Duplex with Garage
For Sale
$600,000
115 W Elm Street, Hanford, CA 93230
Multi-Family, Hanford, CA
Property Size2,313 SF
Lot Size0.19 Acres
Price / SF$259.40
Days on Market49
Property Features for 115 W Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
OR
Parking features
Garage
Patio and Porch features
Patio
Fencing
Wood
Directions
North on Douty and West on Elm. Home is on the right hand side.
Subdivision
North East Hanford
Standard status
Active
APN
010184004000
Size
2,313 SF
Lot size
0.19 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Water source
Public
Building Details
Floors in Building
1
Flooring type
Vinyl, Carpet
Roof type
Composition
Listing Agency:
Keller Williams Realty Antelope Valley
Listed By:
Holley McKay
(559) 707-2226
Added: Aug 3
Changed: Sep 17
Last Checked: Sep 20 at 11:06AM
MLS# 234730
Copyright © 2026 Kings County Board of REALTORS. 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 contains two residences within 2,313 square feet on a 0.194-acre parcel. Each unit provides two bedrooms, two bathrooms, and its own garage with laundry hookups. Interior finishes include vinyl and carpet flooring, while central natural gas heating serves the property. A patio, wood fencing, and a composition roof are also included.
The property is located at 115 W Elm Street in Hanford, California, within the 93230 ZIP code. Public water and public sewer serve the site, and the property carries OR zoning.
The property is located at 115 W Elm Street in Hanford, California, within the 93230 ZIP code. Public water and public sewer serve the site, and the property carries OR zoning.
Key Highlights
- Two‑unit duplex totaling 2,313 square feet
- Each unit includes 2 bedrooms and 2 bathrooms
- Separate garage for each unit with laundry hookups
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
$28,371
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
4.73%
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%
$567,420
$567.4K
Cap Rate 7%
$405,300
$405.3K
Cap Rate 9%
$315,233
$315.2K
Market Conditions
NOI Build-Up for 2,313 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
$42.5K $18.36/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$40.5K $17.52/SF
− OpEx
−$12.2K −$5.26/SF
NOI
$28.4K $12.27/SF
Area
Kings County, CA
Vacancy
4.56%
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%
$567,420
Cap Rate 7%
$405,300
Cap Rate 9%
$315,233
Alternative Uses
Best Use
Multifamily LT 5
$405.3K
$354.6K – $472.9K
NOI $28,371 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$361.2K
$316.1K – $421.5K
NOI $25,287 @ 7.0% cap · market cap 4.21%
Theoretical Best
Healthcare Medical
$730.8K
$639.4K – $852.6K
NOI $51,154 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,780
Businesses Nearby
Explore this area
Business Placement
Demographics for 93230, CA
68,412
Population
23,149
Households
3
Avg Household Size
34
Median Age
17%
College-Educated
81%
High-School Grad
258.1 sq mi
ZIP Area
265
Density / Sq Mi
$73,558
Median Household Income
$44,074
Median Earnings
$1,208
Median Rent
$321,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, two bathrooms, and laundry hookups.
Where is this duplex located?
The property is located at 115 W Elm Street Hanford, CA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,313 square feet; Each unit includes 2 bedrooms and 2 bathrooms; Separate garage for each unit with laundry hookups
