1231 23Rd St Grand Junction, CO 81501

This exceptional 14-unit apartment building in Grand Junction, Colorado, presents a compelling investment opportunity. Completely renovated in 2024, this Class A property boasts 5,544 square feet of net rentable space, spread across two stories. The building, constructed in 1977 and recently converted from an office complex, now features 14 brand-new studio apartments, each currently leased at $1,100 per month, resulting in 100% occupancy as of November 1, 2024. Tenants are responsible for their own electricity. The property benefits from significant energy efficiency upgrades, including new mini-split HVAC systems and solar panels, contributing to lower operating costs. A shared laundry room adds tenant convenience. The low-maintenance exterior simplifies upkeep. Situated on a 0.23-acre lot (APN 2945-124-26-004), the property is zoned MU-2. The asking price is $1,800,000, representing $128,571 per unit and a price per square foot of $324.68. The pro-forma NOI is $137,376, projecting an 8.00% cap rate. A one-year warranty on all recent construction provides added assurance. This turnkey investment offers stable rental income and a strong return on investment. The property's proximity to the university adds to its appeal. All information is deemed reliable but not guaranteed and is subject to change without notice.