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    Property profile & analytics

    507 Fruitvale Ct Grand Junction, CO 81504

    • Flex space
    • 11,488 SF
    • 0.64 lot acres
    For Sale
    View listing
    $1,150,000
    Last Sale
    Jun 29, 2022
    $883,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0102736
    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

    • Real Integrity Paint Auto Body / Auto Body Shop
    • K&D Construction, Inc / General Contractor / Contractor

    Property Details for 507 Fruitvale Ct

    Year built
    1981
    Construction
    STEEL FRAME
    Lot size
    0.64 lot acres
    Property size
    11,488 SF
    Zone code
    PD
    Property type
    Flex space
    APN
    2943-093-53-037
    APU
    294309353037

    Description

    This exceptional 8,800-square-foot industrial property, located at 507 Fruitvale Court in Grand Junction, Colorado, presents a compelling owner-user or investment opportunity. The property, built in 1981, sits on a 1.17-acre lot and features a single-story building with a 12-foot ceiling height. The property includes five loading docks and ample parking for 20 vehicles. It's zoned PUD and boasts convenient access to I-70B, situated within a light industrial park. The property consists of two units. Unit A, currently leased, has a tenant with a lease expiring November 2024, including two three-year renewal options. The lease is a modified gross lease at $2,600 per month plus utilities. Unit C, encompassing 4,800 square feet, is vacant and ready for immediate occupancy. This unit offers 1,000 square feet of well-appointed office and showroom space, along with 3,800 square feet of warehouse space, including a mezzanine, two overhead doors, and three-phase power. The asking price for this multi-tenant property is $1,150,000. The property's APN is 2943-093-53-037, 2943-093-53-015, and 2943-093-53-016. This property offers a blend of immediate income and future development potential, making it an attractive option for discerning investors and owner-users alike.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $865,000
      ML approach
      $705,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,475,000
      6.5%
      $1,360,000
      7%
      $1,265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $901,000
      Market price range: $901k - $1.74M
      AI Estimate
      $538,000
      Market price range: $493k - $1.19M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,285,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.491
    Latitude
    39.0797
    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
    $15,154
    $50,780
    $153,300
    $204,080
    -
    $182,000
    $549,480
    $731,480

    Comparable in this City

    • Value Estimation
      $360,000
      8,178 SF

      2906 70th Business Loop

      LIGHT INDUSTRIAL • 8,178 SF
      2906 70th Business Loop, Grand Junction, CO 81504-8736
      View Details
    • Value Estimation
      $250,000
      42,501 SF

      3010 70th Business Loop

      LIGHT INDUSTRIAL • 42,501 SF
      3010 70th Business Loop, Grand Junction, CO 81504-5722
      View Details
    • Value Estimation
      $315,000
      2,400 SF

      2986 Gunnison Ave

      LIGHT INDUSTRIAL • 2,400 SF
      2986 Gunnison Ave, Grand Junction, CO 81504-5435
      View Details
    • Value Estimation
      $585,000
      6,268 SF

      3189 Hall Ave

      LIGHT INDUSTRIAL • 6,268 SF
      3189 Hall Ave, Grand Junction, CO 81504-6035
      View Details
    • Value Estimation
      $315,000
      6,092 SF

      3182 Mesa Ave

      LIGHT INDUSTRIAL • 6,092 SF
      3182 Mesa Ave, Grand Junction, CO 81504-6239
      View Details
    • Value Estimation
      $320,000
      4,167 SF

      3188 Mesa Ave

      LIGHT INDUSTRIAL • 4,167 SF
      3188 Mesa Ave, Grand Junction, CO 81504-6040
      View Details

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      Grand Junction Commercial Investment Opportunity

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    Similar Nearby for Lease

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      Grand Junction Flex Space Available

      4,000 SF flex space with warehouse and office areas.
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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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