Vallejo Apartment Complex For
For Sale
$1,595,000
121 Lincoln Rd, Vallejo, CA 94590
Eleven-unit apartment complex with income potential in rapidly improving neighborhood.
Property Size4,550 SF
Lot Size0.56 Acres
Price / SF$350.55
Days on Market156
Property Features for 121 Lincoln Rd
General Information
Standard status
Active
Size
4,550 SF
Lot size
0.56 Acres
Property subtype
Commercial
Amenities
Other
Building Details
Year Built
1938
Listing Agency:
THE PINZA GROUP, INC
(510) 725-4775
Listed By:
DAVID HOWARTH · License #01360348
Source:
Corcoran
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:27AM
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 THE PINZA GROUP, INC
Investment Insights
Based on property information with market context.
This 11-unit apartment complex presents an opportunity for income and long-term growth. Constructed in 1938, the property includes three 2-bedroom/2-bathroom units, five 1-bedroom/1-bathroom units, and three studio units. The building provides approximately 4,548 square feet of rental space and is situated on a 24,292 square foot lot, offering parking space and potential for future development. Several units have been remodeled with updated kitchens and bathrooms, wood floors, new cabinets, new tile, new lighting, and fresh paint. The property is designed for ease of management, requiring minimal maintenance and resulting in low annual operating expenses. The property is almost fully occupied with stable tenants. Rents are approximately 25% below market value. This property is located in a rapidly improving neighborhood.
Key Highlights
- Almost 100% occupancy with stable tenants ensures predictable income.
- Rents are approximately 25% below market, offering significant upside potential.
- Low‑maintenance building results in low annual operating expenses.
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
$79,476
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
4.98%
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%
$1,589,520
$1.6M
Cap Rate 7%
$1,135,371
$1.1M
Cap Rate 9%
$883,067
$883.1K
Market Conditions
NOI Build-Up for 4,550 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
$151.8K $33.36/SF
− Vacancy
−$7.3K −$1.60/SF
EGI
$144.5K $31.76/SF
− OpEx
−$65.0K −$14.29/SF
NOI
$79.5K $17.47/SF
Area
Vallejo, CA
Vacancy
4.80%
Lease Rate
$33.36 /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%
$1,589,520
Cap Rate 7%
$1,135,371
Cap Rate 9%
$883,067
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$993.5K – $1.32M
NOI $79,476 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $155,009 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Explore this area
Business Placement
Demographics for 94590, CA
39,981
Population
16,500
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
6,058
Density / Sq Mi
$66,957
Median Household Income
$43,383
Median Earnings
$1,768
Median Rent
$510,700
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 - Eleven-unit apartment complex with income potential in rapidly improving neighborhood.
Where is this apartment building located?
The property is located at 121 Lincoln Rd Vallejo, CA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Almost 100% occupancy with stable tenants ensures predictable income.; Rents are approximately 25% below market, offering significant upside potential.; Low‑maintenance building results in low annual operating expenses.
