Six-Unit Apartment
For Sale
$850,000
626 N 7th Street, Grand Junction, CO 81501
Downtown multifamily property with flexible unit configurations, month-to-month occupancy, and recent mechanical and septic improvements.
Property Size4,261 SF
Price / SF$199.48
Days on Market45
Property Features for 626 N 7th Street
General Information
Standard status
Active
Size
4,261 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x dorm-style
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
CENTURY 21 ELEVATED REAL ESTATE
Listed By:
Chanel Crumbaugh · License #2618
Source:
Buygrandjunctionco
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 30 at 1:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 ELEVATED REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 1900, this 4,261-square-foot apartment property contains six apartments, including two dorm-style units that share a bathroom. The configuration provides a mix of conventional and shared-bath living arrangements within a multifamily asset. All units are currently occupied on month-to-month agreements.
Recent property updates include a newer furnace, updated hot water equipment, and a new septic line. The property also includes plentiful parking and is located in the historic 7th Street district of Downtown Grand Junction. Showings require at least 48 hours’ notice and will not be approved before August 1st.
Recent property updates include a newer furnace, updated hot water equipment, and a new septic line. The property also includes plentiful parking and is located in the historic 7th Street district of Downtown Grand Junction. Showings require at least 48 hours’ notice and will not be approved before August 1st.
Key Highlights
- Six apartments, including two dorm‑style units with a shared bath
- 4,261‑square‑foot multifamily property built in 1900
- All units currently rented on a month‑to‑month basis
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
$38,915
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
4.58%
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%
$778,300
$778.3K
Cap Rate 7%
$555,929
$555.9K
Cap Rate 9%
$432,389
$432.4K
Market Conditions
NOI Build-Up for 4,261 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
$76.7K $18.00/SF
− Vacancy
−$5.9K −$1.40/SF
EGI
$70.8K $16.61/SF
− OpEx
−$31.8K −$7.47/SF
NOI
$38.9K $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%
$778,300
Cap Rate 7%
$555,929
Cap Rate 9%
$432,389
Alternative Uses
Best Use
Apartment 5plus
$555.9K
$486.4K – $648.6K
NOI $38,915 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$8.09M
$7.08M – $9.43M
NOI $566,031 @ 7.0% cap · market cap 66.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,892
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 - Downtown multifamily property with flexible unit configurations, month-to-month occupancy, and recent mechanical and septic improvements.
Where is this apartment building located?
The property is located at 626 N 7th Street Grand Junction, CO.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six apartments, including two dorm‑style units with a shared bath; 4,261‑square‑foot multifamily property built in 1900; All units currently rented on a month‑to‑month basis
