Freestanding Office Building with
For Sale
$3,200,000
516 28 Rd, Grand Junction, CO 81501
Freestanding 12,360 SF office building on a 1.45-acre lot with direct access from 28 Road.
Property Size12,360 SF
Lot Size1.45 Acres
Price / SF$258.90
Days on Market32
Property Features for 516 28 Rd
General Information
Standard status
Active
Size
12,360 SF
Lot size
1.45 Acres
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$46,855
Listing Agency:
S.U.R.E., LLC
(970) 778-5083
Listed By:
KATIE DAVIS · License #FA.100094662
(970) 778-5083
Source:
Exprealty
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 24 at 9:19AM
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 S.U.R.E., LLC
Investment Insights
Based on property information with market context.
This offering presents a free-standing office building totaling 12,360 square feet situated on a 1.45-acre lot. The property includes ample parking and is described as having modern amenities, with direct access from 28 Road.
Located at 516 28 Road in Grand Junction, Colorado, the site is positioned to support straightforward arrival and on-site parking needs for office users.
The building and site configuration are designed around a standalone footprint, providing an independent property layout with vehicle access directly from 28 Road.
Located at 516 28 Road in Grand Junction, Colorado, the site is positioned to support straightforward arrival and on-site parking needs for office users.
The building and site configuration are designed around a standalone footprint, providing an independent property layout with vehicle access directly from 28 Road.
Key Highlights
- 12,360 SF freestanding building on a 1.45‑acre lot
- Direct access from 28 Road
- Ample parking on site
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
$116,802
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
3.65%
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%
$2,336,040
$2.3M
Cap Rate 7%
$1,668,600
$1.7M
Cap Rate 9%
$1,297,800
$1.3M
Market Conditions
NOI Build-Up for 12,360 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
$222.5K $18.00/SF
− Vacancy
−$66.7K −$5.40/SF
EGI
$155.7K $12.60/SF
− OpEx
−$38.9K −$3.15/SF
NOI
$116.8K $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%
$2,336,040
Cap Rate 7%
$1,668,600
Cap Rate 9%
$1,297,800
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $116,802 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$23.46M
$20.52M – $27.37M
NOI $1,641,902 @ 7.0% cap · market cap 51.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
781
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding 12,360 SF office building on a 1.45-acre lot with direct access from 28 Road.
Where is this office building located?
The property is located at 516 28 Rd Grand Junction, CO.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 12,360 SF freestanding building on a 1.45‑acre lot; Direct access from 28 Road; Ample parking on site
