Duplex with Two Separate
For Sale
$505,000
1004 Middlecoff Ave, Modesto, CA 95351
Two residential units offer flexible occupancy, with the second unit’s kitchen currently under construction.
Property Size1,400 SF
Price / SF$360.71
Days on Market26
Property Features for 1004 Middlecoff Ave
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
2nd unit kitchen is under construction
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
Nolo Real Estate and Mortgage Services
3035176
Listed By:
Noel Lopez
Source:
Sacramentoareahouses
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 30 at 6:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Nolo Real Estate and Mortgage Services
Investment Insights
Based on property information with market context.
This duplex at 1004 Middlecoff Ave includes two separate residential units within a property built in 1965. The second unit’s kitchen is under construction, making that area an active improvement component of the property.
Located in Modesto, California, the property provides a two-unit residential configuration at a single address. Its 1,400 property-size measurement and separate-unit layout provide key physical details for evaluating the asset.
Located in Modesto, California, the property provides a two-unit residential configuration at a single address. Its 1,400 property-size measurement and separate-unit layout provide key physical details for evaluating the asset.
Key Highlights
- Two separate residential units at one property
- Second unit kitchen is under construction
- Built in 1965
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
$20,842
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
4.13%
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%
$416,840
$416.8K
Cap Rate 7%
$297,743
$297.7K
Cap Rate 9%
$231,578
$231.6K
Market Conditions
NOI Build-Up for 1,400 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
$31.1K $22.20/SF
− Vacancy
−$1.3K −$0.93/SF
EGI
$29.8K $21.27/SF
− OpEx
−$8.9K −$6.38/SF
NOI
$20.8K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
Lease Rate
$22.20 /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%
$416,840
Cap Rate 7%
$297,743
Cap Rate 9%
$231,578
Alternative Uses
Best Use
Multifamily LT 5
$297.7K
$260.5K – $347.4K
NOI $20,842 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$266.1K
$232.9K – $310.5K
NOI $18,628 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$470.4K
$411.6K – $548.8K
NOI $32,928 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 95351, CA
48,668
Population
13,631
Households
3.6
Avg Household Size
32
Median Age
8%
College-Educated
63%
High-School Grad
8.9 sq mi
ZIP Area
5,468
Density / Sq Mi
$56,869
Median Household Income
$31,732
Median Earnings
$1,376
Median Rent
$315,700
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 residential units offer flexible occupancy, with the second unit’s kitchen currently under construction.
Where is this duplex located?
The property is located at 1004 Middlecoff Ave Modesto, CA.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: Two separate residential units at one property; Second unit kitchen is under construction; Built in 1965
