Victorian Duplex with Two-Car
For Sale
$409,000
Pending
605 Chipeta Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size1,762 SF
Lot Size0.14 Acres
Days on Market10
Property Features for 605 Chipeta Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Basement, Bedroom 2
Parking features
RV
Patio and Porch features
Patio, Deck
Interior features
CeilingFans, WalkInShower, WindowTreatments
Exterior features
SprinklerIrrigation
Appliances
ElectricOven, ElectricRange, GasOven, GasRange, Refrigerator
Lot features
Landscaped, Sprinkler System
Elementary school
Chipeta
Middle school
West
High school
Grand Junction
Directions
Downtown Grand Junction between 6th & 7th Street.
Subdivision
Grand Junction City
Standard status
Pending
APN
2945-142-31-002
Size
1,762 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1734
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Amenities
wrap-around deck
brick patio
gardens
Building Details
Year built
1904
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Carpet, Tile, Linoleum
Building materials
WoodSiding, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Other
Additional Structures
Workshop
Listing Agency:
BRAY REAL ESTATE
(970) 242-3647
Listed By:
John Duffy · License #211
(970) 234-4830
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 27 at 3:06AM
MLS# 20264705
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 1,762-square-foot duplex, built in 1904, includes two bedrooms and a 5-piece bathroom on the main level, along with an open living room, formal dining room, and kitchen with an eat bar, breakfast nook, and substantial cabinet and counter space. The upper unit has two bedrooms, a full bathroom, separate entry, open living and dining areas, and an exterior deck.
Set on 0.14 acres within walking distance of downtown Grand Junction, the property combines established outdoor improvements with useful parking and storage features. Exterior amenities include a wrap-around deck, shaded east-facing brick patio, gardens, landscaping, and an oversized two-car garage accessed from the alley. The garage area also accommodates an RV. Public water service, natural-gas baseboard heat, and a mix of hardwood, tile, linoleum, and carpet flooring are included.
Set on 0.14 acres within walking distance of downtown Grand Junction, the property combines established outdoor improvements with useful parking and storage features. Exterior amenities include a wrap-around deck, shaded east-facing brick patio, gardens, landscaping, and an oversized two-car garage accessed from the alley. The garage area also accommodates an RV. Public water service, natural-gas baseboard heat, and a mix of hardwood, tile, linoleum, and carpet flooring are included.
Key Highlights
- 1,762‑square‑foot duplex on a 0.14‑acre lot
- Main level includes 2 bedrooms and a 5‑piece bathroom
- Upper unit offers 2 bedrooms, a full bathroom, separate entrance, and exterior deck
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
$17,524
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
4.28%
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%
$350,480
$350.5K
Cap Rate 7%
$250,343
$250.3K
Cap Rate 9%
$194,711
$194.7K
Market Conditions
NOI Build-Up for 1,762 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
$27.1K $15.36/SF
− Vacancy
−$2.0K −$1.15/SF
EGI
$25.0K $14.21/SF
− OpEx
−$7.5K −$4.26/SF
NOI
$17.5K $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%
$350,480
Cap Rate 7%
$250,343
Cap Rate 9%
$194,711
Alternative Uses
Best Use
Multifamily LT 5
$250.3K
$219.1K – $292.1K
NOI $17,524 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$229.9K
$201.2K – $268.2K
NOI $16,092 @ 7.0% cap · market cap 3.93%
Theoretical Best
Healthcare Medical
$3.34M
$2.93M – $3.90M
NOI $234,064 @ 7.0% cap · market cap 57.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,030
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate upstairs access, multiple living areas, decks, gardens, and an alley-access garage add practical flexibility.
Where is this duplex located?
The property is located at 605 Chipeta Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 1,762‑square‑foot duplex on a 0.14‑acre lot; Main level includes 2 bedrooms and a 5‑piece bathroom; Upper unit offers 2 bedrooms, a full bathroom, separate entrance, and exterior deck
