6-Unit Apartment
For Sale
$1,800,000
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$325.50
Days on Market19
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
(970) 216-3950
Listed By:
Michelle Renstrom · License #934
Source:
Buygrandjunctionco
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 30 at 1:28PM
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 = 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
$50,504
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
2.81%
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%
$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
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
$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 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%
$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 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$10.49M
$9.18M – $12.24M
NOI $734,605 @ 7.0% cap · market cap 40.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 $1,800,000.
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
