6-Unit Apartment
For Sale
$1,500,000
920 Iowa Avenue, Palisade, CO 81526
Newly built multifamily property with varied bedroom layouts, full appliances, and active leases that transfer with the sale.
Property Size5,530 SF
Price / SF$271.25
Days on Market64
Property Features for 920 Iowa Avenue
General Information
Standard status
Active
Size
5,530 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA, 4 x 2BR/1BA
Multifamily Units
6
Amenities
full appliances
Building Details
Year Built
2026
Buildings
1
Listing Agency:
STUDT REALTY, LLC/MB
Listed By:
Michelle Renstrom · License #934
(970) 216-3950
Source:
Buygrandjunctionco
Added: Aug 13
Changed: Oct 6
Last Checked: Oct 14 at 8:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of STUDT REALTY, LLC/MB
Investment Insights
Based on property information with market context.
Constructed in 2026, this 5,530-square-foot apartment property contains six units at 920 Iowa Avenue in Palisade, Colorado. The unit mix includes two 3-bedroom, 1-bath residences and four 2-bedroom, 1-bath residences. Full appliances are provided in every unit, while the 3-bedroom apartments feature mini-split systems for heating and cooling.
The property is currently leased, and the existing leases will transfer to the buyer. Its six-unit configuration provides a defined multifamily layout with a mix of two- and three-bedroom residences.
The property is currently leased, and the existing leases will transfer to the buyer. Its six-unit configuration provides a defined multifamily layout with a mix of two- and three-bedroom residences.
Key Highlights
- Six‑unit apartment building completed in 2026
- 5,530 SF multifamily property in Palisade, Colorado
- Unit mix includes two 3‑bedroom, 1‑bath units and four 2‑bedroom, 1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,504
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,010,080
$1.0M
Cap Rate 7%
$721,486
$721.5K
Cap Rate 9%
$561,156
$561.2K
Market Conditions
NOI Build-Up for 5,530 SF
Gross rent
$99.5K $18.00/SF
− Vacancy
−$7.7K −$1.40/SF
EGI
$91.8K $16.61/SF
− OpEx
−$41.3K −$7.47/SF
NOI
$50.5K $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 Rate 5%
$1,010,080
Cap Rate 7%
$721,486
Cap Rate 9%
$561,156
Alternative Uses
Best Use
Apartment 5plus
$721.5K
$631.3K – $841.7K
NOI $50,504 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$10.49M
$9.18M – $12.24M
NOI $734,605 @ 7.0% cap · market cap 48.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 81526, CO
5,216
Population
2,573
Households
2
Avg Household Size
49
Median Age
35%
College-Educated
91%
High-School Grad
72.4 sq mi
ZIP Area
72
Density / Sq Mi
$83,316
Median Household Income
$44,646
Median Earnings
$1,219
Median Rent
$449,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly built multifamily property with varied bedroom layouts, full appliances, and active leases that transfer with the sale.
Where is this apartment building located?
The property is located at 920 Iowa Avenue Palisade, CO.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Six‑unit apartment building completed in 2026; 5,530 SF multifamily property in Palisade, Colorado; Unit mix includes two 3‑bedroom, 1‑bath units and four 2‑bedroom, 1‑bath units
