600 22nd St Grand Junction, CO 81501-7972
- Apartment buildings
- 2,704 SF
- 1.12 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 600 22nd St
- Year built
- 1941
- Construction
- WOOD
- Lot size
- 1.12 lot acres
- Property size
- 2,704 SF
- Zone code
- 1225
- Property type
- Apartment buildings
- APN
- 2945-131-16-004
- APU
- 294513116004
Description
This exceptional 12-unit apartment building, located at 600 N 22nd St in Grand Junction, Colorado, presents a compelling investment opportunity. The property boasts 7,200 square feet situated on a 1.14-acre corner lot in an opportunity zone, offering significant potential for future development. Built in 1941, this single-story building features spacious two-bedroom, one-bathroom units, each with ample off-street parking and storage. The current asking price is $1,400,000, translating to $116,667 per unit and $194.44 per square foot. The property currently generates a Net Operating Income (NOI) of $58,304, representing a 4.16% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $113,397 and an 8.10% cap rate, indicating substantial value-add potential through unit renovations and cosmetic upgrades. Recent improvements include a new roof. The property enjoys a prime location, just half a mile from the VA and one mile from Colorado Mesa University and downtown Grand Junction. Attractive seller financing options are available. This property is ideal for investors seeking strong returns and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Grand Junction
- County
- Mesa
- State
- Colorado
- Longitude
- -108.539
- Latitude
- 39.0728
- CBSA code
- 24300
- CBSA name
- GRAND JUNCTION, CO METROPOLITAN STATISTICAL AREA
