Remodeled Fourplex with Carport
For Sale
$795,000
15692 Armstrong, Middletown, CA 95461
Middletown, CA
Property Size3,320 SF
Lot Size0.35 Acres
Price / SF$239.46
Days on Market125
Property Features for 15692 Armstrong
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Laundry Room, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 8, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 7, Bedroom 6, Great Room, Bedroom 1
Parking
12
Parking features
Carport
Interior features
Balcony, High Ceilings, Living Room Balcony, Ceiling Fan(s), Open Floorplan, Storage, Cathedral Ceiling(s)
Exterior features
Awning(s)
Fireplace
1
Appliances
Water Heater, Disposal, Microwave, Refrigerator, Electric Range, Electric Oven, Dishwasher
Lot features
2-5 Units/ Acre, Garden
Elementary school district
Middletown Unified
Middle school district
Middletown Unified
High school district
Middletown Unified
Directions
Hwy 175 to Armstrong.
Subdivision
LCMID - Middletown
Standard status
Active
APN
024452060000
Size
3,320 SF
Lot size
0.35 Acres
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall/Window Unit(s), Electric, Window Unit(s)
Water source
Public
Amenities
fenced yard
covered carport parking
indoor laundry facilities
decorative fireplace
Building Details
Year built
1979
Floors in Building
2
Number of units
4
Flooring type
Wood, Carpet, Laminate
Building materials
Wood Siding, Concrete
Roof type
Composition, Shingle
Additional Structures
Storage
Listing Agency:
RE/MAX Gold Lake County · RE/MAX International
(707) 262-5700
Listed By:
Lorrie McMurray · License #01348596
(707) 355-1553
Added: Apr 28
Changed: Aug 25
Last Checked: Aug 30 at 1:06AM
MLS# LC26116811
Copyright © 2026 Lake 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 fourplex contains four remodeled residential units totaling 3,320 square feet. Each apartment offers approximately 830 square feet with two bedrooms, one bathroom, a great room, and a kitchen. Renovations include new flooring, interior and exterior paint, refreshed bathrooms, and kitchens with center islands, updated cabinetry, new appliances, and contemporary finishes. Two units include decorative fireplaces in their living rooms. Additional features include indoor laundry facilities, covered carport parking, and fenced side and back yards.
Constructed in 1979, the property occupies 0.35 acres at 15692 Armstrong in Middletown. Shopping, the library, and the senior center are located near the property in downtown Middletown. Public water and public sewer serve the building, with baseboard heating and wall or window-unit cooling.
Constructed in 1979, the property occupies 0.35 acres at 15692 Armstrong in Middletown. Shopping, the library, and the senior center are located near the property in downtown Middletown. Public water and public sewer serve the building, with baseboard heating and wall or window-unit cooling.
Key Highlights
- Four fully rented units, each approximately 830 square feet
- Each unit includes 2 bedrooms, 1 bathroom, a great room, and a kitchen
- Remodeled kitchens feature center islands, new appliances, modern cabinetry, and updated finishes
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
$28,423
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
3.58%
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%
$568,460
$568.5K
Cap Rate 7%
$406,043
$406.0K
Cap Rate 9%
$315,811
$315.8K
Market Conditions
NOI Build-Up for 3,320 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
$42.6K $12.84/SF
− Vacancy
−$2.0K −$0.61/SF
EGI
$40.6K $12.23/SF
− OpEx
−$12.2K −$3.67/SF
NOI
$28.4K $8.56/SF
Area
Lake County, CA
Vacancy
4.75%
Lease Rate
$12.84 /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%
$568,460
Cap Rate 7%
$406,043
Cap Rate 9%
$315,811
Alternative Uses
Best Use
Multifamily LT 5
$406.0K
$355.3K – $473.7K
NOI $28,423 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K
NOI $26,229 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,275 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 95461, CA
2,689
Population
1,646
Households
1.6
Avg Household Size
48
Median Age
24%
College-Educated
84%
High-School Grad
123.3 sq mi
ZIP Area
22
Density / Sq Mi
$81,830
Median Household Income
$40,308
Median Earnings
$2,192
Median Rent
$385,000
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?
Quadplex - Four rented units feature updated kitchens, indoor laundry, and access to fenced side and rear yards.
Where is this quadplex located?
The property is located at 15692 Armstrong Middletown, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four fully rented units, each approximately 830 square feet; Each unit includes 2 bedrooms, 1 bathroom, a great room, and a kitchen; Remodeled kitchens feature center islands, new appliances, modern cabinetry, and updated finishes
