Six-Unit Apartment
For Sale
$850,000
626 N 7th Street, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size4,261 SF
Lot Size0.24 Acres
Price / SF$199.48
Days on Market47
Property Features for 626 N 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
PD
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 7, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 4, Basement, Bathroom 1
Parking features
Guest, Driveway
Patio and Porch features
Deck
Interior features
CeilingFans
Appliances
ElectricOven, ElectricRange, Refrigerator
Lot features
Xeriscape
Elementary school
Chipeta
Middle school
West
High school
Grand Junction
Directions
Head South on N 12th St. Turn right onto Gunnison Ave. Turn left on N 8th St. Turn right on Chipeta Ave. Turn right onto N 7th St. Destination will be on the right.
Subdivision
Grand Junction City
Standard status
Active
APN
2945-141-26-002
Size
4,261 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3316
Utilities
Heating system
Baseboard, Forced Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Carpet
Building materials
WoodSiding, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Other
Listing Agency:
CENTURY 21 ELEVATED REAL ESTATE
(970) 718-9009
Listed By:
Chanel Crumbaugh · License #2618
(970) 640-7404
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 1:06AM
MLS# 20263486
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 4,261-square-foot apartment building contains six apartments, including two dorm-style units with a shared bathroom. The property includes six bathrooms overall, a basement, decks, ceiling fans, electric appliances, vinyl and carpet flooring, and wood-frame construction with wood siding. Heating is provided by baseboard and forced-air systems, while water comes from the public supply.
Located at 626 N 7th Street in Grand Junction’s historic 7th Street district, the property offers driveway and guest parking. All units are currently rented on a month-to-month basis. Recent mechanical work includes a newer furnace, updated hot water, and a new septic line. The building was constructed in 1900 on a 0.24-acre lot.
Located at 626 N 7th Street in Grand Junction’s historic 7th Street district, the property offers driveway and guest parking. All units are currently rented on a month-to-month basis. Recent mechanical work includes a newer furnace, updated hot water, and a new septic line. The building was constructed in 1900 on a 0.24-acre lot.
Key Highlights
- Six apartments within a 4,261‑square‑foot building
- Two dorm‑style apartments share a bathroom
- All units currently rented month to month
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Month-to-month occupancy, plentiful parking, and updated mechanical systems support flexible residential leasing in downtown Grand Junction.
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 within a 4,261‑square‑foot building; Two dorm‑style apartments share a bathroom; All units currently rented month to month
