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Patterson Neighborhood Marketplace 2913 Patterson Rd 18,000 SF 100% Leased Retail Building Grand Junction, CO 81504 $1,950,000 ($108.33/SF) 6.22% Cap Rate
Investment Highlights
- Safeway-Anchored Center
- Upside Potential to Increase Below-Market Rents
- 4.9 Year WALT
Executive Summary
Shadow retail asset consisting of two noncontiguous parcels located within the Safeway-anchored Patterson Marketplace neighborhood shopping center in Grand Junction, CO.
Total RSF is 18,000 SF (9,000 SF ea.) on 3.14 acres. The property is 100% leased with one tenant (LV Nails) currently completing an interior buildout.
2025 gross rental income was $224,711 and NOI was $121,301. Current cap rate is 6.2%. Low WALT (4.9 years) creates an upside opportunity for the buyer to increase below-market rents and NNN recapture. Proforma NOI is $221,000 (11% cap).
The property is encumbered by a long-term ground lease structure. The original term commenced in 2000 and ended in 2016. Tenant is on its second of ten, 5-yr renewal options which may extend to 2066.
Financials available upon request.
Total RSF is 18,000 SF (9,000 SF ea.) on 3.14 acres. The property is 100% leased with one tenant (LV Nails) currently completing an interior buildout.
2025 gross rental income was $224,711 and NOI was $121,301. Current cap rate is 6.2%. Low WALT (4.9 years) creates an upside opportunity for the buyer to increase below-market rents and NNN recapture. Proforma NOI is $221,000 (11% cap).
The property is encumbered by a long-term ground lease structure. The original term commenced in 2000 and ended in 2016. Tenant is on its second of ten, 5-yr renewal options which may extend to 2066.
Financials available upon request.
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leasehold)
Property Type
Building Size
18,000 SF
Year Built
2000
Price
$1,950,000
Price Per SF
$108.33
Cap Rate
6.22%
NOI
$121,301
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.13
Lot Size
3.14 AC
Zoning
PD
Parking
93 Spaces (5.17 Spaces per 1,000 SF Leased)
Frontage
1,100’ on Patterson Road
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Berna B's Restaurant
- Retailer
- 2,500 SF
- -
- Modified Gross
- Apr 2029
- LV Nails
- Retailer
- 5,280 SF
- -
- Triple Net
- Jan 2035
- Oasis Nails
- Retailer
- 1,500 SF
- -
- Modified Gross
- Jan 2030
- Shades of Pain
- Retailer
- 1,700 SF
- -
- Modified Gross
- Aug 2027
- Short Kuts
- Retailer
- 1,700 SF
- -
- Modified Gross
- -
- The Laundry Room
- Retailer
- 3,000 SF
- -
- Modified Gross
- Dec 2030
- Western Slope Aquatics
- Retailer
- 3,000 SF
- -
- Modified Gross
- Mar 2027
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Berna B's Restaurant | Retailer | 2,500 SF | - | Modified Gross | Apr 2029 | |
| LV Nails | Retailer | 5,280 SF | - | Triple Net | Jan 2035 | |
| Oasis Nails | Retailer | 1,500 SF | - | Modified Gross | Jan 2030 | |
| Shades of Pain | Retailer | 1,700 SF | - | Modified Gross | Aug 2027 | |
| Short Kuts | Retailer | 1,700 SF | - | Modified Gross | - | |
| The Laundry Room | Retailer | 3,000 SF | - | Modified Gross | Dec 2030 | |
| Western Slope Aquatics | Retailer | 3,000 SF | - | Modified Gross | Mar 2027 |
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $646,660 | |
| Land Assessment | $284,800 | Total Assessment | $931,460 |
Property Taxes
Parcel Numbers
Land Assessment
$284,800
Improvements Assessment
$646,660
Total Assessment
$931,460
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Patterson Neighborhood Marketplace | 2913 Patterson Rd
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