Two-Home Duplex
For Sale
$499,988
123 Almond Avenue, Modesto, CA 95354
Two separate residences share one lot with independent utility metering and an existing tenant.
Property Size2,478 SF
Price / SF$201.77
Days on Market130
Property Features for 123 Almond Avenue
General Information
Standard status
Active
Size
2,478 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
Fireplace
Fireplace Insert
Natural Gas
Ceiling Fan(s)
Window Unit(s)
Wall Unit(s)
Floor Furnace
Gas Plumbed
Gas Water Heater
Disposal
Free Standing Electric Range
Public, Sewer In & Connected, Internet Available, Natural Gas Connected, Composition
Building Details
Year Built
1916
Buildings
2
Stories
2
Listing Agency:
HomeSmart PV & Associates
5442500
Listed By:
Richard Rubio
Source:
Kw
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 31 at 12:50AM
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 HomeSmart PV & Associates
Investment Insights
Based on property information with market context.
This duplex property comprises two detached residences with approximately 2,478 square feet of combined living space. The primary home contains 1,680 square feet, three bedrooms, and two full bathrooms. A second residence at the rear provides 798 square feet with two bedrooms and one bathroom. The homes have separate addresses and individual utility meters, supporting distinct residential occupancy arrangements.
The property includes an existing tenant and was built in 1916. Interior features include fireplaces, ceiling fans, window and wall units, a floor furnace, gas water heating, a disposal, and a freestanding electric range. Public sewer is connected, with natural gas service and internet availability.
The property includes an existing tenant and was built in 1916. Interior features include fireplaces, ceiling fans, window and wall units, a floor furnace, gas water heating, a disposal, and a freestanding electric range. Public sewer is connected, with natural gas service and internet availability.
Key Highlights
- Two residences on one lot with separate addresses and utility meters
- Approximately 2,478 sq ft of combined living space
- Front home: 1,680 sq ft with 3 bedrooms and 2 full baths
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
$36,891
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
7.38%
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%
$737,820
$737.8K
Cap Rate 7%
$527,014
$527.0K
Cap Rate 9%
$409,900
$409.9K
Market Conditions
NOI Build-Up for 2,478 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
$55.0K $22.20/SF
− Vacancy
−$2.3K −$0.93/SF
EGI
$52.7K $21.27/SF
− OpEx
−$15.8K −$6.38/SF
NOI
$36.9K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
Lease Rate
$22.20 /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%
$737,820
Cap Rate 7%
$527,014
Cap Rate 9%
$409,900
Alternative Uses
Best Use
Multifamily LT 5
$527.0K
$461.1K – $614.9K
NOI $36,891 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,971 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$832.6K
$728.5K – $971.4K
NOI $58,283 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 95354, CA
26,765
Population
9,797
Households
2.7
Avg Household Size
36
Median Age
17%
College-Educated
80%
High-School Grad
7.7 sq mi
ZIP Area
3,476
Density / Sq Mi
$65,643
Median Household Income
$42,126
Median Earnings
$1,463
Median Rent
$360,300
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 - Two separate residences share one lot with independent utility metering and an existing tenant.
Where is this duplex located?
The property is located at 123 Almond Avenue Modesto, CA.
What is the asking price?
The asking price for this property is $499,988.
What are key features of this property?
This property features: Two residences on one lot with separate addresses and utility meters; Approximately 2,478 sq ft of combined living space; Front home: 1,680 sq ft with 3 bedrooms and 2 full baths
