Remodeled Thermal Fourplex: Value-Add
For Sale
$585,000
2542 Sea View Drive, Thermal, CA 92274
MULTI_FAMILY - Thermal, CA
Property Size2,664 SF
Lot Size0.31 Acres
Price / SF$219.59
Days on Market197
Property Features for 2542 Sea View Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 1
Parking
16
Parking features
Assigned, Covered, On Street
View
Desert, Lake, Hills
Subdivision
381 - Salton Sea - Imperial County
Standard status
Active
APN
010 472 018 000
Size
2,664 SF
Lot size
0.31 Acres
Utilities
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1975
Floors in Building
1
Number of units
4
Flooring type
Tile - Ceramic
Listing Agency:
Desert Sands Realty
(760) 636-5280
Listed By:
Robbin Ruiz
(760) 641-2837
Added: Jan 28
Changed: Jul 24
Last Checked: Aug 13 at 12:06AM
MLS# 219142327
Copyright © 2026 California Desert 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 property at 2542 Sea View Drive in Thermal, CA, presents an opportunity to acquire a fully renovated fourplex. The property consists of two separate buildings, each containing two units, offering a versatile multifamily layout. The unit mix includes two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. Building One measures 1,176 square feet, while Building Two measures 1,488 square feet, totaling 2,664 square feet. The property lot size is 0.3068 acres. A complete and extensive remodel was completed in 2022, which included new windows, new plumbing, a new roof, new electrical work, new flooring throughout, and fresh interior paint. Each unit is equipped with its own washer and dryer. Currently, two units are occupied, and two units are vacant, allowing for immediate market rent adjustments and a value-add strategy. The existing vacancy provides flexibility for repositioning and income optimization. The two-building configuration offers a distinctive multifamily setup. The property is being sold as is.
Key Highlights
- Fully remodeled 4‑plex at 2542 Sea View Drive, Thermal, with extensive updates completed in 2022
- Two buildings with 2 units each; total of 4 units (two 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath)
- Building sizes: 1,176 sq ft (Building One) and 1,488 sq ft (Building Two)
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
$23,845
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
4.08%
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%
$476,900
$476.9K
Cap Rate 7%
$340,643
$340.6K
Cap Rate 9%
$264,944
$264.9K
Market Conditions
NOI Build-Up for 2,664 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
$35.2K $13.20/SF
− Vacancy
−$1.1K −$0.41/SF
EGI
$34.1K $12.79/SF
− OpEx
−$10.2K −$3.84/SF
NOI
$23.8K $8.95/SF
Area
Imperial County, CA
Vacancy
3.13%
Lease Rate
$13.20 /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%
$476,900
Cap Rate 7%
$340,643
Cap Rate 9%
$264,944
Alternative Uses
Best Use
Multifamily LT 5
$340.6K
$298.1K – $397.4K
NOI $23,845 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$315.8K
$276.3K – $368.4K
NOI $22,103 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$679.5K
$594.6K – $792.8K
NOI $47,568 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 92274, CA
19,251
Population
7,030
Households
2.7
Avg Household Size
29
Median Age
5%
College-Educated
47%
High-School Grad
216.2 sq mi
ZIP Area
89
Density / Sq Mi
$36,087
Median Household Income
$24,355
Median Earnings
$903
Median Rent
$139,900
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 - Fully remodeled fourplex in Thermal, CA with income potential.
Where is this quadplex located?
The property is located at 2542 Sea View Drive Thermal, CA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Fully remodeled 4‑plex at 2542 Sea View Drive, Thermal, with extensive updates completed in 2022; Two buildings with 2 units each; total of 4 units (two 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath); Building sizes: 1,176 sq ft (Building One) and 1,488 sq ft (Building Two)
