1231 23rd St Grand Junction, CO 81501-6571
- Office buildings
- 6,534 SF
- 0.27 lot acres
Current Use by Public Records
- zemers fine hair studio / Beauty Salon
- Four Way Holistic Care Center / Holistic Medicine Practitioner
- Next Generation Homes LLC / Contractor
- Cathy L. Bucher, LMT / Massage Therapist
- Colorado Broadband & Communications Inc. / Home Theater Store
Property Details for 1231 23rd St
- Year built
- 1978
- Construction
- WOOD
- Lot size
- 0.27 lot acres
- Property size
- 6,534 SF
- Zone code
- C-1
- Property type
- Office buildings
- APN
- 2945-124-26-004
- APU
- 294512426004
Description
This exceptional 14-unit apartment building in Grand Junction, Colorado, presents a compelling investment opportunity. Completely renovated in 2024, this Class A property boasts 5,544 square feet of net rentable space, spread across two stories. The building, constructed in 1977 and recently converted from an office complex, now features 14 brand-new studio apartments, each currently leased at $1,100 per month, resulting in 100% occupancy as of November 1, 2024. Tenants are responsible for their own electricity. The property benefits from significant energy efficiency upgrades, including new mini-split HVAC systems and solar panels, contributing to lower operating costs. A shared laundry room adds tenant convenience. The low-maintenance exterior simplifies upkeep. Situated on a 0.23-acre lot (APN 2945-124-26-004), the property is zoned MU-2. The asking price is $1,800,000, representing $128,571 per unit and a price per square foot of $324.68. The pro-forma NOI is $137,376, projecting an 8.00% cap rate. A one-year warranty on all recent construction provides added assurance. This turnkey investment offers stable rental income and a strong return on investment. The property's proximity to the university adds to its appeal. All information is deemed reliable but not guaranteed and is subject to change without notice.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $300,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $405,000
- 6.5%
- $420,000
- 7%
- $405,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $380,000
- Geo Method
- $450,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $335,000
- Retail
- $395,000
- Mixed-Use
- $430,000
- Hospitality
- $355,000
- Educational
- $395,000
- Residential Income
- $445,000
- Energy
- $470,000
- Income-Based Land
- $395,000
- Food Service
- $365,000
Location Insight
- Map
- Local Demand
- City
- Grand Junction
- County
- Mesa
- State
- Colorado
- Longitude
- -108.539
- Latitude
- 39.0789
- CBSA code
- 24300
- CBSA name
- GRAND JUNCTION, CO METROPOLITAN STATISTICAL AREA
