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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2428 Patterson Rd Grand Junction, CO 81505-1215

    • Hotels
    • 26,660 SF
    • 2.42 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2024
    $5,900,000
    Value Estimations
    $5,520,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0724663
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Banfield Pet Hospital / Veterinarian / Animal Hospital

    Property Details for 2428 Patterson Rd

    Year built
    1998
    Construction
    STEEL FRAME
    Lot size
    2.42 lot acres
    Property size
    26,660 SF
    Zone code
    C-1
    Property type
    Hotels
    APN
    2945-043-13-002
    APU
    294504313002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,900,000
      ML approach
      $5,900,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,388,000
      Market price range: $1.25M - $5.54M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $5,815,000
      COMMERCIAL (GENERAL)
      $4,720,000
      WAREHOUSE, STORAGE
      $3,930,000
      OFFICE BUILDING
      $3,745,000
      RETAIL STORES
      $3,605,000
      INDUSTRIAL (GENERAL)
      $3,580,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.603
    Latitude
    39.0957
    CBSA code
    24300
    CBSA name
    GRAND JUNCTION, CO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $48,856
    $302,800
    $388,220
    $691,020
    -
    $1,085,300
    $1,391,480
    $2,476,780

    Comparable in this City

    • Value Estimation
      $930,000
      103,247 SF

      2422 Hwy 6th And 50a

      HOTEL • 103,247 SF
      2422 Hwy 6th And 50a, Grand Junction, CO 81505-1102
      View Details
    • Value Estimation
      $755,000
      53,292 SF

      625 Rae Lynn St

      HOTEL/MOTEL • 53,292 SF
      625 Rae Lynn St, Grand Junction, CO 81505-1268
      View Details
    • Value Estimation
      $975,000
      105,518 SF

      654 Market St

      HOTEL/MOTEL • 105,518 SF
      654 Market St, Grand Junction, CO 81505-4300
      View Details
    • Value Estimation
      $1,070,000
      64,289 SF

      630 24th Rd

      HOTEL • 64,289 SF
      630 24th Rd, Grand Junction, CO 81505-1239
      View Details
    • Value Estimation
      $755,000
      94,480 SF

      636 Market St

      HOTEL • 94,480 SF
      636 Market St, Grand Junction, CO 81505-4300
      View Details
    • Value Estimation
      $475,000
      3,886 SF

      774 23rd Rd

      HOTEL/MOTEL • 3,886 SF
      774 23rd Rd, Grand Junction, CO 81505-9686
      View Details

    Similar Nearby for Sale

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      3,570 SF Warehouse, Ideal Location
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    • $195,000
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      Bond Street Industrial Land Parcel

      1.02-acre I-1 zoned lot, Grand Junction, CO.
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    • $375,000
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      Grand Junction Warehouse: Prime Location

      6,185 SF Warehouse Condo - Vacant
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    • $1,999,000
      2.81 Acres

      Grand Junction Commercial Land Opportunity

      2.81-acre build-ready site in active growth area.
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    • $375,000
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      Grand Junction Land Parcel

      8.9-acre parcel in northwest Grand Junction with Grand Mesa views.
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    Similar Nearby for Lease

    • $4,405 /Mo
      33,982 SF

      Remodeled Office Space For Lease

      Newly remodeled office space suitable for professional or medical users.
      2515 120, Grand Junction, CO 81505
      View Details
    • $6,062 /Mo
      33,982 SF

      Grand Junction Office Space Available

      New 2,598 SF office space suitable for medical or professional.
      2515 Foresight Cir, Grand Junction, CO 81505
      View Details
    • $5,000 /Mo
      752 SF

      Retail Space on Highway 6&50

      Commercial lot with office/retail building for lease.
      2497 2495 Hwy, Grand Junction, CO 81505
      View Details
    • $2,520 /Mo
      12,250 SF

      Grand Junction Commercial Flex Space

      Versatile flex space in Grand Junction, suitable for various businesses.
      2487 Industrial Blvd, Grand Junction, CO 81505
      View Details
    • $4,500 /Mo
      56,439 SF

      Retail End Cap Space Available

      Retail space in Valley Plaza shopping center on Hwy 6&50.
      2454 Hwy 6&50, Grand Junction, CO 81505
      View Details
    • $1,200 /Mo
      1,452 SF

      Highway Frontage Commercial Space

      1,452 SF commercial space with excellent highway visibility.
      2324 Hwy, Grand Junction, CO 81505
      View Details
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    2428 Patterson Rd
    Grand Junction, CO 81505-1215
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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