R3-Zoned Apartment
For Sale
Contact for pricing
1016-1020 N Leslie Street, Visalia, CA 93291
Apartment property offering substantial residential scale in Visalia’s established Central Valley setting.
Property Size26,580 SF
Price / SF$157.83
Days on Market9
Property Features for 1016-1020 N Leslie Street
General Information
Standard status
Active
Size
26,580 SF
Property subtype
Multifamily
Zoning
R3
Net Operating Income
$247,050
Building Details
Year Built
1987
Year Renovated
2023
Buildings
9
Stories
2
Units
21
Tenancy
Multi
Listing Agency:
Northmarq
(952) 356-0100
Listed By:
Robin Kane · License ##00583537
Source:
Crexi
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 11 at 4:40PM
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 Northmarq
Investment Insights
Based on property information with market context.
This apartment property at 1016-1020 N. Leslie Street in Visalia, California, contains 26,580 square feet and was built in 1987. The site carries R3 zoning, supporting its classification within the apartment-building category.
Visalia functions as a commercial, healthcare, educational, and governmental center for Tulare County. Local employment and institutional resources identified in the surrounding area include Kaweah Health Medical Center, Family HealthCare Network, College of the Sequoias, and Visalia Industrial Park. The city also provides access to downtown amenities, regional shopping, medical services, restaurants, cultural venues, and recreational facilities. Sequoia National Park and Kings Canyon National Park are recognized regional attractions.
Visalia functions as a commercial, healthcare, educational, and governmental center for Tulare County. Local employment and institutional resources identified in the surrounding area include Kaweah Health Medical Center, Family HealthCare Network, College of the Sequoias, and Visalia Industrial Park. The city also provides access to downtown amenities, regional shopping, medical services, restaurants, cultural venues, and recreational facilities. Sequoia National Park and Kings Canyon National Park are recognized regional attractions.
Key Highlights
- 26,580‑square‑foot apartment property
- Built in 1987
- R3 zoning
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
$220,724
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
5.26%
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%
$4,414,480
$4.4M
Cap Rate 7%
$3,153,200
$3.2M
Cap Rate 9%
$2,452,489
$2.5M
Market Conditions
NOI Build-Up for 26,580 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
$430.6K $16.20/SF
− Vacancy
−$29.3K −$1.10/SF
EGI
$401.3K $15.10/SF
− OpEx
−$180.6K −$6.79/SF
NOI
$220.7K $8.30/SF
Area
Visalia, CA
Vacancy
6.80%
Lease Rate
$16.20 /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%
$4,414,480
Cap Rate 7%
$3,153,200
Cap Rate 9%
$2,452,489
Alternative Uses
Best Use
Apartment 5plus
$3.15M
$2.76M – $3.68M
NOI $220,724 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.28M
$6.37M – $8.49M
NOI $509,698 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 93291, CA
63,366
Population
19,866
Households
3.2
Avg Household Size
32
Median Age
24%
College-Educated
81%
High-School Grad
84.2 sq mi
ZIP Area
753
Density / Sq Mi
$81,502
Median Household Income
$41,778
Median Earnings
$1,331
Median Rent
$381,600
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 - Apartment property offering substantial residential scale in Visalia’s established Central Valley setting.
Where is this apartment building located?
The property is located at 1016-1020 N Leslie Street Visalia, CA.
What is the asking price?
The asking price for this property is $4,195,000.
What are key features of this property?
This property features: 26,580‑square‑foot apartment property; Built in 1987; R3 zoning
