Fenced Flex Space with Heated
For Sale
$549,900
Pending
905 23 Road, Grand Junction, CO 81505
CommercialSale, Grand Junction, CO
Property Size2,304 SF
Lot Size2.76 Acres
Days on Market29
Property Features for 905 23 Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RURAL / RSF
Lot features
Adjacent To Open Space, Irregular Lot
Directions
From Hwy 50 North on 23 Road to the intersection of "I Road" - property is on your left (west)
Subdivision
NW Grand Junction
Standard status
Pending
Lot size
2.76 Acres
Taxes and HOA fees
Tax Annual Amount
7359
Listing Agency:
THE AGENCY GRAND JUNCTION
(970) 236-3636
Listed By:
Jan Kimbrough Miller - The Kimbrough Team · License #100013124
(970) 250-6781
Added: Jul 28
Changed: Aug 24
Last Checked: Aug 25 at 8:06PM
MLS# 20263693
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 flex property includes 2.76 acres with a security-fenced yard and truck circulation available around the site. The 2,304-square-foot heated shop is climate-controlled for year-round use and includes office space, three 12-foot overhead doors, and 200 amp electrical service. A steel frame and metal roof support the building, which was built in 1983 and carries an effective year of 1990.
The property is located at 905 23 Road in Grand Junction, Colorado, with a rural zoning designation. Its combination of enclosed workspace, office area, secured outdoor storage, and equipment access supports a range of small-business and operational uses described for the site, including fleet storage and equipment yard functions.
The property is located at 905 23 Road in Grand Junction, Colorado, with a rural zoning designation. Its combination of enclosed workspace, office area, secured outdoor storage, and equipment access supports a range of small-business and operational uses described for the site, including fleet storage and equipment yard functions.
Key Highlights
- 2.76 acres with a security‑fenced yard
- 2,304 sq ft heated, climate‑controlled shop
- Three 12‑ft 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
$24,039
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
4.37%
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%
$480,780
$480.8K
Cap Rate 7%
$343,414
$343.4K
Cap Rate 9%
$267,100
$267.1K
Market Conditions
NOI Build-Up for 2,304 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
$40.1K $17.40/SF
− Vacancy
−$3.1K −$1.35/SF
EGI
$37.0K $16.05/SF
− OpEx
−$12.9K −$5.62/SF
NOI
$24.0K $10.43/SF
Area
Mesa County, CO
Vacancy
7.75%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$480,780
Cap Rate 7%
$343,414
Cap Rate 9%
$267,100
Alternative Uses
Best Use
Flex RnD
$343.4K
$300.5K – $400.7K
NOI $24,039 @ 7.0% cap · market cap 4.37%
Second Best
Warehouse
$307.7K
$269.3K – $359.0K
NOI $21,542 @ 7.0% cap · market cap 3.92%
Theoretical Best
Healthcare Medical
$4.37M
$3.83M – $5.10M
NOI $306,063 @ 7.0% cap · market cap 55.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 81505, CO
11,791
Population
5,379
Households
2.2
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
72.1 sq mi
ZIP Area
164
Density / Sq Mi
$87,677
Median Household Income
$46,560
Median Earnings
$1,424
Median Rent
$436,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Rural-zoned flex property combines a secured yard, office area, and climate-controlled shop for equipment-oriented operations.
Where is this flex space located?
The property is located at 905 23 Road Grand Junction, CO.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2.76 acres with a security‑fenced yard; 2,304 sq ft heated, climate‑controlled shop; Three 12‑ft overhead doors
