Four-Unit Property with
For Sale
$749,000
902 Ouray Avenue, Grand Junction, CO 81501
Residential, Grand Junction, CO
Property Size3,464 SF
Lot Size0.14 Acres
Price / SF$216.22
Days on Market18
Property Features for 902 Ouray Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RM-8
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 7, Bedroom 2, Basement, Bedroom 1, Bathroom 3
Interior features
JettedTub, LaminateCounters
Exterior features
DogRun, Workshop
Appliances
Dishwasher, ElectricOven, ElectricRange, GasOven, GasRange, Refrigerator
Subdivision
Grand Junction W Downtown
Lot features
Corner Lot
Elementary school
Chipeta
Middle school
East
High school
Grand Junction
Directions
From intersection of Hwy 70 and Route 6 in Grand Junction, head east on Route 6. Turn right (head south) on N 7th St. Turn left (heading east) on Ouray Ave. House is 3 blocks away, and house will be on your left.
Standard status
Active
APN
2945-141-33-009
Size
3,464 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2040
Utilities
Heating system
Forced Air
Water source
Public
Amenities
large shop
Building Details
Year built
1908
Number of units
4
Flooring type
Carpet, Laminate, Linoleum, Simulatedwood
Building materials
WoodSiding, WoodFrame
Roof type
Metal
Architectural style
Other
Additional Structures
Workshop
Listing Agency:
THE RESOURCE GROUP, LLC
(303) 995-4742
Listed By:
Denice Niethammer
(303) 884-4080
Added: Sep 7
Changed: Sep 23
Last Checked: Sep 24 at 12:06AM
MLS# 20264502
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 four-unit residential property at 902 Ouray Avenue includes 3,464 square feet on a 0.14-acre lot. The ranch-style configuration includes a finished basement, four bathrooms, and a large workshop with overhead doors. Three of the four units have been remodeled, and the property also features a newer roof and updated exterior paint. Forced-air heating, a metal roof, public water, and on-site amenities including a dog run are among the listed improvements.
The property is in downtown Grand Junction, near the college and downtown amenities. All four units are reported as rented, and the property has no HOA. Built in 1908, the building combines residential unit income with additional workshop space in a central Grand Junction setting.
The property is in downtown Grand Junction, near the college and downtown amenities. All four units are reported as rented, and the property has no HOA. Built in 1908, the building combines residential unit income with additional workshop space in a central Grand Junction setting.
Key Highlights
- Four residential units within 3,464 square feet
- Three of four units remodeled from top to bottom
- Large workshop with large overhead doors
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
$34,452
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
4.60%
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%
$689,040
$689.0K
Cap Rate 7%
$492,171
$492.2K
Cap Rate 9%
$382,800
$382.8K
Market Conditions
NOI Build-Up for 3,464 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
$53.2K $15.36/SF
− Vacancy
−$4.0K −$1.15/SF
EGI
$49.2K $14.21/SF
− OpEx
−$14.8K −$4.26/SF
NOI
$34.5K $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%
$689,040
Cap Rate 7%
$492,171
Cap Rate 9%
$382,800
Alternative Uses
Best Use
Multifamily LT 5
$492.2K
$430.7K – $574.2K
NOI $34,452 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$451.9K
$395.5K – $527.3K
NOI $31,636 @ 7.0% cap · market cap 4.22%
Theoretical Best
Healthcare Medical
$6.57M
$5.75M – $7.67M
NOI $460,158 @ 7.0% cap · market cap 61.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,718
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include remodeled interiors, with a separate shop and overhead doors on site.
Where is this quadplex located?
The property is located at 902 Ouray Avenue Grand Junction, CO.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Four residential units within 3,464 square feet; Three of four units remodeled from top to bottom; Large workshop with large overhead doors
