Spacious Multifamily Investment in Tracy,
For Sale
$1,650,000
23551 Rancho Ramon Ct, Tracy, CA 95304
4,220 SQFT 2 Unit Apartment Building in TRACY, CA
Property Size4,220 SF
Lot Size0.10 Acres
Price / SF$390
Days on Market590
Property Features for 23551 Rancho Ramon Ct
General Information
Standard status
Active
Property type
Other investment properties, Multifamily properties, Farms, Investment properties, Residential income properties, Agricultural properties
Size
4,220 SF
Elevators
N/A
Lot size
0.10 Acres
Building Details
Year Built
1981
Units
2
Listing Agency:
(925) 640-0869
Listed By:
Sherry
(925) 640-0869
Added: Jan 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This two-unit apartment building, situated in Tracy, CA, offers an investment opportunity. The property features a 4,220 square foot building on a 0.1-acre lot. The property is zoned for multifamily use. The main home includes six bedrooms with an office and bonus/fitness room. A recently updated detached ADU is included, suitable for guests or rental income. The 1.70-acre property includes a six-stall barn, pasture, and room for livestock. The property offers potential for rental income generation and is ready for immediate occupancy or further enhancement to maximize rental returns. Its location in Tracy, CA, provides convenient access to local amenities and transportation networks. The property's size and location make it an attractive investment. It presents an opportunity to acquire a well-located multifamily property in a desirable area with strong growth prospects.
Key Highlights
- Living Area
- 4,220 SqFt.
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
$51,872
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
3.14%
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%
$1,037,440
$1.0M
Cap Rate 7%
$741,029
$741.0K
Cap Rate 9%
$576,356
$576.4K
Market Conditions
NOI Build-Up for 4,220 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
$98.2K $23.28/SF
− Vacancy
−$3.9K −$0.93/SF
EGI
$94.3K $22.35/SF
− OpEx
−$42.4K −$10.06/SF
NOI
$51.9K $12.29/SF
Area
San Joaquin County, CA
Vacancy
4.00%
Lease Rate
$23.28 /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%
$1,037,440
Cap Rate 7%
$741,029
Cap Rate 9%
$576,356
Alternative Uses
Best Use
Apartment 5plus
$741.0K
$648.4K – $864.5K
NOI $51,872 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$926.7K
$810.9K – $1.08M
NOI $64,870 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 95304, CA
16,210
Population
5,085
Households
3.2
Avg Household Size
38
Median Age
29%
College-Educated
84%
High-School Grad
153.5 sq mi
ZIP Area
106
Density / Sq Mi
$114,359
Median Household Income
$57,419
Median Earnings
$2,299
Median Rent
$869,300
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?
Investment property - 4,220 SQFT 2 Unit Apartment Building in TRACY, CA
Where is this investment property located?
The property is located at 23551 Rancho Ramon Ct Tracy, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Living Area; 4,220 SqFt.
