Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    316 Aspen Ave Fruita, CO 81521-2504
    Back to Search
    Property profile & analytics

    316 Aspen Ave, Fruita, CO 81521-2504

    View on Map
    • Retail space
    • 14,406 SF
    • 1.77 lot acres
    Off-Market
    Last Sale Jul 7, 2020
    $5,819,000
    Property ID
    US13-2686515
    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
    $6,120,000
    Show details
    Cap Rate Potential
    2.1%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 316 Aspen Ave

    Year built
    2007
    Construction
    STEEL FRAME
    Lot size
    1.77 lot acres
    Zone code
    DCRD
    Property type
    Retail space
    APN
    2697-172-29-002
    APU
    269717229002

    Description

    This exceptional investment opportunity presents a fee-simple, single-tenant retail property in Fruita, Colorado, within the Grand Junction MSA. The 14,406 square foot building, constructed in 2007, is 100% occupied by a credit-rated Walgreens under an absolute NNN lease with a corporate guarantee, expiring June 30, 2033. This provides a substantial remaining lease term of 8.6 years, offering significant long-term stability. The property boasts a strong sales history and a current net operating income (NOI) of $355,000, translating to a 6.80% cap rate and a price per square foot of $362.35. Located at 316 W Aspen Ave, 81521, this highly visible property sits on a signalized corner, offering excellent accessibility and exposure. Its strategic location is further enhanced by its proximity to Interstate 70 and James M. Robb - Colorado River State Park. The lease includes fifty, one-year options, providing additional long-term growth potential. An assumable loan with a favorable 3.82% interest rate is available (see offering memorandum for details). All property maintenance responsibilities fall solely on the tenant. This is a rare opportunity to acquire a high-performing Walgreens location with minimal landlord responsibilities and significant upside potential. The property's APN is 2697-172-29-002.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,460,000
      ML approach
      $6,385,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fruita
    County
    Mesa
    State
    Colorado
    Longitude
    -108.737
    Latitude
    39.1583
    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
    $58,224
    $283,310
    $430,490
    $713,800
    -
    $1,015,440
    $1,542,980
    $2,558,420

    Comparable in this City

    • Value Estimation by Request
      6,525 SF

      225 Aspen Ave

      RETAIL STORES (PERSONAL SERVICES)
      225 Aspen Ave, Fruita, CO 81521-4201
      View Details
    • Value Estimation
      $1,110,000
      9,360 SF

      1803 J 210th Rd

      RETAIL STORES (PERSONAL SERVICES)
      1803 J 210th Rd, Fruita, CO 81521-9397
      View Details
    • Value Estimation by Request
      3,000 SF

      202 Aspen Ave

      RETAIL STORES (PERSONAL SERVICES)
      202 Aspen Ave, Fruita, CO 81521-2206
      View Details
    • Value Estimation by Request
      4,284 SF

      1743 K 34th Rd

      RETAIL STORES (PERSONAL SERVICES)
      1743 K 34th Rd, Fruita, CO 81521-2256
      View Details
    • Value Estimation
      $565,000
      6,748 SF

      211 Aspen Ave

      RETAIL STORES (PERSONAL SERVICES)
      211 Aspen Ave, Fruita, CO 81521-2205
      View Details
    • Value Estimation
      $525,000
      5,700 SF

      138 Plum St

      RETAIL STORES (PERSONAL SERVICES)
      138 Plum St, Fruita, CO 81521-2523
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      New Construction Gas Station Lease

      New 20-year lease with rental increases in Fruita, Colorado.
      437 W Aspen Ave, Fruita, CO 81521
      View Details
    • $500,000

      Fruita Mixed-Use Development Opportunity

      Classic bungalow on 0.55 acres with development potential.
      551 East Grand Ave, Fruita, CO 81521
      View Details
    • Contact for pricing

      40 Acres Irrigated Land

      40 acres of flat, irrigated land ready for development.
      1895 L Rd, Fruita, CO 81521
      View Details
    • $135,000
      0.17 Acres

      Land in Picturesque Fruita, Colorado

      Land with mountain views and vibrant lifestyle in Fruita, Colorado.
      1104 Coal Gulch Dr, Fruita, CO 81521
      View Details
    • $595,000
      6.78 Acres

      Fruita Irrigated Land For Sale

      6.78 acres of flat, irrigated pasture land in Fruita, CO.
      J 19 Rd, Fruita, CO 81521
      View Details
    • $1,200,000
      0.81 Acres

      Fruita Land with Development Potential

      Large lot with multiple taps and mixed-use zoning.
      128 N Coulson St, Fruita, CO 81521
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Fruita Roundabout Upstairs Office Space

      720 SF office space in Fruita's vibrant Roundabout.
      156 S Park Sq, Fruita, CO 81521
      View Details
    • Contact for pricing

      Fruita Commercial Space For Rent

      Premium commercial space in Fruita with flexible layout and parking.
      529 E Grand Ave, Fruita, CO 81521
      View Details
    • $1,300 /Mo
      4,536 SF

      Office-Retail Flex Space with Private Entrances

      A versatile unit with reception, three offices, a large flex area, private climate control, and seven reserved parking spaces.
      529 E Grand Ave, Fruita, CO 81521
      View Details
    • $3,083 /Mo
      1,408 SF

      Fruita Retail/Office Space For Lease

      Customizable retail/office space with high traffic and easy I-70 access.
      401 Jurassic Ave, Fruita, CO 81521
      View Details
    • $775 /Mo
      3,840 SF

      Upstairs Office Suite on Roundabout

      Turnkey, wide-open upstairs office suite with secure shared entry and strong access to Fruita’s dining and retail.
      156 Park Sq, Fruita, CO 81521
      View Details
    • $3,084 /Mo
      7,200 SF

      Insulated Warehouse with Mezzanine

      Climate-controlled warehouse with multiple overhead doors and dedicated office-ready mezzanine for efficient operations and administration.
      221 Hwy, Fruita, CO 81521
      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.
    316 Aspen Ave
    Fruita, CO 81521-2504
    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

    Thank You for Inquiry
    316 Aspen Ave, Fruita, CO, 81521
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!