Sherwood Park Leased Units
For Sale
$799,000
403 Kennedy Ave, Grand Junction, CO 81501
Leased units in updated building with private parking lot.
Property Size4,590 SF
Price / SF$174.07
Days on Market259
Property Features for 403 Kennedy Ave
General Information
Standard status
Active
Size
4,590 SF
Taxes and HOA fees
Annual Taxes
$9,574
Listing Agency:
THE AGENCY GRAND JUNCTION
(970) 236-3636
Listed By:
JAN KIMBROUGH MILLER - THE KIMBROUGH TEAM · License #100013124
(970) 250-6781
Source:
Exprealty
Added: Feb 4
Changed: Oct 21
Last Checked: Oct 20 at 9:24PM
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 THE AGENCY GRAND JUNCTION
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Investment Insights
Based on property information with market context.
Located on Sherwood Park, this stand-alone building features five leased units and a private parking lot. The property underwent a complete interior, exterior, and major mechanical systems update in 2018. It includes ADA-compliant bathrooms and entrances. The property offers the option to continue leasing all units or to occupy one or more units for business use. Zoned MU-1, refer to associated documents for allowed uses. The property size is 4590 square feet. The capitalization rate, based on net operating income, is 6.1%.
Key Highlights
- Prime location on Sherwood Park.
- Fully updated in 2018, including interior, exterior, and major mechanicals.
- Stand‑alone building with private parking lot.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,537
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$870,740
$870.7K
Cap Rate 7%
$621,957
$622.0K
Cap Rate 9%
$483,744
$483.7K
Market Conditions
NOI Build-Up for 4,590 SF
Gross rent
$66.1K $14.40/SF
− Vacancy
−$3.9K −$0.85/SF
EGI
$62.2K $13.55/SF
− OpEx
−$18.7K −$4.07/SF
NOI
$43.5K $9.49/SF
Area
Mesa County, CO
Vacancy
5.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$870,740
Cap Rate 7%
$621,957
Cap Rate 9%
$483,744
Alternative Uses
Best Use
Retail
$622.0K
$544.2K – $725.6K
NOI $43,537 @ 7.0% cap · market cap 5.45%
Second Best
Office B
$619.7K
$542.2K – $722.9K
NOI $43,376 @ 7.0% cap · market cap 5.43%
Theoretical Best
Healthcare Medical
$8.71M
$7.62M – $10.16M
NOI $609,736 @ 7.0% cap · market cap 76.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,211
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 Office in West region
Frequently Asked Questions
What type of property is this?
Retail space - Leased units in updated building with private parking lot.
Where is this retail space located?
The property is located at 403 Kennedy Ave Grand Junction, CO.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime location on Sherwood Park.; Fully updated in 2018, including interior, exterior, and major mechanicals.; Stand‑alone building with private parking lot.
