1940 North Ave, 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 $23,010.00, 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 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.