Updated Duplex with Detached
For Sale
$375,000
744 Colorado Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size2,360 SF
Lot Size0.14 Acres
Price / SF$158.90
Days on Market470
Property Features for 744 Colorado Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
B-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Parking features
RV
Patio and Porch features
Patio
Appliances
Dishwasher, ElectricOven, ElectricRange, GasOven, GasRange, Refrigerator
Lot features
Landscaped
Elementary school
Chipeta
Middle school
East
High school
Grand Junction
Directions
From 7th Street, turn east on Colorado Avenue.
Subdivision
Grand Junction City
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: Sep 7
Last Checked: Sep 8 at 7:06PM
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 2,360-square-foot duplex contains two updated residences, each with two bedrooms and one bathroom. Interior features include hardwood and tile flooring, refreshed kitchens and baths, new paint, and refinished floors. The property also includes a detached building, enclosed front and rear porches, separate fenced yards, a professionally reinforced foundation, and a metal roof. Natural gas heat, public water, and RV parking are provided. Built in 1900, the building retains its original residential character while incorporating recent improvements.
The property occupies 0.14 acres at 744 Colorado Avenue in Grand Junction’s 81501 area. B-2 zoning is identified in the property information as allowing possible development of additional units. Shops, restaurants, live music, a farmers market, and Colorado Mesa University are described as being minutes away.
The property occupies 0.14 acres at 744 Colorado Avenue in Grand Junction’s 81501 area. B-2 zoning is identified in the property information as allowing possible development of additional units. Shops, restaurants, live music, a farmers market, and Colorado Mesa University are described as being minutes away.
Key Highlights
- Duplex totals 2,360 square feet on a 0.14‑acre parcel
- Two units, each configured with 2 bedrooms and 1 bathroom
- B‑2 zoning identified as allowing possible additional‑unit development
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
$23,472
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
6.26%
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%
$469,440
$469.4K
Cap Rate 7%
$335,314
$335.3K
Cap Rate 9%
$260,800
$260.8K
Market Conditions
NOI Build-Up for 2,360 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
$36.2K $15.36/SF
− Vacancy
−$2.7K −$1.15/SF
EGI
$33.5K $14.21/SF
− OpEx
−$10.1K −$4.26/SF
NOI
$23.5K $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%
$469,440
Cap Rate 7%
$335,314
Cap Rate 9%
$260,800
Alternative Uses
Best Use
Multifamily LT 5
$335.3K
$293.4K – $391.2K
NOI $23,472 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$307.9K
$269.4K – $359.2K
NOI $21,553 @ 7.0% cap · market cap 5.75%
Theoretical Best
Healthcare Medical
$4.48M
$3.92M – $5.23M
NOI $313,502 @ 7.0% cap · market cap 83.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,291
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?
Duplex - Two refreshed units feature hardwood floors, enclosed porches, and individually fenced outdoor areas.
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 $375,000.
What are key features of this property?
This property features: Duplex totals 2,360 square feet on a 0.14‑acre parcel; Two units, each configured with 2 bedrooms and 1 bathroom; B‑2 zoning identified as allowing possible additional‑unit development
