Downtown Grand Junction Investment
744 Colorado Avenue Grand Junction, CO 81501
For Sale
$399,000
MULTI_FAMILY - Other - Grand Junction, CO
Property Size2,360 SF
Lot Size0.14 Acres
Price / SF$169.07
Days on Market429
Property Features for 744 Colorado Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2
Parking features
RV
Patio and Porch features
Patio
Appliances
Dishwasher, ElectricOven, ElectricRange, GasOven, GasRange, Refrigerator
Standard status
Active
APN
2945-144-20-008
Size
2,360 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1260
Utilities
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile
Building materials
WoodSiding, WoodFrame
Roof type
Metal
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
CENTURY 21 ELEVATED REAL ESTATE
(970) 718-9009
Listed By:
Dan Bishop
(970) 216-4622
Added: May 27, 2025
Changed: Jul 26
Last Checked: Jul 29 at 6:06AM
MLS# 20255080
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 duplex in Grand Junction, Colorado, presents a turnkey investment opportunity with potential for added value. The property features two updated units and a detached building, situated in a location that is zoned B-2, which allows for the possible development of additional units. Each unit includes 2 bedrooms, 1 bathroom, hardwood floors, enclosed front and back porches, and separate fenced yards. The property has Victorian charm and has been improved with a professionally reinforced foundation, new paint, refinished floors, and kitchen and bath updates. The location is near shops, restaurants, live music, a farmers market, and Colorado Mesa University. The lot size is 0.14 acres, and the property size is 2360 square feet.
Key Highlights
- Duplex investment property built in 1900 with two updated units, each featuring 2 bedrooms and 1 bathroom
- Hardwood flooring in both units plus kitchen and bath updates, including new paint and refinished floors
- Enclosed front and back porches in each unit with separate fenced yards
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.2k | $15.36 |
| − Vacancy | −$2.7k | −$1.15 |
| EGI | $33.5k | $14.21 |
| − OpEx | −$10.1k | −$4.26 |
| NOI | $23.5k | $9.95 |
2,360 SF · lease $15.36/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$335.3K
$293.4K – $391.2K
NOI $23,472 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$307.9K
$269.4K – $359.2K
NOI $21,553 @ 7.0% cap · market cap 5.40%
Theoretical Best
Healthcare Medical
$4.48M
$3.92M – $5.23M
NOI $313,502 @ 7.0% cap · market cap 78.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex near downtown Grand Junction with development potential.
Where is this duplex located?
The property is located at 744 Colorado Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Duplex investment property built in 1900 with two updated units, each featuring 2 bedrooms and 1 bathroom; Hardwood flooring in both units plus kitchen and bath updates, including new paint and refinished floors; Enclosed front and back porches in each unit with separate fenced yards
