MU-2 Medical Office
For Sale
$225,000
502 28 1/2 Road, Grand Junction, CO 81501
CommercialSale, Grand Junction, CO
Property Size1,440 SF
Price / SF$156.25
Days on Market509
Property Features for 502 28 1/2 Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
MU-2
Lot features
Irregular Lot
Directions
East on North Ave, North on 28 1/2 Road, business is on the right.
Subdivision
Grand Junction City
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
4549
Listing Agency:
CANYON VIEW REALTY & PROPERTY MANAGEMENT
(970) 244-2920
Listed By:
Connie Barker · License #FA100073993
(970) 210-1848
Added: Apr 11, 2025
Changed: Aug 31
Last Checked: Sep 1 at 4:06AM
MLS# 20252186
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 1,440-square-foot commercial building is classified as Medical Office Space and carries MU-2 zoning. The interior was previously configured for a spay/neuter clinic, with areas for treatment, reception, and administrative functions. That existing arrangement provides a practical starting point for medical or professional occupancy, while the zoning also supports retail use as stated in the property information.
The building is located at 502 28 1/2 Road in Grand Junction, just off North Ave. Its position provides access to the North Ave corridor and places the property within Mesa County’s 81501 postal area.
The building is located at 502 28 1/2 Road in Grand Junction, just off North Ave. Its position provides access to the North Ave corridor and places the property within Mesa County’s 81501 postal area.
Key Highlights
- 1,440‑square‑foot commercial building
- MU‑2 zoning supports medical, professional, or retail uses
- Previously configured as a spay/neuter clinic
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
$13,608
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
6.05%
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%
$272,160
$272.2K
Cap Rate 7%
$194,400
$194.4K
Cap Rate 9%
$151,200
$151.2K
Market Conditions
NOI Build-Up for 1,440 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
$25.9K $18.00/SF
− Vacancy
−$7.8K −$5.40/SF
EGI
$18.1K $12.60/SF
− OpEx
−$4.5K −$3.15/SF
NOI
$13.6K $9.45/SF
Area
Mesa County, CO
Vacancy
30.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$272,160
Cap Rate 7%
$194,400
Cap Rate 9%
$151,200
Alternative Uses
Best Use
Healthcare Medical
$2.73M
$2.39M – $3.19M
NOI $191,290 @ 7.0% cap · market cap 85.02%
Second Best
Office B
$194.4K
$170.1K – $226.8K
NOI $13,608 @ 7.0% cap · market cap 6.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Animal Birth Control — 502 28 1/2 Rd, Grand Junction, CO 81501
Frequently Asked Questions
What type of property is this?
Medical Office Space - MU-2 zoning supports medical, professional, or retail use.
Where is this medical office space located?
The property is located at 502 28 1/2 Road Grand Junction, CO.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,440‑square‑foot commercial building; MU‑2 zoning supports medical, professional, or retail uses; Previously configured as a spay/neuter clinic
