Two-Home Rental
New
For Sale
$1,799,000
923 23 Road, Grand Junction, CO 81505
Two residences, outbuildings, gardens, and pasture occupy a 2.14-acre parcel zoned Res.
Property Size6,771 SF
Lot Size2.14 Acres
Price / SF$265.69
Days on Market1
Property Features for 923 23 Road
General Information
Standard status
Active
Size
6,771 SF
Lot size
2.14 Acres
Property subtype
Multi Family Home
Zoning
Res
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,635
Amenities
sunrooms
barn
oversized shed
detached two-car garage
workshop
gardening areas
pasture space
Ceiling Fan(s)
Granite Counters
Garden Tub/Roman Tub
Laminate Counters
Pantry
Vaulted Ceiling(s)
Walk-In Closet(s)
Walk-In Shower
Window Treatments
Irrigation Sprinklers
Shed
Building Details
Building Size
6,771 SF
Year Built
1904
Buildings
2
Units
2
Listing Agency:
CHESNICK REALTY, LLC
Listed By:
Kimbry Ferdarko
(970) 623-6823
Source:
Chesnickrealtyllc
Added: Nov 6
Last Checked: Nov 6 at 1:42AM
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 CHESNICK REALTY, LLC
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Investment Insights
Based on property information with market context.
This 2.14-acre residential property in Northwest Grand Junction includes two houses and several outbuildings. The main home has four bedrooms, three bathrooms, two sunrooms, vaulted ceilings, and a luxury kitchen. A second, single-level residence measures 1,789 square feet and contains three bedrooms and one bathroom. The grounds also include a barn, oversized shed, detached two-car garage, workshop, gardening areas, and pasture. The property is zoned Res.
The second residence has been used for long-term rental, short-term rental, Airbnb, and multigenerational housing. Together, the two homes provide distinct living spaces on one parcel.
The second residence has been used for long-term rental, short-term rental, Airbnb, and multigenerational housing. Together, the two homes provide distinct living spaces on one parcel.
Key Highlights
- 2.14‑acre property with two houses
- Main residence has 4 bedrooms, 3 bathrooms, and 2 sunrooms
- Second home is 1,789 square feet, single‑level, with 3 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,838
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,236,760
$1.2M
Cap Rate 7%
$883,400
$883.4K
Cap Rate 9%
$687,089
$687.1K
Market Conditions
NOI Build-Up for 6,771 SF
Gross rent
$121.9K $18.00/SF
− Vacancy
−$9.4K −$1.40/SF
EGI
$112.4K $16.61/SF
− OpEx
−$50.6K −$7.47/SF
NOI
$61.8K $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%
$1,236,760
Cap Rate 7%
$883,400
Cap Rate 9%
$687,089
Alternative Uses
Best Use
Apartment 5plus
$883.4K
$773.0K – $1.03M
NOI $61,838 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$12.85M
$11.24M – $14.99M
NOI $899,460 @ 7.0% cap · market cap 50.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Short term rental property - Two residences, outbuildings, gardens, and pasture occupy a 2.14-acre parcel zoned Res.
Where is this short term rental property located?
The property is located at 923 23 Road Grand Junction, CO.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 2.14‑acre property with two houses; Main residence has 4 bedrooms, 3 bathrooms, and 2 sunrooms; Second home is 1,789 square feet, single‑level, with 3 bedrooms and 1 bathroom
