17-Unit Apartment
518 28 Road, Grand Junction, CO 81501
For Sale
Contact for pricing
Interior improvements include refreshed kitchens, bathrooms, lighting, and flooring.
Property Size11,272 SF
Price / SF$217.35
Days on Market48
Property Features for 518 28 Road
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Buildings
Listing Agency:
Venture Group
Listed By:
Theresa Englbrecht · License CO FA100006764
(970) 201-1849
Source:
Crexi
Added: Sep 24
Changed: Nov 9
Last Checked: Nov 8 at 4:21PM
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 Venture Group
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Investment Insights
Based on property information with market context.
This 17-unit apartment property contains 11,272 square feet, with 16 one-bedroom apartments and one two-bedroom apartment. Improvements include updated kitchens, bathrooms, lighting, and flooring, giving the interiors a contemporary finish.
The building occupies the northeast corner of 28 Road and Elm Street in Grand Junction, Colorado.
The building occupies the northeast corner of 28 Road and Elm Street in Grand Junction, Colorado.
Key Highlights
- 17 apartments totaling 11,272 square feet
- Unit mix includes 16 one‑bedroom apartments and one two‑bedroom apartment
- Updated kitchens, bathrooms, lighting, and flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,944
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,058,880
$2.1M
Cap Rate 7%
$1,470,629
$1.5M
Cap Rate 9%
$1,143,822
$1.1M
Market Conditions
NOI Build-Up for 11,272 SF
Gross rent
$202.9K $18.00/SF
− Vacancy
−$15.7K −$1.40/SF
EGI
$187.2K $16.61/SF
− OpEx
−$84.2K −$7.47/SF
NOI
$102.9K $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%
$2,058,880
Cap Rate 7%
$1,470,629
Cap Rate 9%
$1,143,822
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $102,944 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,647 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Interior improvements include refreshed kitchens, bathrooms, lighting, and flooring.
Where is this apartment building located?
The property is located at 518 28 Road Grand Junction, CO.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 17 apartments totaling 11,272 square feet; Unit mix includes 16 one‑bedroom apartments and one two‑bedroom apartment; Updated kitchens, bathrooms, lighting, and flooring
