Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2615 Patterson Rd Grand Junction, CO 81506-1991

    • Apartment buildings
    • 1,504 SF
    • 2.00 lot acres
    OFF-MARKET
    Last Sale
    Sep 10, 2021
    $304,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1268818
    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

    • Apartment buildings

    Property Details for 2615 Patterson Rd

    Year built
    1948
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.00 lot acres
    Property size
    1,504 SF
    Zone code
    1225
    Property type
    Apartment buildings
    APN
    2945-112-00-004
    APU
    294511200004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.568
    Latitude
    39.0911
    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
    $3,643
    $19,930
    $31,600
    $51,530
    -
    $297,480
    $471,700
    $769,180

    Comparable in this City

    • Value Estimation
      $1,000,000
      7,456 SF

      815 26th 12th Rd

      APARTMENT HOUSE (5+ UNITS) • 7,456 SF
      815 26th 12th Rd, Grand Junction, CO 81506-1701
      View Details
    • Value Estimation
      $1,455,000
      112,144 SF

      621 26th 12th Rd

      APARTMENT HOUSE (5+ UNITS) • 112,144 SF
      621 26th 12th Rd, Grand Junction, CO 81506-1904
      View Details
    • Value Estimation by Request
      1,988 SF

      1627 Hermosa Ave

      APARTMENT HOUSE (5+ UNITS) • 1,988 SF
      1627 Hermosa Ave, Grand Junction, CO 81506
      View Details
    • Value Estimation by Request
      5,376 SF

      3032 15th St

      APARTMENT HOUSE (5+ UNITS) • 5,376 SF
      3032 15th St, Grand Junction, CO 81506-4085
      View Details
    • Value Estimation
      $670,000
      38,175 SF

      2825 Patterson Rd

      APARTMENT HOUSE (5+ UNITS) • 38,175 SF
      2825 Patterson Rd, Grand Junction, CO 81506-6065
      View Details
    • Value Estimation by Request
      8,746 SF

      2835 Patterson Rd

      APARTMENT HOUSE (5+ UNITS) • 8,746 SF
      2835 Patterson Rd, Grand Junction, CO 81506-6066
      View Details

    Similar Nearby for Sale

    • $990,000
      3,520 SF

      Grand Junction Multifamily Plus Commercial Opportunity

      Multifamily and commercial property with redevelopment potential in Grand Junction.
      2718 Patterson Rd, Grand Junction, CO 81506
      View Details
    • $990,000
      4,960 SF

      Grand Junction Mixed-Use Development Opportunity

      Commercial office, 4-plex on 0.89 acres with development potential.
      2718 Patterson Rd, Grand Junction, CO 81506
      View Details
    • $415,000

      Updated Townhome with Lake Views

      Spacious 3-bedroom townhome with updated features and community amenities.
      1043 Lakeside Dr, Grand Junction, CO 81506
      View Details
    • $180,000
      0.17 Acres

      Residential Land in Grand Junction

      Residential land for sale in Golden Leaf Subdivision.
      Maroon Crk Ct, Grand Junction, CO 81506
      View Details
    • $250,000
      0.59 Acres

      Unique Lot with Stunning Views

      0.59 acre lot with panoramic views, no HOA.
      Cascade Dr, Grand Junction, CO 81506
      View Details

    Similar Nearby for Lease

    • $1,910 /Mo
      Pending

      Retail/Office Space on Patterson Road

      Corner unit with high visibility, suitable for retail or office.
      2695 Patterson Rd, Grand Junction, CO 81506
      View Details
    • $1,380 /Mo
      71,410 SF

      Grand Junction Office Space Available

      Office space in professional campus, convenient location, move-in ready.
      715 Horizon Dr, Grand Junction, CO 81506
      View Details
    • $900 /Mo
      6,704 SF

      Grand Junction Retail/Office Space

      Retail/office space available in a prime traffic location.
      2683 N Patterson F Rd, Grand Junction, CO 81506
      View Details
    • $1,100 /Mo
      43,129 SF

      Grand Junction Office Space For Rent

      Second floor office space in multi-tenant professional building.
      2764 Compass Dr, Grand Junction, CO 81506
      View Details
    • $2,250 /Mo
      43,109 SF

      Grand Junction Office Space Available

      Remodeled office space near the airport with gym access.
      2768 210, Grand Junction, CO 81506
      View Details
    • Contact for pricing
      162,478 SF

      Grand Junction Office Space for Lease

      Flexible Office Suites in Prime Location
      2764 Compass Dr, Grand Junction, CO 81506
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2615 Patterson Rd
    Grand Junction, CO 81506-1991
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.