Sherwood Park Leased Units
For Sale
Contact for pricing
403 Kennedy Ave, Grand Junction, CO 81501
Leased units in updated building with private parking lot.
Property Size4,590 SF
Price / SF$174.07
Days on Market711
Property Features for 403 Kennedy Ave
General Information
Standard status
Active
Size
4,590 SF
Total Parking Spaces
20
Property subtype
Office, Retail
Zoning
MU-1
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1956
Year Renovated
2018
Buildings
1
Tenancy
Multi
Listing Agency:
The Agency Grand Junction
Listed By:
Jan Kimbrough Miller · License #CO 100013124
(970) 250-6781
Source:
Crexi
Added: Sep 25, 2024
Changed: Sep 2
Last Checked: Sep 5 at 8:31AM
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 The Agency Grand Junction
Investment Insights
Based on property information with market context.
Located on Sherwood Park, this stand-alone building features five leased units and a private parking lot. The property underwent a complete interior, exterior, and major mechanical systems update in 2018. It includes ADA-compliant bathrooms and entrances. The property offers the option to continue leasing all units or to occupy one or more units for business use. Zoned MU-1, refer to associated documents for allowed uses. The property size is 4590 square feet. The capitalization rate, based on net operating income, is 6.1%.
Key Highlights
- Prime location on Sherwood Park.
- Fully updated in 2018, including interior, exterior, and major mechanicals.
- Stand‑alone building with private parking lot.
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
$43,537
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
5.45%
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%
$870,740
$870.7K
Cap Rate 7%
$621,957
$622.0K
Cap Rate 9%
$483,744
$483.7K
Market Conditions
NOI Build-Up for 4,590 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
$66.1K $14.40/SF
− Vacancy
−$3.9K −$0.85/SF
EGI
$62.2K $13.55/SF
− OpEx
−$18.7K −$4.07/SF
NOI
$43.5K $9.49/SF
Area
Mesa County, CO
Vacancy
5.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$870,740
Cap Rate 7%
$621,957
Cap Rate 9%
$483,744
Alternative Uses
Best Use
Retail
$622.0K
$544.2K – $725.6K
NOI $43,537 @ 7.0% cap · market cap 5.45%
Second Best
Office B
$619.7K
$542.2K – $722.9K
NOI $43,376 @ 7.0% cap · market cap 5.43%
Theoretical Best
Healthcare Medical
$8.71M
$7.62M – $10.16M
NOI $609,736 @ 7.0% cap · market cap 76.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 81501, CO
23,935
Population
11,524
Households
2.1
Avg Household Size
33
Median Age
27%
College-Educated
90%
High-School Grad
8.7 sq mi
ZIP Area
2,751
Density / Sq Mi
$48,500
Median Household Income
$32,160
Median Earnings
$974
Median Rent
$283,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Leased units in updated building with private parking lot.
Where is this retail space located?
The property is located at 403 Kennedy Ave Grand Junction, CO.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime location on Sherwood Park.; Fully updated in 2018, including interior, exterior, and major mechanicals.; Stand‑alone building with private parking lot.
