Remodeled Ceres Duplex Investment
For Sale
$710,000
1651 Moffett Road #1653, Ceres, CA 95307
Six-bedroom, four-bath duplex with recent upgrades in prime location.
Property Size2,268 SF
Days on Market558
Property Features for 1651 Moffett Road #1653
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Multi-Family
Amenities
Central
Dishwasher
Microwave
Disposal
Free Standing Electric Range
Cable Available, Sewer In & Connected, Composition
Building Details
Building Size
2,268 SF
Year Built
1979
Stories
1
Listing Agency:
Powerhouse Realty
(209) 968-9238
Listed By:
Linda David · License #01846061
Source:
Kw
Added: Feb 9, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:31PM
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 Powerhouse Realty
Investment Insights
Based on property information with market context.
This duplex presents a residential income opportunity in Ceres, California. The property features two units, each with three bedrooms and two bathrooms. Both units have been recently remodeled and include a spacious living room, kitchen, and backyard. Interior upgrades include quartz countertops, vinyl plank flooring, new carpet, new vanity, and new interior paint. Each unit also has its own washer and dryer hookups. A new AC/Heater has been installed. The roof was replaced within the last 10 years. The property is located near shopping, Highway 99, and schools. There are no HOA fees. The seller is offering a one-year home warranty. This six-bedroom, four-bath duplex is located in the heart of Ceres. Three other neighboring duplexes are also available for sale.
Key Highlights
- Duplex: Two 3‑bedroom, 2‑bathroom units for immediate rental income
- Recently Remodeled: New quartz countertops, vinyl plank flooring, carpet, vanities, and interior paint in both units
- New AC/Heater: Ensures energy efficiency and tenant comfort
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
$30,686
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%
$613,720
$613.7K
Cap Rate 7%
$438,371
$438.4K
Cap Rate 9%
$340,956
$341.0K
Market Conditions
NOI Build-Up for 2,268 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
$44.9K $19.80/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$43.8K $19.33/SF
− OpEx
−$13.2K −$5.80/SF
NOI
$30.7K $13.53/SF
Area
Stanislaus County, CA
Vacancy
2.38%
Lease Rate
$19.80 /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%
$613,720
Cap Rate 7%
$438,371
Cap Rate 9%
$340,956
Alternative Uses
Best Use
Multifamily LT 5
$438.4K
$383.6K – $511.4K
NOI $30,686 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$404.5K
$353.9K – $471.9K
NOI $28,313 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$1.05M
$922.4K – $1.23M
NOI $73,790 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 95307, CA
46,346
Population
13,221
Households
3.5
Avg Household Size
33
Median Age
13%
College-Educated
73%
High-School Grad
32.8 sq mi
ZIP Area
1,413
Density / Sq Mi
$77,101
Median Household Income
$37,567
Median Earnings
$1,455
Median Rent
$402,300
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?
Duplex - Six-bedroom, four-bath duplex with recent upgrades in prime location.
Where is this duplex located?
The property is located at 1651 Moffett Road #1653 Ceres, CA.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Duplex: Two 3‑bedroom, 2‑bathroom units for immediate rental income; Recently Remodeled: New quartz countertops, vinyl plank flooring, carpet, vanities, and interior paint in both units; New AC/Heater: Ensures energy efficiency and tenant comfort
