Modern Four-Unit
For Sale
$1,636,000
581 W Indian Creek Drive, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size6,266 SF
Lot Size0.08 Acres
Price / SF$261.09
Days on Market414
Property Features for 581 W Indian Creek Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RM-8
Bedrooms
12
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 8, Bedroom 3, Bathroom 9, Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 7, Bedroom 11, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 6, Bathroom 7, Bathroom 4, Bathroom 8, Bedroom 9, Bedroom 10, Bedroom 12, Bedroom 4
Patio and Porch features
Patio
Interior features
CeilingFans, Pantry, WalkInClosets, WalkInShower
Appliances
Dryer, Dishwasher, ElectricCooktop, ElectricOven, ElectricRange, Disposal, Microwave, Refrigerator, RangeHood, Washer
Subdivision
Peppertree
Lot features
Landscaped
Elementary school
Nisley
Middle school
Bookcliff
High school
Central
Directions
East on Patterson Road, South on West Indian Creek Drive. Townhomes located on right side.
Standard status
Active
APN
2943-071-81-007
Size
6,266 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7412
HOA Fee
$155 Monthly
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2022
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Stone, Stucco, WoodFrame
Roof type
Asphalt, Composition
Listing Agency:
VENTURE GROUP
(970) 892-2200
Listed By:
Cory Carlson · License #100087222
(970) 261-9311
Added: Jul 14, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:06AM
MLS# 20253883
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 quadplex at 581 W Indian Creek Drive comprises four townhomes totaling 6,266 square feet on 0.08 acres. Completed in 2022, the property includes three single-story residences with three bedrooms and two bathrooms each, plus a two-story residence with three bedrooms and three bathrooms. The homes feature open-concept layouts, patios, central air, forced-air heating, and attached two-car garages.
Each unit is equipped with a refrigerator, dishwasher, range, microwave, and in-unit washer and dryer. Two residences are leased under one-year terms, while the property is offered at a 5.7% cap rate. Public water service, asphalt composition roofing, and stone, stucco, and wood-frame construction are also included among the property improvements.
Each unit is equipped with a refrigerator, dishwasher, range, microwave, and in-unit washer and dryer. Two residences are leased under one-year terms, while the property is offered at a 5.7% cap rate. Public water service, asphalt composition roofing, and stone, stucco, and wood-frame construction are also included among the property improvements.
Key Highlights
- Four townhomes totaling 6,266 square feet on 0.08 acres
- Built in 2022 with modern floor plans
- Units 2, 5, & 6: single‑story, 3‑bedroom, 2‑bath layouts
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
$62,319
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
3.81%
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%
$1,246,380
$1.2M
Cap Rate 7%
$890,271
$890.3K
Cap Rate 9%
$692,433
$692.4K
Market Conditions
NOI Build-Up for 6,266 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
$96.2K $15.36/SF
− Vacancy
−$7.2K −$1.15/SF
EGI
$89.0K $14.21/SF
− OpEx
−$26.7K −$4.26/SF
NOI
$62.3K $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%
$1,246,380
Cap Rate 7%
$890,271
Cap Rate 9%
$692,433
Alternative Uses
Best Use
Multifamily LT 5
$890.3K
$779.0K – $1.04M
NOI $62,319 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$817.5K
$715.3K – $953.8K
NOI $57,226 @ 7.0% cap · market cap 3.50%
Theoretical Best
Healthcare Medical
$11.89M
$10.40M – $13.87M
NOI $832,375 @ 7.0% cap · market cap 50.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
344
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four townhomes built in 2022 provide contemporary layouts, attached garages, and a mix of leased and available units.
Where is this quadplex located?
The property is located at 581 W Indian Creek Drive Grand Junction, CO.
What is the asking price?
The asking price for this property is $1,636,000.
What are key features of this property?
This property features: Four townhomes totaling 6,266 square feet on 0.08 acres; Built in 2022 with modern floor plans; Units 2, 5, & 6: single‑story, 3‑bedroom, 2‑bath layouts
