Three-Parcel Multifamily
For Sale
$1,325,000
101-107 I Street, Modesto, CA 95351
Three multifamily buildings total eight units across individual parcels, including a detached ADU on one site.
Property Size4,298 SF
Price / SF$308.28
Days on Market104
Property Features for 101-107 I Street
General Information
Standard status
Active
Size
4,298 SF
Property subtype
5+ Units / Five or More Units
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$15,496
Amenities
No, No, 4298, None, None
Building Details
Year Built
1920
Buildings
4
Listing Agency:
Compass
Listed By:
Theodore Wong · License #02016737
(510) 384-9721
Source:
Compass
Added: May 27
Changed: Sep 6
Last Checked: Sep 6 at 2:34PM
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 Compass
Investment Insights
Based on property information with market context.
This three-parcel multifamily portfolio includes four separate residential buildings on individual legal parcels, offering a total of eight units. The unit mix is six one-bedroom, one-bath apartments and two two-bedroom, one-bath apartments. One of the parcels also includes a detached ADU, which can support flexible disposition options.
The properties are located in an established downtown Modesto neighborhood at 101 I St, 107 I St, and 510 S Washington St, with the buildings positioned to serve tenants seeking convenient access to employment, retail, and transit options in the downtown area.
Each building is situated on its own parcel, giving buyers the option to pursue separate financing, resale, or a long-term hold strategy depending on their underwriting and management plan.
The properties are located in an established downtown Modesto neighborhood at 101 I St, 107 I St, and 510 S Washington St, with the buildings positioned to serve tenants seeking convenient access to employment, retail, and transit options in the downtown area.
Each building is situated on its own parcel, giving buyers the option to pursue separate financing, resale, or a long-term hold strategy depending on their underwriting and management plan.
Key Highlights
- Three‑parcel multifamily portfolio with 8 total units across four separate residential buildings
- Unit mix: 6 one‑bedroom/one‑bath units and 2 two‑bedroom/one‑bath units
- Each building is on its own legal parcel, supporting separate financing and resale or long‑term hold strategies
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
$57,187
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
4.32%
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%
$1,143,740
$1.1M
Cap Rate 7%
$816,957
$817.0K
Cap Rate 9%
$635,411
$635.4K
Market Conditions
NOI Build-Up for 4,298 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
$108.3K $25.20/SF
− Vacancy
−$4.3K −$1.01/SF
EGI
$104.0K $24.19/SF
− OpEx
−$46.8K −$10.89/SF
NOI
$57.2K $13.31/SF
Area
Modesto, CA
Vacancy
4.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,143,740
Cap Rate 7%
$816,957
Cap Rate 9%
$635,411
Alternative Uses
Best Use
Apartment 5plus
$817.0K
$714.8K – $953.1K
NOI $57,187 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,089 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,881
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?
Apartment building - Three multifamily buildings total eight units across individual parcels, including a detached ADU on one site.
Where is this apartment building located?
The property is located at 101-107 I Street Modesto, CA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Three‑parcel multifamily portfolio with 8 total units across four separate residential buildings; Unit mix: 6 one‑bedroom/one‑bath units and 2 two‑bedroom/one‑bath units; Each building is on its own legal parcel, supporting separate financing and resale or long‑term hold strategies
