Eight-Unit Apartment Property with
For Sale
$895,000
Pending
146 W Alamo St, Calipatria, CA 92233
Residential Income, Contemporary, Calipatria, CA
Property Size6,400 SF
Lot Size0.34 Acres
Days on Market331
Property Features for 146 W Alamo St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
16
Bathrooms
8
Full bathrooms
2
Rooms
Bedroom 12, Bedroom 5, Bedroom 4, Bedroom 15, Bathroom 6, Dining Room, Bedroom 6, Bathroom 7, Bedroom 9, Bathroom 5, Bathroom 8, Bedroom 16, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 2, Bedroom 10, Bedroom 14, Bedroom 3, Bathroom 3, Bedroom 13, Bedroom 11, Bedroom 7, Bedroom 8
Parking
16
Security features
Security Lighting
Interior features
Drywall Walls, Common Walls, Turnkey
Fencing
Chain Link
Lot features
Alley Paved, Fenced Yard, Exterior Security Lights, Lot Shape- Rectangular, Resident Manager, Single Lot, Street Asphalt, Street Lighting, Street Paved, Utilities - Overhead, Yard
Directions
Sorenson and Alamo go west
Subdivision
540
Standard status
Pending
APN
023-301-020-000
Size
6,400 SF
Lot size
0.34 Acres
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
storage shed
courtyard
Building Details
Year built
1985
Floors in Building
2
Number of units
8
Flooring type
Laminate
Roof type
Shingle, Composition
Architectural style
Contemporary
Listing Agency:
Real Estate One of IV
(760) 353-5444
Listed By:
Joseph Mccormack · License #01127866
(760) 960-2623
Added: Oct 31, 2025
Changed: Sep 13
Last Checked: Sep 26 at 9:06AM
MLS# 25613797IC
Copyright © 2026 Imperial County Association of Realtors®. 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 6,400-square-foot apartment property includes eight units across two buildings on a 0.344-acre parcel. The center courtyard provides a shared outdoor area, while every unit has its own storage shed. A separate large storage building is positioned at the rear of the property. Two units have been fully remodeled, and the remaining six are described as being in good condition. Four units feature new AC systems, with the other four units equipped with AC systems described as being in good condition.
Built in 1985, the contemporary property has R3 zoning, central heating and cooling, laminate flooring, chain-link fencing, and public water service. The property is located at 146 W Alamo St in Calipatria, California.
Built in 1985, the contemporary property has R3 zoning, central heating and cooling, laminate flooring, chain-link fencing, and public water service. The property is located at 146 W Alamo St in Calipatria, California.
Key Highlights
- 8‑unit apartment property spanning two buildings
- 6,400 square feet on a 0.344‑acre lot
- Two units completely remodeled; six additional units in good shape
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
$53,100
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
5.93%
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%
$1,062,000
$1.1M
Cap Rate 7%
$758,571
$758.6K
Cap Rate 9%
$590,000
$590.0K
Market Conditions
NOI Build-Up for 6,400 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
$99.8K $15.60/SF
− Vacancy
−$3.3K −$0.51/SF
EGI
$96.5K $15.09/SF
− OpEx
−$43.4K −$6.79/SF
NOI
$53.1K $8.30/SF
Area
Imperial County, CA
Vacancy
3.30%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,062,000
Cap Rate 7%
$758,571
Cap Rate 9%
$590,000
Alternative Uses
Best Use
Apartment 5plus
$758.6K
$663.8K – $885.0K
NOI $53,100 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,278 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 92233, CA
7,019
Population
1,461
Households
4.8
Avg Household Size
33
Median Age
4%
College-Educated
61%
High-School Grad
152.1 sq mi
ZIP Area
46
Density / Sq Mi
$53,282
Median Household Income
$30,413
Median Earnings
$933
Median Rent
$177,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building residential property with private storage and a shared courtyard.
Where is this apartment building located?
The property is located at 146 W Alamo St Calipatria, CA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 8‑unit apartment property spanning two buildings; 6,400 square feet on a 0.344‑acre lot; Two units completely remodeled; six additional units in good shape
