Apartment Building with Attached
501 Independent Avenue, Grand Junction, CO 81505
MULTI_FAMILY - Other - Grand Junction, CO
Property size:
17,259 SFLot size:
0.16 AcresPrice / SF:
$168/SF- Added:
- May 4, 2026
- Days on Market:
- 47
- Last Refresh:
- Jun 19 at 6:06 am
Property Features for 501 Independent Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 33
- Bathrooms
- 23
- Rooms
- Bedroom 7, Bedroom 12, Bedroom 29, Bedroom 1, Bathroom 15, Bathroom 9, Bedroom 21, Bedroom 28, Bedroom 9, Bedroom 10, Bathroom 8, Bedroom 6, Bathroom 7, Bathroom 2, Bathroom 1, Bathroom 23, Bedroom 14, Bathroom 11, Bathroom 17, Bedroom 2, Bedroom 3, Bathroom 18, Bathroom 22, Bedroom 19, Bedroom 5, Bedroom 4, Bedroom 32, Bedroom 25, Bathroom 14, Bedroom 8, Bedroom 27, Bedroom 16, Bedroom 31, Bedroom 30, Bathroom 16, Bedroom 17, Bathroom 5, Bathroom 21, Bedroom 11, Bedroom 22, Bathroom 3, Bathroom 13, Bedroom 23, Bathroom 4, Bedroom 13, Bedroom 15, Bedroom 18, Bedroom 24, Bedroom 26, Bathroom 10, Bedroom 20, Bathroom 12, Bathroom 19, Bathroom 20, Bathroom 6, Bedroom 33
- Patio and Porch features
- Deck
- Interior features
- WindowTreatments
- Appliances
- Dishwasher, ElectricOven, ElectricRange
- 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
- Hot Water(Heating), Natural Gas, Baseboard
- Water source
- Public
Building Details
- Year built
- 2001
- Floors in Building
- 2
- Number of units
- 12
- Flooring type
- Carpet
- Building materials
- WoodSiding, WoodFrame
- Roof type
- Asphalt, Composition
- Architectural style
- Other
Listing agent Brandon Palmer License #FA100044031 (970) 712-6868
Listing office RE/MAX 4000, INC 120 W PARK DR STE 200, GRAND JUNCTION, CO (970) 241-4000
Listing date May 4, 2026
MLS# 20262136
Listing URL
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.
HighLights
- 12‑unit apartment complex built in 2001: nine 3 bed/2 bath units and three 2 bed/2 bath units
- Each unit has an attached garage space
- All units include washer/dryer hookups and appliances: electric range/oven, refrigerator, and dishwasher
- Heating includes natural gas with baseboard and hot water heating; public water service
- Reported improvements include new siding, roofing, stairs, fire sprinkler system, and improved insulation
- NOI projected to increase by $8k–$9k in 2027; also noted potential to add another 4‑plex
Overview
This for-sale apartment building includes 12 units, consisting of nine 3 bed/2 bath layouts and three 2 bed/2 bath layouts. Each unit provides an attached garage space. The property has undergone recent exterior and systems improvements, including new siding, roofing, stairs, fire sprinkler systems, and improved insulation.
The building is listed at 501 Independent Avenue in Grand Junction, Colorado (Mesa County). The offering notes central location and on-site apartment amenities including washer/dryer hookups. Each unit is described as including an electric range/oven, refrigerator, and dishwasher.
For buyers seeking a small multifamily property, the unit mix supports a range of household sizes with consistent in-unit appliance packages and laundry hookups across the building. Recent capital items called out in the listing may help reduce near-term maintenance concerns associated with those components. All information is provided for buyer verification.
The building is listed at 501 Independent Avenue in Grand Junction, Colorado (Mesa County). The offering notes central location and on-site apartment amenities including washer/dryer hookups. Each unit is described as including an electric range/oven, refrigerator, and dishwasher.
For buyers seeking a small multifamily property, the unit mix supports a range of household sizes with consistent in-unit appliance packages and laundry hookups across the building. Recent capital items called out in the listing may help reduce near-term maintenance concerns associated with those components. All information is provided for buyer verification.
Local 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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Grand Junction
- County
- Mesa
- State
- Colorado
- Longitude
- -108.575791
- Latitude
- 39.080758
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Twelve-unit apartment building with attached garage spaces and in-unit laundry hookups, offering resident-ready apartment features.
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‑unit apartment complex built in 2001: nine 3 bed/2 bath units and three 2 bed/2 bath units; Each unit has an attached garage space; All units include washer/dryer hookups and appliances: electric range/oven, refrigerator, and dishwasher
