14 Unit Apartment Building | 1231 N 23rd St
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14 Unit Apartment Building 1231 N 23rd St
14 Unit Apartment Building $1,800,000 ($128,571/Unit) 7.63% Cap Rate Grand Junction, CO 81501
Investment Highlights
- Every detail, from floor to ceiling, is BRAND NEW—aside from the timeless building shell
- Backed by a 12-month builder warranty, providing peace of mind and quality assurance
- Ideally located close to Colorado Mesa University, offers a vibrant community feel with easy access to nearby amenities.
Executive Summary
100% OCCUPIED! This recently renovated 14-unit apartment complex is an excellent investment opportunity, featuring 14
brand-new studio apartments. Formerly an office complex, the building has been fully converted into high-quality residential
units designed for modern, comfortable living. Each unit is currently leased at $1,100 per month, with tenants responsible for
their own electricity. Projected to perform at a 7 CAP.
The building is highly energy-efficient, with most systems powered by electricity, including brand-new mini-split HVAC systems installed throughout each unit. Solar panels help offset overall energy costs, making it even more efficient. A shared laundry room is available for tenant convenience, and the low-maintenance exterior ensures easy upkeep. The property also comes with a one-year warranty on all recent construction, offering added peace of mind for new ownership. This turn-key complex presents an ideal opportunity for investors seeking a modern, energy-efficient property with stable rental income.
Call today to schedule a showing! Terms deemed reliable but not guaranteed, terms subject to change without notice.
brand-new studio apartments. Formerly an office complex, the building has been fully converted into high-quality residential
units designed for modern, comfortable living. Each unit is currently leased at $1,100 per month, with tenants responsible for
their own electricity. Projected to perform at a 7 CAP.
The building is highly energy-efficient, with most systems powered by electricity, including brand-new mini-split HVAC systems installed throughout each unit. Solar panels help offset overall energy costs, making it even more efficient. A shared laundry room is available for tenant convenience, and the low-maintenance exterior ensures easy upkeep. The property also comes with a one-year warranty on all recent construction, offering added peace of mind for new ownership. This turn-key complex presents an ideal opportunity for investors seeking a modern, energy-efficient property with stable rental income.
Call today to schedule a showing! Terms deemed reliable but not guaranteed, terms subject to change without notice.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,800,000 | Apartment Style | Low Rise |
| Price Per Unit | $128,571 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 7.63% | Building Size | 5,544 SF |
| Gross Rent Multiplier | 13.1 | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2024 |
| Property Subtype | Apartment |
| Price | $1,800,000 |
| Price Per Unit | $128,571 |
| Sale Type | Investment |
| Cap Rate | 7.63% |
| Gross Rent Multiplier | 13.1 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,544 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2024 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $1,100 | 396 |
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Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 2945-124-26-004 | Total Assessment | $142,950 (2023) |
| Land Assessment | $25,940 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $117,010 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
2945-124-26-004
Land Assessment
$25,940 (2023)
Improvements Assessment
$117,010 (2023)
Total Assessment
$142,950 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | MU-2 (Mixed Use) |
| MU-2 (Mixed Use) |
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Century 21 CapRock Real Estate, LLC
14 Unit Apartment Building | 1231 N 23rd St
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