Duplex with Separate Utility
For Sale
$265,000
23072 Bruce Drive, Strathmore, CA 93267
Residential Income, Strathmore, CA
Property Size1,368 SF
Lot Size0.14 Acres
Price / SF$193.71
Days on Market498
Property Features for 23072 Bruce Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Directions
From Orange Belt Drive travel Est on Bruce Dr. / Ave 197 To subject property.
Subdivision
Strathmore
Standard status
Active
APN
215072019000
Size
1,368 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Evaporative Cooling, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Joy Realty Group
(559) 310-4415
Listed By:
Ruben Benitez · License #01244963
(559) 804-1557
Added: May 1, 2025
Changed: Sep 5
Last Checked: Sep 10 at 11:06AM
MLS# 234996
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 duplex contains 1,368 square feet on a 0.14-acre lot and was built in 1940. The property includes three bedrooms and two bathrooms overall, with separate gas and electric meters for each unit and a shared water meter. Public water and public sewer serve the property. Existing features include wall-furnace heating, evaporative cooling, wall or window units, and a composition roof.
The property is near schools and grocery shopping, with access to Highway 65. Its two-unit configuration allows the owner to occupy one residence while renting the other, lease both units, or use one as additional household quarters.
The property is near schools and grocery shopping, with access to Highway 65. Its two-unit configuration allows the owner to occupy one residence while renting the other, lease both units, or use one as additional household quarters.
Key Highlights
- Duplex with 1,368 square feet of building area
- 0.14‑acre lot with three bedrooms and two bathrooms
- Separate gas and electric meters for each unit
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
$12,361
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
4.66%
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%
$247,220
$247.2K
Cap Rate 7%
$176,586
$176.6K
Cap Rate 9%
$137,344
$137.3K
Market Conditions
NOI Build-Up for 1,368 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
$18.9K $13.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$17.7K $12.91/SF
− OpEx
−$5.3K −$3.87/SF
NOI
$12.4K $9.04/SF
Area
Tulare County, CA
Vacancy
6.46%
Lease Rate
$13.80 /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%
$247,220
Cap Rate 7%
$176,586
Cap Rate 9%
$137,344
Alternative Uses
Best Use
Multifamily LT 5
$176.6K
$154.5K – $206.0K
NOI $12,361 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$162.3K
$142.0K – $189.3K
NOI $11,360 @ 7.0% cap · market cap 4.29%
Theoretical Best
Specialty Retail
$415.5K
$363.6K – $484.8K
NOI $29,087 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 93267, CA
6,119
Population
1,686
Households
3.6
Avg Household Size
31
Median Age
5%
College-Educated
58%
High-School Grad
61.7 sq mi
ZIP Area
99
Density / Sq Mi
$44,786
Median Household Income
$25,619
Median Earnings
$875
Median Rent
$245,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units support owner occupancy, rental use, or a combination of both.
Where is this duplex located?
The property is located at 23072 Bruce Drive Strathmore, CA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Duplex with 1,368 square feet of building area; 0.14‑acre lot with three bedrooms and two bathrooms; Separate gas and electric meters for each unit
