Building Details

Year built 1957

Floors in Building 1

Number of units 3

Listing Agency: Century 21 Select Real Estate · Century 21 Real Estate w***@sbcglobal.net Show Phone

Listed By: Elisa G Bahena · License #02156080 Show Phone

Added: Jun 12 Changed: Sep 13 Last Checked: Sep 13 at 8:06PM

Report an Issue

MLS# 242293

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 2,700-square-foot residential income property includes three separate residences, each configured with 2 bedrooms and 1 bathroom. The improvements date to 1957 and use wall furnaces for heating. The property is offered in its present condition, with tenants in place and access to the homes restricted during marketing.

Water service currently comes from a shared well, while a replacement well has been installed on the property. The connection process is underway and requires final plumbing and electrical work before the new system can be placed into service. Wastewater is handled by a septic tank. The property encompasses 0.56 acres in Woodlake, California.

Key Highlights

• Three residences, each with 2 bedrooms and 1 bathroom
• 2,700 square feet of total property size on 0.56 acres
• New well installed; final plumbing and electrical connections remain

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

$24,397

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

5.42%

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%

$487,940 $487.9K

Cap Rate 7%

$348,529 $348.5K

Cap Rate 9%

$271,078 $271.1K

Market Conditions

NOI Build-Up for 2,700 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

$37.3K $13.80/SF

− Vacancy

−$2.4K −$0.89/SF

EGI

$34.9K $12.91/SF

− OpEx

−$10.5K −$3.87/SF

NOI

$24.4K $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%

$487,940

Cap Rate 7%

$348,529

Cap Rate 9%

$271,078

Alternative Uses

Best Use

Multifamily LT 5

$348.5K

$305.0K – $406.6K (±1% cap)

NOI $24,397 @ 7.0% cap · market cap 5.42%

Second Best

Apartment 5plus

$320.3K

$280.3K – $373.7K (±1% cap)

NOI $22,421 @ 7.0% cap · market cap 4.98%

Theoretical Best

Specialty Retail

$820.1K

$717.6K – $956.8K (±1% cap)

NOI $57,409 @ 7.0% cap · market cap 12.76%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Triplexes

Suggested Use

Top Pick Auto Repair Shop Building Supply Storage Facility Garden Center Big Box & Wholesale Store Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

16

Businesses Nearby

Explore this area Business Placement

Demographics for 93286, CA

9,735

Population

3,074

Households

3.2

Avg Household Size

33

Median Age

12%

College-Educated

61%

High-School Grad

72.6 sq mi

ZIP Area

134

Density / Sq Mi

$47,242

Median Household Income

$28,711

Median Earnings

$983

Median Rent

$288,300

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Each residence offers a two-bedroom, one-bathroom layout with shared well and septic service.

Where is this triplex located?

The property is located at 34442 Millwood Drive Woodlake, CA.

What is the asking price?

The asking price for this property is $449,900.

What are key features of this property?

This property features: Three residences, each with 2 bedrooms and 1 bathroom; 2,700 square feet of total property size on 0.56 acres; New well installed; final plumbing and electrical connections remain