5-Unit Apartment
For Sale
$2,850,000
588 N Grand Falls Court, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size10,321 SF
Lot Size0.03 Acres
Price / SF$276.14
Days on Market233
Property Features for 588 N Grand Falls Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
Residential
Bedrooms
20
Bathrooms
20
Full bathrooms
20
Rooms
Bedroom 16, Bathroom 2, Bedroom 5, Bedroom 19, Bedroom 6, Bathroom 10, Bedroom 1, Bedroom 20, Bathroom 1, Bathroom 3, Bedroom 18, Bedroom 14, Bathroom 4, Bedroom 12, Bedroom 7, Bathroom 13, Bathroom 15, Bathroom 9, Bathroom 18, Bathroom 12, Bathroom 5, Bathroom 8, Bedroom 17, Bathroom 19, Bathroom 14, Bathroom 7, Bathroom 17, Bedroom 4, Bedroom 15, Bedroom 8, Bedroom 3, Bedroom 9, Bedroom 13, Bathroom 20, Bathroom 6, Bedroom 2, Bedroom 10, Bathroom 16, Bathroom 11, Bedroom 11
Parking features
Open
Patio and Porch features
Patio, Deck
Interior features
CeilingFans, GraniteCounters, Pantry, WalkInClosets, WalkInShower
Exterior features
SprinklerIrrigation
Appliances
Dishwasher, ElectricOven, ElectricRange, Disposal, Microwave
Lot features
Cul De Sac, Landscaped, Xeriscape
Elementary school
Nisley
Middle school
Bookcliff
High school
Central
Directions
From Patterson Road, turn south on 28 1/4 Rd, then east on Grand Falls Drive, then immediately north on N Grand Falls Ct, then at the end of the street.
Subdivision
Grand Junction City
Standard status
Active
APN
2943-072-74-005 +4
Size
10,321 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6160
HOA Fee
$625 Monthly
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Number of units
5
Flooring type
Vinyl, Carpet
Building materials
Stucco, WoodFrame
Roof type
Asphalt, Composition
Listing Agency:
COLORADO 970 REAL ESTATE, LLC
(970) 414-1642
Listed By:
Debra Maynard · License #FA100078727
(970) 216-9531
Added: Jan 10
Changed: Aug 30
Last Checked: Aug 31 at 11:06AM
MLS# 20260110
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 under-construction five-unit apartment property comprises modern townhomes with four bedrooms and 3.5 baths per residence. Each layout includes a one-car garage, nine-foot ceilings, a main-level half bath, an upper deck, and a lower patio enclosed by a vinyl privacy fence. Ground-floor areas include a kitchenette, washer and dryer hookups, and a private entrance, providing flexible additional living space. Kitchens feature granite countertops, a large single-bowl sink, island seating, a separate dining area, and stainless steel appliances. Central air, LED lighting, luxury vinyl tile, carpeted bedrooms, ceiling fans, and walk-in storage add to the interior package.
The property occupies 10,321 square feet on 0.03 acres at 588 N Grand Falls Court in Grand Junction, Colorado. Public water serves the property. Exterior features include front xeriscape landscaping, a manageable backyard area, deck and patio space, stucco and wood-frame construction, and composition and asphalt roofing. HOA services include exterior maintenance and front landscape maintenance.
The property occupies 10,321 square feet on 0.03 acres at 588 N Grand Falls Court in Grand Junction, Colorado. Public water serves the property. Exterior features include front xeriscape landscaping, a manageable backyard area, deck and patio space, stucco and wood-frame construction, and composition and asphalt roofing. HOA services include exterior maintenance and front landscape maintenance.
Key Highlights
- Five‑unit apartment property with 4‑bedroom, 3.5‑bath townhome residences
- 10,321 square feet on a 0.03‑acre site
- Under construction with a 2026 year built
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
$94,259
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
3.31%
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%
$1,885,180
$1.9M
Cap Rate 7%
$1,346,557
$1.3M
Cap Rate 9%
$1,047,322
$1.0M
Market Conditions
NOI Build-Up for 10,321 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
$185.8K $18.00/SF
− Vacancy
−$14.4K −$1.40/SF
EGI
$171.4K $16.61/SF
− OpEx
−$77.1K −$7.47/SF
NOI
$94.3K $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 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%
$1,885,180
Cap Rate 7%
$1,346,557
Cap Rate 9%
$1,047,322
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,259 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$19.59M
$17.14M – $22.85M
NOI $1,371,042 @ 7.0% cap · market cap 48.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
255
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?
Apartment building - Under-construction townhome apartments feature modern finishes, private outdoor areas, and flexible ground-floor living space.
Where is this apartment building located?
The property is located at 588 N Grand Falls Court Grand Junction, CO.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Five‑unit apartment property with 4‑bedroom, 3.5‑bath townhome residences; 10,321 square feet on a 0.03‑acre site; Under construction with a 2026 year built
