5-Unit Townhome
588 N Grand Falls Court, Grand Junction, CO 81501
For Sale
New
$2,750,000
Residential, Grand Junction, CO
Property Size10,321 SF
Lot Size0.03 Acres
Price / SF$266.45
Days on Market4
Property Features for 588 N Grand Falls Court
General Information
Property type
Property subtype
Property condition
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Interior features
Exterior features
Appliances
Lot features
Elementary school
Middle school
High school
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
HOA Fee
Utilities
Cooling system
Water source
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
COLORADO 970 REAL ESTATE, LLC
(970) 414-1642
Listed By:
Debra Maynard · License CO FA100078727
(970) 216-9531
Added: Nov 7
Changed: Nov 9
Last Checked: Nov 10 at 1:06AM
MLS# 20265418
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.
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Investment Insights
Based on property information with market context.
Under-construction townhome property comprising five units, with 10,321 square feet of property area. The described layout includes four bedrooms and 3.5 bathrooms, a one-car garage, and a ground-floor space with a kitchenette, washer/dryer hookups, and a separate entrance. Interior features include nine-foot ceilings, granite countertops, stainless steel appliances, central air, LED lighting, and a kitchen island. Each home also has an upper deck, a lower patio, and a fenced backyard.
The property is within walking distance of a 107,000-square-foot community center. HOA coverage includes exterior upkeep and front landscaping; the front landscaping is planned as xeriscape.
The property is within walking distance of a 107,000-square-foot community center. HOA coverage includes exterior upkeep and front landscaping; the front landscaping is planned as xeriscape.
Key Highlights
- Five‑unit townhome property with 10,321 square feet of property area
- Four bedrooms and 3.5 bathrooms in the described layout
- Ground‑floor area has a kitchenette, washer/dryer hookups, and a private entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$94,259
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,671 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
255
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 - Four-bedroom layouts include a private-entry ground-floor area with kitchenette and washer/dryer hookups.
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 $2,750,000.
What are key features of this property?
This property features: Five‑unit townhome property with 10,321 square feet of property area; Four bedrooms and 3.5 bathrooms in the described layout; Ground‑floor area has a kitchenette, washer/dryer hookups, and a private entrance
