755 Horizon DrGrand Junction, CO 81506

Property Details for 755 Horizon Dr

Year built

1966

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

6.80 AC

Property size (Sq ft)

109,008 SF

Zone code

C-1

Property type

Hospitality properties

Property subtype

Hotels

APN

2701-361-49-003

APU

270136149003

Description

This exceptional 143-key Clarion Inn, located at 755 Horizon Dr, Grand Junction, CO 81506, presents a compelling value-add opportunity. Boasting 109,008 square feet on a 6.8-acre lot, this two-story, interior-corridor hotel features an indoor pool, whirlpool, complimentary airport shuttle, breakfast area, business center, and fitness facilities. The property also includes 15,400 square feet of meeting and event space – the largest in its competitive set. Recently renovated in 2022, approximately $750,000 in capital improvements were made, including a new elevator and HVAC upgrades. The hotel currently operates at 59% occupancy (as of 12/31/2023), offering significant upside potential through improved revenue management and expense control. A 7,000 square foot restaurant and bar space is available for lease or in-house use. The property benefits from its prime location one mile from Grand Junction Regional Airport, near Colorado Mesa University and St. Mary's Medical Center, and convenient access to Interstate 70. With 200 parking spaces and a strong pro-forma NOI of $1,031,611 and a pro-forma cap rate of 10.86%, this hotel represents a significant investment opportunity in a rapidly growing market. The Grand Junction MSA boasts a population exceeding 155,000, serving as a crucial stopover for travelers on I-70 between Denver and Salt Lake City, and offering proximity to numerous outdoor recreational activities and tourist destinations like Moab, Utah. The asking price is $9,500,000 ($87.15/sq ft and $66,433.57/key). The property is free and clear of any ground lease.

• CAP approach

  CAP return

  Valuation

  6%

  $22,754,142

  6.5%

  $21,003,822

  7%

  $19,503,550

• Comparable approach

  Method

  Valuation

  Relative Method

  $52,131,788

  Geo Method

  $21,164,666

• Alternative Use

  Use

  Valuation

  Residential

  $22,930,072

  Hospitality

  $21,003,822

  Educational

  $17,474,934

  Medical

  $18,075,924

  Retail

  $27,183,230

Location Insight

City

Grand Junction

County

Mesa

State

Colorado

Latitude

39.1137

Longitude

-108.538

CBSA code

24300

CBSA name

GRAND JUNCTION, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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