6-Unit Apartment
920 Iowa Avenue, Palisade, CO 81526
For Sale
$1,500,000
Residential, Palisade, CO
Property Size5,530 SF
Lot Size0.35 Acres
Price / SF$271.25
Days on Market95
Property Features for 920 Iowa Avenue
General Information
Property type
Property subtype
Property condition
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Interior features
Appliances
Subdivision
Lot features
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Amenities
mini splits
full appliances
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
STUDT REALTY, LLC/MB
(970) 424-5000
Listed By:
Michelle Renstrom
(970) 216-3950
Added: Aug 11
Changed: Nov 7
Last Checked: Nov 13 at 8:06PM
MLS# 20263992
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.
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Investment Insights
Based on property information with market context.
Scheduled for completion in 2026, this 5,530-square-foot apartment building contains six units on a 0.35-acre parcel. The unit mix consists of four two-bedroom, one-bath apartments and two three-bedroom, one-bath apartments. Each unit has a full appliance package, while ductless systems provide heating and cooling. The building also has a sprinklered fire system and assigned parking.
The property is located in Palisade, Colorado. Current occupancy is reported across all six apartments.
The property is located in Palisade, Colorado. Current occupancy is reported across all six apartments.
Key Highlights
- Six apartments: four with two bedrooms and one bath, and two with three bedrooms and one bath
- 5,530 square feet on a 0.35‑acre parcel
- New construction with a 2026 year built
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
Specialty Retail
$1.16M
$1.02M – $1.35M
NOI $81,266 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Yes
Sprinkler system
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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - New construction includes a mix of two- and three-bedroom apartments with in-unit appliances and ductless heating and cooling.
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 apartments: four with two bedrooms and one bath, and two with three bedrooms and one bath; 5,530 square feet on a 0.35‑acre parcel; New construction with a 2026 year built
