Commercial Flex Building with
For Sale
Contact for pricing
321 Pitkin Ave, Grand Junction, CO 81501
Versatile commercial flex building with residential home in downtown.
Property Size4,200 SF
Price / SF$154.52
Days on Market146
Property Features for 321 Pitkin Ave
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Office, Industrial
Zoning
MU-2
Building Details
Year Built
2009
Stories
1
Listing Agency:
Bray Real Estate
(970) 986-0446
Listed By:
Brian Bray · License #CO FA40038007
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Bray Real Estate
Investment Insights
Based on property information with market context.
This unique offering includes a versatile commercial flex building and an 800 square foot residential home featuring two bedrooms and one bathroom. The commercial space is ideal for service providers or contractors, featuring a showroom suitable for reception or workspace. It also includes a 2,000+ square foot shop area with a 14-foot roll-up door and tall ceilings. Significant mezzanine storage is available, though not included in the square footage. Approximately 680 square feet of finished upper-level office space is also present. The residential home can serve as additional office or breakroom space or provide rental income. The backyard offers parking or storage, and the convenient alley provides quick access to Pitkin or South Avenue. The property is located in downtown Grand Junction, with proximity to I-70 Business Loop and Highway 50.
Key Highlights
- Two properties included: a commercial flex building and a residential home.
- Commercial building features a 2,000+ SF shop area with a 14‑foot roll‑up door and tall ceilings.
- The commercial building includes approximately 680 SF of finished upper‑level office space.
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
$43,821
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
6.75%
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%
$876,420
$876.4K
Cap Rate 7%
$626,014
$626.0K
Cap Rate 9%
$486,900
$486.9K
Market Conditions
NOI Build-Up for 4,200 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
$73.1K $17.40/SF
− Vacancy
−$5.7K −$1.35/SF
EGI
$67.4K $16.05/SF
− OpEx
−$23.6K −$5.62/SF
NOI
$43.8K $10.43/SF
Area
Mesa County, CO
Vacancy
7.75%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$876,420
Cap Rate 7%
$626,014
Cap Rate 9%
$486,900
Alternative Uses
Best Use
Flex RnD
$626.0K
$547.8K – $730.4K
NOI $43,821 @ 7.0% cap · market cap 6.75%
Second Best
Office B
$567.0K
$496.1K – $661.5K
NOI $39,690 @ 7.0% cap · market cap 6.12%
Theoretical Best
Healthcare Medical
$7.97M
$6.97M – $9.30M
NOI $557,928 @ 7.0% cap · market cap 85.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,140
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile commercial flex building with residential home in downtown.
Where is this mixed-use property located?
The property is located at 321 Pitkin Ave Grand Junction, CO.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two properties included: a commercial flex building and a residential home.; Commercial building features a 2,000+ SF shop area with a 14‑foot roll‑up door and tall ceilings.; The commercial building includes approximately 680 SF of finished upper‑level office space.
