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    2923 North Ave, Unit 1 Grand Junction, CO 81504
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    Property profile & analytics

    2923 North Ave, Unit 1, Grand Junction, CO 81504

    View on Map
    • Hotels
    • 26,000 SF
    • 1.96 lot acres
    For Lease
    $4,233/Mo
    View Listing →
    Renovated Retail Space on North For Lease
    $4,233/Mo
    4,000 SF

    Renovated Retail Space on North

    Fully renovated retail space with high visibility on North Avenue.

    2923 North Ave Ste 1, Grand Junction, CO 81504
    View Listing
    Property ID
    US13-0555572
    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.
    Value Estimations
    $1,330,000
    Cap Rate Potential
    6.8%
    Hotels
    Location Intelligence

    Current Use by Public Records

    • Carbon Computers and Repair / Electronics & Wireless Store
    • Western Slope church of Christ / Church
    • Enterprise Liquors / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • Rufus & Flippen Law Group Auto Accident Lawyers / Law Firm
    • United States Postal Service / Post Office / Logistics Service

    Property Details for 2923 North Ave

    Year built
    1980
    Construction
    WOOD
    Lot size
    1.96 lot acres
    Zone code
    C-2
    Property type
    Hotels
    APN
    2943-172-09-001
    APU
    294317209001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 16, 2022 $1,325,000 Double Paw Properties LLC North Avenue Properties LLC Warranty Deed $1.6M · Timberline Bank
    Apr 6, 2011 — North Avenue Properties LLC Suny Associates INC Grant Deed —
    Jan 6, 2011 — Donald E Nolan Nolan D E & G A Liv Trust Quit Claim Deed · related —
    Jan 6, 2011 $1,100,000 Suny Associates INC Nolan,donald E & Gloria A Warranty Deed $900k · Donald E & Gloria A Nolan
    — — Suny Associates INC — Loan Modification · related $851k · Donald E & Gloria A Nolan
    — — Donald E Nolan — Deed Of Trust · related $150k · Wells Fargo Bank West NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,205,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,480,000
      6.5%
      $1,365,000
      7%
      $1,270,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.511
    Latitude
    39.0768
    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
    $25,839
    $143,170
    $213,980
    $357,150
    -
    $513,160
    $766,940
    $1,280,100

    Comparable in this City

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      24,600 SF

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      21,380 SF

      507 30th Rd

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      3002 70th Business Loop

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      16,688 SF

      492 Morning Glory Ln

      HOTEL
      492 Morning Glory Ln, Grand Junction, CO 81504-5327
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    • Value Estimation
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      55,026 SF

      2901 Patterson Rd

      HOTEL
      2901 Patterson Rd, Grand Junction, CO 81504-3001
      View Details
    • Value Estimation by Request
      8,125 SF

      510 Fruitvale Ct

      HOTEL
      510 Fruitvale Ct, Grand Junction, CO 81504-5765
      View Details

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      Grand Junction Retail Opportunity

      Retail property in Grand Junction with high visibility and parking.
      599 29½ Rd, Grand Junction, CO 81504
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      Commercial Corner Lot For Sale

      Developing commercial corner lot connecting residential area with business districts.
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      Grand Junction Commercial Land Available

      2.37 acre commercial land with I-70 access.
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    • $599,900
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      Grand Junction Land with Redevelopment Potential

      2-acre parcel with redevelopment potential and existing livable residence.
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    • New
      $950,000
      6,642 SF

      Grand Junction Quadplex Investment

      Quadplex with long-term tenants and recent unit refresh, offering an established rental history for investors.
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    Similar Nearby for Lease

    • Contact for pricing

      Renovated Retail Space on North

      Fully renovated retail space with high visibility on North Avenue.
      2923 North Ave, Grand Junction, CO 81504
      View Details
    • $1,080 /Mo
      7,200 SF

      Updated Office Suite Off Patterson

      Recently refreshed suite with private offices and abundant natural light for a polished, ready-to-work environment.
      3026 Patterson Rd, Grand Junction, CO 81504
      View Details
    • $17,000 /Mo
      17,000 SF

      Warehouse Shop with Drive-Thru

      Shop space includes five drive-thru doors, sprinkled service, and bridge crane capability for versatile industrial use.
      31 5/8 Rd, Grand Junction, CO 81504
      View Details
    • $7,894 /Mo
      11,144 SF

      Warehouse Suite with Loading Dock

      Warehouse space with office, restroom, ramp access, and a single loading dock for efficient distribution operations.
      31 5/8 Rd, Grand Junction, CO 81504
      View Details
    • $6,000 /Mo
      5,846 SF

      Office Condo with Elevated Stage

      Flexible commercial condo with private offices, meeting rooms, and a stage-ready main area for gatherings and presentations.
      2938 North Ave, Grand Junction, CO 81504
      View Details
    • $1,823 /Mo
      5,856 SF

      Grand Junction Office Endcap Suite

      Endcap office suite with efficient layout in mixed-use area.
      3070 I-70 Business Loop, Grand Junction, CO 81504
      View Details
    View Listing
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    Grand Junction, CO 81504
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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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    2923 North Ave, Grand Junction, CO, 81504
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