45/SF
Area
Mesa County, CO
Vacancy
30.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$272,160
Cap Rate 7%
$194,400
Cap Rate 9%
$151,200
Alternative Uses
Best Use
Healthcare Medical
$2.73M
$2.39M – $3.19M
NOI $191,290 @ 7.0% cap · market cap 85.02%
Second Best
Office B
$194.4K
$170.1K – $226.8K
NOI $13,608 @ 7.0% cap · market cap 6.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Animal Birth Control — 502 28 1/2 Rd, Grand Junction, CO 81501
Frequently Asked Questions
What type of property is this?
Medical Office Space - MU-2 zoning accommodates medical, professional, and retail use options.
Where is this medical office space located?
The property is located at 502 28 1/2 Road Grand Junction, CO.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,440 square feet of commercial building space; MU‑2 zoning with medical, professional, and retail use options; Previously configured as a spay/neuter clinic
