Live-Work Space with Sink-Equipped
New
For Sale
$387,000
3198 Elm Avenue, Grand Junction, CO 81504
CommercialSale, Grand Junction, CO
Property Size2,219 SF
Price / SF$174.40
Days on Market6
Property Features for 3198 Elm Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
PUD
Lot features
Corner Lot
Directions
NW Corner of Elm Avenue and 32 Road
Subdivision
SE Grand Junction
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
1362
Listing Agency:
VENTURE GROUP
(970) 892-2200
Listed By:
Theresa Englbrecht · License #FA100006764
(970) 201-1849
Added: Oct 1
Changed: Oct 6
Last Checked: Oct 6 at 9:06AM
MLS# 20264921
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 2,219-square-foot live-work property combines a private residence with a former dental office area. The living quarters include two bedrooms, a living room, a kitchen, and one bathroom. The business portion is arranged as four rooms, each with a sink.
The layout brings residential and professional space together within one property. The office area’s existing room and sink configuration is a defining physical feature, alongside the separate living quarters.
The layout brings residential and professional space together within one property. The office area’s existing room and sink configuration is a defining physical feature, alongside the separate living quarters.
Key Highlights
- 2,219 SF of combined live‑work space
- Residential area includes two bedrooms, a living room, kitchen, and one bathroom
- Four professional rooms, each equipped with a sink
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,970
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$419,400
$419.4K
Cap Rate 7%
$299,571
$299.6K
Cap Rate 9%
$233,000
$233.0K
Market Conditions
NOI Build-Up for 2,219 SF
Gross rent
$39.9K $18.00/SF
− Vacancy
−$12.0K −$5.40/SF
EGI
$28.0K $12.60/SF
− OpEx
−$7.0K −$3.15/SF
NOI
$21.0K $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 Rate 5%
$419,400
Cap Rate 7%
$299,571
Cap Rate 9%
$233,000
Alternative Uses
Best Use
Healthcare Medical
$4.21M
$3.68M – $4.91M
NOI $294,772 @ 7.0% cap · market cap 76.17%
Second Best
Office B
$299.6K
$262.1K – $349.5K
NOI $20,970 @ 7.0% cap · market cap 5.42%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 81504, CO
31,150
Population
13,042
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
91%
High-School Grad
26.9 sq mi
ZIP Area
1,158
Density / Sq Mi
$67,907
Median Household Income
$40,402
Median Earnings
$1,414
Median Rent
$290,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Live-work space - A private residential area is paired with a four-room professional workspace.
Where is this live-work space located?
The property is located at 3198 Elm Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $387,000.
What are key features of this property?
This property features: 2,219 SF of combined live‑work space; Residential area includes two bedrooms, a living room, kitchen, and one bathroom; Four professional rooms, each equipped with a sink
