8-Unit Colonial Apartment
For Sale
$1,200,000
203 Jones St, Modesto, CA 95354
Residential Income, Colonial, Modesto, CA
Property Size5,348 SF
Lot Size0.27 Acres
Price / SF$224.38
Days on Market115
Property Features for 203 Jones St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 4, Bathroom 3
Parking
8
Appliances
Convection Oven, Gas
Lot features
Back Yard
Directions
Go left of Mchenry if you are heading towards downtown. It is a block down on the corner
Subdivision
Out of Area
Standard status
Active
APN
111-007-036-000
Size
5,348 SF
Lot size
0.27 Acres
Utilities
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Heat Pump, Ceiling Fan(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Flooring type
Laminate
Roof type
Tar/Gravel, Composition
Architectural style
Colonial
Listing Agency:
Beverly & Company Luxury Properties
(818) 382-4160
Listed By:
Sheree Thiel · License #02003064
(818) 679-3756
Added: May 15
Changed: Sep 2
Last Checked: Sep 6 at 6:06AM
MLS# 26863767
Copyright © 2026 The MLS/CLAW. 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 8-unit apartment property contains 5,348 square feet on 0.265 acres. Each residence is configured with one bedroom and one bathroom, and the building is fully occupied. The 1920 Colonial-style structure includes laminate flooring, convection ovens, and gas appliances. Heating is provided by natural-gas and heat-pump systems, while cooling includes heat pumps, ceiling fans, and wall or window units.
Located at 203 Jones St in Modesto, the property has public water service and tar/gravel and composition roofing. City approval allows construction of another apartment building containing up to four units, providing a documented expansion component. The property is identified within the 95354 postal area of Stanislaus County.
Located at 203 Jones St in Modesto, the property has public water service and tar/gravel and composition roofing. City approval allows construction of another apartment building containing up to four units, providing a documented expansion component. The property is identified within the 95354 postal area of Stanislaus County.
Key Highlights
- 8 apartment units, each with 1 bedroom and 1 bathroom
- Fully occupied residential income property
- 5,348‑square‑foot building on 0.265 acres
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
$71,158
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%
$1,423,160
$1.4M
Cap Rate 7%
$1,016,543
$1.0M
Cap Rate 9%
$790,644
$790.6K
Market Conditions
NOI Build-Up for 5,348 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
$134.8K $25.20/SF
− Vacancy
−$5.4K −$1.01/SF
EGI
$129.4K $24.19/SF
− OpEx
−$58.2K −$10.89/SF
NOI
$71.2K $13.31/SF
Area
Modesto, CA
Vacancy
4.00%
Lease Rate
$25.20 /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%
$1,423,160
Cap Rate 7%
$1,016,543
Cap Rate 9%
$790,644
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$889.5K – $1.19M
NOI $71,158 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,785 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,820
Businesses Nearby
Explore this area
Business Placement
Demographics for 95354, CA
26,765
Population
9,797
Households
2.7
Avg Household Size
36
Median Age
17%
College-Educated
80%
High-School Grad
7.7 sq mi
ZIP Area
3,476
Density / Sq Mi
$65,643
Median Household Income
$42,126
Median Earnings
$1,463
Median Rent
$360,300
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 - Fully occupied property with public water service and natural-gas heating.
Where is this apartment building located?
The property is located at 203 Jones St Modesto, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8 apartment units, each with 1 bedroom and 1 bathroom; Fully occupied residential income property; 5,348‑square‑foot building on 0.265 acres
