1940 North Avenue, Grand Junction, CO 81501

• 24 beds |
• 23 baths |
• 8,824 sqft

Property Description

Excellent income opportunity offered at 7.5 CAP with this 23-unit property just 7 blocks from Colorado Mesa University and directly across from the VA Hospital. The unit mix includes 21 studio-style rooms—20 without kitchens and 1 with a full kitchen—plus one 2-bedroom, 1-bath apartment and one 1-bedroom, 1-bath apartment. Current Rent Roll is $23,010.00, projected to perform at a 8.5 CAP for 2026. Most units are ranch-style with ground-level access, while the 2-bedroom apartment is located on the second floor. The property also features a separate office space, a laundry room with hookups for 2 washers and 2 dryers, a single-car garage, an oversized 4-car garage, and two storage rooms. All units have brand new heating and cooling systems—studios are equipped with new PTAC units, and the apartments feature new mini-split systems for efficient year-round comfort. Tenants are primarily weekly or monthly, with current rents at $280/week or $950/month. Recent improvements include a complete electrical overhaul, updated plumbing, roof updates, new flooring and fresh paint in all 21 studios, and upgraded signage. Situated on a .99-acre lot, the property has strong current returns with significant upside potential through rent increases, kitchen additions, or longer-term tenant conversion. The location, just minutes from higher education and healthcare hubs, ensures consistent demand and low vacancy. This is a well-maintained, cash-flowing asset with room to enhance profitability and value over time.

Listing Status:

Active

Date Added:

July 23, 2025 at 05:00AM

Listing Office:

CENTURY 21 CAPROCK REAL ESTATE : 970-257-0500

Listing Agent:

LOIS BRIGHT : 970-270-3897

MLS ID:

20253540

Interior

• General: None
• Appliances: Electric OvenElectric RangeRefrigerator
• Basement: Crawl Space
• Flooring: Luxury VinylLuxury VinylPlank
• A/C: OtherSee Remarks
• Heating: OtherSee Remarks
• Disability Feature: None

Exterior

• General: Outbuilding
• Style: RanchTwo Story
• Other Structures: Outbuilding

Construction

• Roofing: Flat
• General: Block1

Location

• Road/Access: City Street
• HOA Amenities: None
• Originating MLS: GJARA_GJARA
• County: Mesa

Lot

• Zoning: 2945-124-25-025
• Current Use: Mixed Use

Utilities

• Water: Public
• Sewer: Connected

Financial

• Source: GJARA_GJARA

This listing courtesy of LOIS BRIGHT, CENTURY 21 CAPROCK REAL ESTATE