Six-Unit Apartment
New
For Sale
$1,800,000
920 Iowa Avenue, Palisade, CO 81526
MULTI_FAMILY - Other - Palisade, CO
Property Size5,530 SF
Lot Size0.35 Acres
Price / SF$325.50
Days on Market1
Property Features for 920 Iowa Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
Multi Family
Bedrooms
14
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 13, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 10, Bedroom 3, Bedroom 12, Bedroom 14, Bathroom 2, Bedroom 5, Bathroom 6, Bathroom 5, Bedroom 11, Bedroom 9, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 7
Parking features
Assigned
Patio and Porch features
Patio, Deck
Interior features
CeilingFans, LaminateCounters
Appliances
Dryer, Dishwasher, ElectricOven, ElectricRange, Disposal, Microwave, Refrigerator, Washer
Subdivision
Area 23
Lot features
Landscaped
Elementary school
Taylor
Middle school
MT Garfield (Mesa County)
High school
Palisade
Directions
Due to Road Construction take Front Street or Hwy 6 going East Bound get on the frontage road, turn right off of the Frontage Rd onto Iowa Ave, follow Iowa Ave to 920 it will be on your right.
Standard status
Active
APN
2941-031-00-102
Size
5,530 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
718
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Amenities
Green Built
mini splits
full appliances
Building Details
Year built
2026
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Carpet
Building materials
Masonite, WoodFrame
Roof type
Asphalt, Composition
Architectural style
Other
Listing Agency:
STUDT REALTY, LLC/MB
(970) 424-5000
Listed By:
Michelle Renstrom · License #FA100068309
(970) 216-3950
Added: Aug 11
Last Checked: Aug 11 at 11:06PM
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.
Investment Insights
Based on property information with market context.
This apartment building contains six residences within 5,530 square feet on a 0.35-acre parcel. The unit mix includes two three-bedroom, one-bath apartments and four two-bedroom, one-bath apartments. Each residence includes a full appliance package with a washer, dryer, dishwasher, refrigerator, microwave, electric oven, electric range, and disposal. Vinyl and carpet flooring, laminate counters, and ceiling fans are also provided.
Ductless systems supply heating and cooling, while assigned parking supports the residential layout. Deck and patio features add outdoor amenity space, and the property is served by public water. The apartments are currently being rented, with existing leases transferring to the next owner.
Ductless systems supply heating and cooling, while assigned parking supports the residential layout. Deck and patio features add outdoor amenity space, and the property is served by public water. The apartments are currently being rented, with existing leases transferring to the next owner.
Key Highlights
- Six apartment units totaling 5,530 square feet on 0.35 acres
- Unit mix includes two 3‑bedroom, 1‑bath units and four 2‑bedroom, 1‑bath units
- Full appliance packages include washers, dryers, refrigerators, ranges, ovens, dishwashers, microwaves, and disposals
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 - Apartment property with varied bedroom layouts, full appliances, assigned parking, and deck and patio areas.
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 apartment units totaling 5,530 square feet on 0.35 acres; Unit mix includes two 3‑bedroom, 1‑bath units and four 2‑bedroom, 1‑bath units; Full appliance packages include washers, dryers, refrigerators, ranges, ovens, dishwashers, microwaves, and disposals
