Duplex With Separate
For Sale
$275,000
907 Lexington Street, Delano, CA 93215
Residential Income, Delano, CA
Property Size768 SF
Lot Size0.17 Acres
Price / SF$358.07
Days on Market32
Property Features for 907 Lexington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Carport
Elementary school
Del Vista
Middle school
Cecil Avenue
High school
Cesar Chavez
Subdivision
98
Standard status
Active
APN
03844006
Size
768 SF
Lot size
0.17 Acres
Amenities
indoor laundry room
Building Details
Year built
1915
Floors in Building
1
Number of units
2
Listing Agency:
People Realty, Inc.
(661) 847-1050
Listed By:
Shawn C Byrom
(661) 706-1000
Added: Jul 29
Changed: Aug 26
Last Checked: Aug 29 at 3:06PM
MLS# 202608152
Copyright © 2026 Golden Empire MLS, 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.
This duplex property includes two separate homes on a 0.17-acre parcel. The front residence offers three bedrooms, one bathroom, and an indoor laundry room. The rear home includes one bedroom and one bathroom, along with separate alley access, a driveway, and a carport. The rear residence is identified at 576 square feet in public records, while the property information indicates the overall property is larger than the recorded figure.
Built in 1915, the property is located near central Delano with convenient proximity to shopping, schools, restaurants, and freeway access. The separate dwelling configuration and individual access features provide a clear residential income property layout.
Built in 1915, the property is located near central Delano with convenient proximity to shopping, schools, restaurants, and freeway access. The separate dwelling configuration and individual access features provide a clear residential income property layout.
Key Highlights
- Two homes situated on one 0.17‑acre lot
- Front residence has 3 bedrooms, 1 bathroom, and indoor laundry
- Rear residence includes 1 bedroom and 1 bathroom
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
$9,586
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
3.49%
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%
$191,720
$191.7K
Cap Rate 7%
$136,943
$136.9K
Cap Rate 9%
$106,511
$106.5K
Market Conditions
NOI Build-Up for 768 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
$14.1K $18.36/SF
− Vacancy
−$406 −$0.53/SF
EGI
$13.7K $17.83/SF
− OpEx
−$4.1K −$5.35/SF
NOI
$9.6K $12.48/SF
Area
Kern County, CA
Vacancy
2.88%
Lease Rate
$18.36 /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%
$191,720
Cap Rate 7%
$136,943
Cap Rate 9%
$106,511
Alternative Uses
Best Use
Multifamily LT 5
$136.9K
$119.8K – $159.8K
NOI $9,586 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$126.4K
$110.6K – $147.5K
NOI $8,847 @ 7.0% cap · market cap 3.22%
Theoretical Best
Warehouse
$164.1K
$143.6K – $191.4K
NOI $11,485 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 93215, CA
53,626
Population
13,207
Households
4.1
Avg Household Size
32
Median Age
8%
College-Educated
62%
High-School Grad
145.5 sq mi
ZIP Area
369
Density / Sq Mi
$61,329
Median Household Income
$26,998
Median Earnings
$1,085
Median Rent
$271,700
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?
Duplex - Two dwellings occupy one parcel, with distinct access and parking arrangements.
Where is this duplex located?
The property is located at 907 Lexington Street Delano, CA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two homes situated on one 0.17‑acre lot; Front residence has 3 bedrooms, 1 bathroom, and indoor laundry; Rear residence includes 1 bedroom and 1 bathroom
