12-Unit Apartment
501 Independent Avenue, Grand Junction, CO 81505
For Sale
$2,900,000
Residential, Grand Junction, CO
Property Size17,259 SF
Lot Size0.16 Acres
Price / SF$168.03
Days on Market191
Property Features for 501 Independent Avenue
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Appliances
Subdivision
Lot features
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Water source
Amenities
washer/dryer hookups
electric range oven
refrigerator
dishwasher
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
RE/MAX 4000, INC
(970) 241-4000
Listed By:
Brandon Palmer · License CO FA100044031
(970) 712-6868
Added: May 4
Changed: Oct 31
Last Checked: Nov 10 at 1:06AM
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.
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Investment Insights
Based on property information with market context.
This 12-unit apartment property in Grand Junction contains nine three-bedroom, two-bath residences and three two-bedroom, two-bath residences. The 17,259-square-foot complex was built in 2001 on 0.16 acres, with attached garage spaces serving the units. Recent property improvements include new siding, roofing, stairs, fire sprinkler systems, and upgraded insulation.
Each residence includes washer and dryer hookups, an electric range, refrigerator, and dishwasher. Additional features include natural-gas hot-water baseboard heating, carpeted flooring, decks, and public water service. The unit mix offers a blend of larger and smaller floor plans within a single multifamily asset.
Each residence includes washer and dryer hookups, an electric range, refrigerator, and dishwasher. Additional features include natural-gas hot-water baseboard heating, carpeted flooring, decks, and public water service. The unit mix offers a blend of larger and smaller floor plans within a single multifamily asset.
Key Highlights
- 12 units: nine 3‑bedroom/2‑bath and three 2‑bedroom/2‑bath residences
- 17,259‑square‑foot apartment complex on 0.16 acres
- Attached garage spaces serve the apartment units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$157,622
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,152,440
$3.2M
Cap Rate 7%
$2,251,743
$2.3M
Cap Rate 9%
$1,751,356
$1.8M
Market Conditions
NOI Build-Up for 17,259 SF
Gross rent
$310.7K $18.00/SF
− Vacancy
−$24.1K −$1.40/SF
EGI
$286.6K $16.61/SF
− OpEx
−$129.0K −$7.47/SF
NOI
$157.6K $9.13/SF
Area
Mesa County, CO
Vacancy
7.75%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,152,440
Cap Rate 7%
$2,251,743
Cap Rate 9%
$1,751,356
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
Specialty Retail
$3.62M
$3.17M – $4.23M
NOI $253,628 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
12
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Exterior improvements include siding, roofing, stairs, sprinklers, and insulation.
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‑bedroom/2‑bath and three 2‑bedroom/2‑bath residences; 17,259‑square‑foot apartment complex on 0.16 acres; Attached garage spaces serve the apartment units
