Updated Four-Unit
New
For Sale
$650,000
558 Garfield Drive, Grand Junction, CO 81504
Residential, Grand Junction, CO
Property Size3,824 SF
Lot Size0.25 Acres
Price / SF$169.98
Days on Market2
Property Features for 558 Garfield Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
Multi
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Patio and Porch features
Patio
Appliances
Dishwasher, ElectricOven, ElectricRange, Refrigerator
Subdivision
Bookcliff Terra
Lot features
Landscaped
Elementary school
Fruitvale
Middle school
Bookcliff
High school
Central
Directions
From 29 road & Patterson drive South to Orchard Ave turn east (left) on Orchard, turn left on Garfield Drive
Standard status
Active
APN
29743-082-27-004
Size
3,824 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2391
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Linoleum, Carpet
Building materials
Masonite, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Other
Listing Agency:
MOUNTAIN VALLEY REAL ESTATE
(970) 263-7250
Listed By:
Micah Fritzel
(970) 261-1150
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 6:06PM
MLS# 20264170
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.
Built in 1981, this quadplex contains four residential units totaling 3,824 square feet on a 0.25-acre lot. Units 1 and 4 feature LVP flooring and fresh paint, while Units 2 and 3 are occupied by long-term tenants. Interior finishes include vinyl, linoleum, and carpet, with natural-gas forced-air heating serving the property.
The property includes dishwashers, electric ovens, electric ranges, and refrigerators. Additional features include a patio, public water service, and an asphalt composition roof. The current cap rate is 6.5%. Located in Grand Junction, the property is identified by the address 558 Garfield Drive.
The property includes dishwashers, electric ovens, electric ranges, and refrigerators. Additional features include a patio, public water service, and an asphalt composition roof. The current cap rate is 6.5%. Located in Grand Junction, the property is identified by the address 558 Garfield Drive.
Key Highlights
- Four residential units totaling 3,824 square feet
- 0.25‑acre lot in Grand Junction
- Units 1 and 4 updated with LVP flooring and fresh paint
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
$38,032
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
5.85%
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%
$760,640
$760.6K
Cap Rate 7%
$543,314
$543.3K
Cap Rate 9%
$422,578
$422.6K
Market Conditions
NOI Build-Up for 3,824 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
$58.7K $15.36/SF
− Vacancy
−$4.4K −$1.15/SF
EGI
$54.3K $14.21/SF
− OpEx
−$16.3K −$4.26/SF
NOI
$38.0K $9.95/SF
Area
Mesa County, CO
Vacancy
7.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$760,640
Cap Rate 7%
$543,314
Cap Rate 9%
$422,578
Alternative Uses
Best Use
Multifamily LT 5
$543.3K
$475.4K – $633.9K
NOI $38,032 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$498.9K
$436.6K – $582.1K
NOI $34,924 @ 7.0% cap · market cap 5.37%
Theoretical Best
Healthcare Medical
$7.26M
$6.35M – $8.47M
NOI $507,980 @ 7.0% cap · market cap 78.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 81504, CO
31,150
Population
13,042
Households
2.4
Avg Household Size
38
Median Age
21%
College-Educated
91%
High-School Grad
26.9 sq mi
ZIP Area
1,158
Density / Sq Mi
$67,907
Median Household Income
$40,402
Median Earnings
$1,414
Median Rent
$290,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property with select interior updates, established tenancy, and natural-gas forced-air heating.
Where is this quadplex located?
The property is located at 558 Garfield Drive Grand Junction, CO.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four residential units totaling 3,824 square feet; 0.25‑acre lot in Grand Junction; Units 1 and 4 updated with LVP flooring and fresh paint
