20-Unit Apartment Building with Ground-Floor
For Sale
$3,000,000
101-111 W Main Street, Visalia, CA 93291
COMMERCIAL - Visalia, CA
Property Size14,244 SF
Lot Size0.33 Acres
Price / SF$210.61
Days on Market69
Property Features for 101-111 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Mixed Use Downtown Zone-(D-MU) https://codelibrary.amlegal.com/codes/visalia/latest/visalia_ca/0-0-0-34167
Directions
From CA 198 and Mineral King Ave. Head north on Court St. The property is front facing on Main St. Property is located on the corner of Main and Court.
Subdivision
Visalia SE
Standard status
Active
APN
094325003000
Size
14,244 SF
Lot size
0.33 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
Stucco
Roof type
Mixed, Rolled Hot Mop
Listing Agency:
Downtown Realty Luxury
(559) 740-7634
Listed By:
Josh Ormonde · License #02087097
(559) 737-1636
Added: Jun 1
Changed: Aug 4
Last Checked: Aug 8 at 6:06AM
MLS# 242058
Copyright © 2026 Tulare County MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 20-unit apartment building on a 0.33-acre site includes ground-floor retail and a flexible second-floor studio layout. The building has stucco construction and was built in 1920. Central heating and central air are in place, with public water and public sewer servicing the property. The roof is described as rolled hot mop with mixed materials.
The property is positioned at the Main & Court Streets corner in downtown Visalia at 101-111 W Main Street (Main and Court). The ground floor is comprised of five fully leased retail units. The second floor features 15 studio suites, with eight currently vacant.
On-site parking includes 15 dedicated, private spaces. This parking setup can reduce tenant friction in a downtown area described as having constrained parking, while the second-floor studio configuration supports strategies centered on completing lease-up of vacant suites.
The property is positioned at the Main & Court Streets corner in downtown Visalia at 101-111 W Main Street (Main and Court). The ground floor is comprised of five fully leased retail units. The second floor features 15 studio suites, with eight currently vacant.
On-site parking includes 15 dedicated, private spaces. This parking setup can reduce tenant friction in a downtown area described as having constrained parking, while the second-floor studio configuration supports strategies centered on completing lease-up of vacant suites.
Key Highlights
- Main & Court Streets downtown corner location
- 5 fully leased ground‑floor retail units, supporting 100% retail occupancy
- Second‑floor offers 15 studio suites, including 8 vacant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$203,309
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,066,180
$4.1M
Cap Rate 7%
$2,904,414
$2.9M
Cap Rate 9%
$2,258,989
$2.3M
Market Conditions
NOI Build-Up for 14,244 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$307.7K $21.60/SF
− Vacancy
−$17.2K −$1.21/SF
EGI
$290.4K $20.39/SF
− OpEx
−$87.1K −$6.12/SF
NOI
$203.3K $14.27/SF
Area
Visalia, CA
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,066,180
Cap Rate 7%
$2,904,414
Cap Rate 9%
$2,258,989
Alternative Uses
Best Use
Retail
$2.90M
$2.54M – $3.39M
NOI $203,309 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,284 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,143 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 93291, CA
63,366
Population
19,866
Households
3.2
Avg Household Size
32
Median Age
24%
College-Educated
81%
High-School Grad
84.2 sq mi
ZIP Area
753
Density / Sq Mi
$81,502
Median Household Income
$41,778
Median Earnings
$1,331
Median Rent
$381,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 20-unit building with 100% occupied retail, 15 on-site parking spaces, and central heat and air.
Where is this apartment building located?
The property is located at 101-111 W Main Street Visalia, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Main & Court Streets downtown corner location; 5 fully leased ground‑floor retail units, supporting 100% retail occupancy; Second‑floor offers 15 studio suites, including 8 vacant
