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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    704 Horizon Dr Grand Junction, CO 81506-3907

    • Hotels
    • 34,420 SF
    • 2.10 lot acres
    OFF-MARKET
    Last Sale
    Feb 24, 2020
    Value Estimations
    $1,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0082748
    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

    • Studio 6 Grand Junction, CO / Extended Stay Hotel / Hotel

    Property Details for 704 Horizon Dr

    Year built
    1982
    Lot size
    2.10 lot acres
    Property size
    34,420 SF
    Zone code
    C-1
    Property type
    Hotels
    Property subtype
    Motels
    APN
    2701-364-00-075
    APU
    270136400075

    Description

    This fee-simple ownership opportunity presents a 123-key Studio 6 extended-stay hotel in Grand Junction, Colorado. Located at 704 Horizon Dr, this two-story, exterior-corridor hotel boasts a prime location just off Interstate 70, offering easy access and high visibility. The property underwent a significant $1.1 million renovation in 2021, bringing it up to current G6 brand standards. Amenities include an outdoor pool, guest laundry, a dog park, and vending machines. Each of the newly remodeled rooms features a kitchenette, flat-screen television, and work desk. The hotel benefits from its strategic location near Grand Junction Regional Airport (1.8 miles) and Colorado Mesa University (2.3 miles), two major local employers. Other nearby attractions include St. Mary's Hospital, Avalon Theatre, The Escape House, Museum of Western Colorado, and Bananas Fun Park, contributing to a robust leisure market. The property sits on a 2.1-acre lot and is one of only two extended-stay, economy hotels in the area, creating a strong competitive advantage. The Colorado Northwest Area hotel submarket experienced a 4.5% year-over-year RevPAR increase as of January, exceeding the market-wide trend. With no new competitive supply planned, this presents a unique opportunity for investors seeking a well-positioned, high-performing asset. The asking price is $6,000,000, or $48,780 per key. Built in 1982, this hotel offers a solid foundation for continued success in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,224,000
      Market price range: $555k - $1.29M

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Junction
    County
    Mesa
    State
    Colorado
    Longitude
    -108.543
    Latitude
    39.1067
    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
    $77,804
    $178,650
    $872,610
    $1,051,260
    -
    $640,330
    $3,127,630
    $3,767,960

    Comparable in this City

    • Value Estimation
      $4,060,000
      109,008 SF

      755 Horizon Dr

      HOTEL/MOTEL • 109,008 SF
      755 Horizon Dr, Grand Junction, CO 81506-3935
      View Details
    • Value Estimation
      $3,870,000
      92,988 SF

      728 Horizon Dr

      HOTEL/MOTEL • 92,988 SF
      728 Horizon Dr, Grand Junction, CO 81506-3907
      View Details
    • Value Estimation
      $6,160,000
      27,865 SF

      750 34th Horizon Dr

      HOTEL/MOTEL • 27,865 SF
      750 34th Horizon Dr, Grand Junction, CO 81506-8709
      View Details
    • Value Estimation
      $1,795,000
      34,560 SF

      754 Horizon Dr

      HOTEL/MOTEL • 34,560 SF
      754 Horizon Dr, Grand Junction, CO 81506-3932
      View Details
    • Value Estimation
      $1,240,000
      32,563 SF

      708 Horizon Dr

      HOTEL/MOTEL • 32,563 SF
      708 Horizon Dr, Grand Junction, CO 81506-3907
      View Details
    • Value Estimation
      $2,345,000
      75,811 SF

      767 Horizon Dr

      HOTEL/MOTEL • 75,811 SF
      767 Horizon Dr, Grand Junction, CO 81506-3965
      View Details

    Similar Nearby for Sale

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      Grand Junction Commercial Land Available

      3.65 acres of commercial land ready for development.
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    • $987,000

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      Grand Junction Commercial Land Available

      1.04 acre commercial lot with high visibility and access.
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    Similar Nearby for Lease

    • $2,250 /Mo
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      Grand Junction Office Space Available

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    • $1,380 /Mo
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      Grand Junction Office Space Available

      Office space in professional campus, convenient location, move-in ready.
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    • $900 /Mo
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      Grand Junction Retail/Office Space

      Retail/office space available in a prime traffic location.
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    • $1,100 /Mo
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      Grand Junction Office Space For Rent

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    • Contact for pricing
      162,478 SF

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      Flexible Office Suites in Prime Location
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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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