Triplex With Two
New
For Sale
$475,000
324 W 22nd, Merced, CA 95340
MULTI_FAMILY - Merced, CA
Property Size1,850 SF
Lot Size0.17 Acres
Price / SF$256.76
Days on Market4
Property Features for 324 W 22nd
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 1, Laundry Room, Bedroom 2, Bathroom 2, Bedroom 4
Lot features
Lot 6500-9999
Elementary school district
Merced City
Middle school district
Merced City
High school district
Merced City
Directions
use gps
Standard status
Active
APN
030281006000
Size
1,850 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Heating system
Floor Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
3
Listing Agency:
Land Company Real Estate
(559) 665-1306
Listed By:
Billye Hughes · License #01107156
(559) 706-7450
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# MC26168916
Copyright © 2026 California Regional Multiple Listing Service, Inc. 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.
Built in 1935, this 1,850-square-foot triplex contains three residential units. The ground-floor residence offers two bedrooms and two bathrooms, while the upper level includes two separate studio apartments. Each unit has one dedicated parking space, supporting straightforward resident access.
The property occupies 0.1722 acres in Merced and is served by public water and public sewer. A floor furnace provides heating, with cooling supplied by window or wall/window units. The existing layout accommodates either an owner-occupied arrangement with additional units or full-property rental use, subject to applicable requirements.
The property occupies 0.1722 acres in Merced and is served by public water and public sewer. A floor furnace provides heating, with cooling supplied by window or wall/window units. The existing layout accommodates either an owner-occupied arrangement with additional units or full-property rental use, subject to applicable requirements.
Key Highlights
- Three‑unit configuration with a 2‑bedroom, 2‑bath ground‑floor residence and two upstairs studios
- 1,850 square feet on a 0.1722‑acre lot
- Each unit has one dedicated parking space
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
$24,231
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
5.10%
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%
$484,620
$484.6K
Cap Rate 7%
$346,157
$346.2K
Cap Rate 9%
$269,233
$269.2K
Market Conditions
NOI Build-Up for 1,850 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
$36.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.6K $18.71/SF
− OpEx
−$10.4K −$5.61/SF
NOI
$24.2K $13.10/SF
Area
Merced County, CA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$484,620
Cap Rate 7%
$346,157
Cap Rate 9%
$269,233
Alternative Uses
Best Use
Multifamily LT 5
$346.2K
$302.9K – $403.9K
NOI $24,231 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$321.5K
$281.3K – $375.1K
NOI $22,503 @ 7.0% cap · market cap 4.74%
Theoretical Best
Healthcare Medical
$408.2K
$357.1K – $476.2K
NOI $28,571 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,888
Businesses Nearby
Explore this area
Business Placement
Demographics for 95340, CA
38,606
Population
13,553
Households
2.8
Avg Household Size
33
Median Age
26%
College-Educated
86%
High-School Grad
52.0 sq mi
ZIP Area
742
Density / Sq Mi
$65,141
Median Household Income
$35,165
Median Earnings
$1,204
Median Rent
$383,200
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?
Triplex - Three units include a two-bedroom residence and two upstairs studios.
Where is this triplex located?
The property is located at 324 W 22nd Merced, CA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑unit configuration with a 2‑bedroom, 2‑bath ground‑floor residence and two upstairs studios; 1,850 square feet on a 0.1722‑acre lot; Each unit has one dedicated parking space
