1940 North Avenue, Grand Junction, CO 81501

Excellent income opportunity 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 $21,470.00, projected to perform at a 6.5 CAP for 2025 now that upgrades are completed. 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 … read more …