12-Unit Apartment
For Sale
$2,900,000
501 Independent Avenue, Grand Junction, CO 81505
MULTI_FAMILY - Other - Grand Junction, CO
Property Size17,259 SF
Lot Size0.16 Acres
Price / SF$168.03
Days on Market92
Property Features for 501 Independent Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RH-16
Bedrooms
33
Bathrooms
23
Full bathrooms
23
Rooms
Bedroom 22, Bedroom 19, Bedroom 20, Bedroom 33, Bedroom 21, Bedroom 17, Bathroom 3, Bathroom 16, Bedroom 23, Bedroom 25, Bathroom 7, Bedroom 9, Bedroom 2, Bedroom 12, Bedroom 16, Bedroom 24, Bedroom 8, Bedroom 11, Bedroom 32, Bedroom 4, Bedroom 18, Bathroom 5, Bedroom 29, Bedroom 30, Bathroom 17, Bedroom 28, Bedroom 26, Bedroom 1, Bathroom 6, Bathroom 2, Bedroom 7, Bedroom 3, Bedroom 14, Bathroom 15, Bathroom 21, Bathroom 14, Bathroom 20, Bathroom 9, Bedroom 27, Bathroom 23, Bathroom 19, Bathroom 12, Bathroom 22, Bathroom 13, Bathroom 1, Bathroom 10, Bedroom 10, Bedroom 13, Bedroom 31, Bedroom 5, Bathroom 18, Bedroom 6, Bathroom 4, Bathroom 8, Bedroom 15, Bathroom 11
Patio and Porch features
Deck
Interior features
WindowTreatments
Appliances
Dishwasher, ElectricOven, ElectricRange
Subdivision
Area 15 Merchand
Lot features
Xeriscape
Elementary school
Pomona
Middle school
West
High school
Grand Junction
Directions
From 1st Street and North Avenue head West on Independent Avenue to property.
Standard status
Active
APN
2945-104-00-033
Size
17,259 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7513
Utilities
Heating system
Baseboard, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
washer/dryer hookups
electric range oven
refrigerator
dishwasher
Building Details
Year built
2001
Floors in Building
2
Number of units
12
Flooring type
Carpet
Building materials
WoodSiding, WoodFrame
Roof type
Composition, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX 4000, INC
(970) 241-4000
Listed By:
Brandon Palmer · License #FA100044031
(970) 712-6868
Added: May 4
Changed: Aug 2
Last Checked: Aug 3 at 1:06PM
MLS# 20262136
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 12-unit apartment building includes nine 3-bedroom, 2-bath units and three 2-bedroom, 2-bath units, each with an attached garage space. Built in 2001, the property is constructed with wood frame and wood siding and features composition and asphalt roofing. Interior amenities include window treatments, and each unit is set up with washer/dryer hookups. Common in-unit appliances include an electric range oven, refrigerator, and dishwasher.
Exterior and building systems updates include new siding, roofing, stairs, fire sprinkler systems, and improved insulation. The property also includes deck/patio space and uses public water.
With a 0.16-acre lot and a total property size of 17,259 SF, this complex is designed for straightforward, low-maintenance ownership and continued tenant use.
Exterior and building systems updates include new siding, roofing, stairs, fire sprinkler systems, and improved insulation. The property also includes deck/patio space and uses public water.
With a 0.16-acre lot and a total property size of 17,259 SF, this complex is designed for straightforward, low-maintenance ownership and continued tenant use.
Key Highlights
- 12 units: nine 3‑bed/2‑bath and three 2‑bed/2‑bath, each with an attached garage
- Washer/dryer hookups in all units
- Electric range oven, refrigerator, and dishwasher included in each unit
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $310.7k | $18.00 |
| − Vacancy | −$24.1k | −$1.40 |
| EGI | $286.6k | $16.61 |
| − OpEx | −$129.0k | −$7.47 |
| NOI | $157.6k | $9.13 |
17,259 SF · lease $18.00/SF/yr · vacancy 7.75% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,622 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$32.75M
$28.66M – $38.21M
NOI $2,292,686 @ 7.0% cap · market cap 79.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,078
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve apartment units with attached garages, washer/dryer hookups, and updated exterior elements including siding and roofing.
Where is this apartment building located?
The property is located at 501 Independent Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 12 units: nine 3‑bed/2‑bath and three 2‑bed/2‑bath, each with an attached garage; Washer/dryer hookups in all units; Electric range oven, refrigerator, and dishwasher included in each unit
