Remodeled Four-Unit
For Sale
$739,000
Pending
123 S Airport Way, Stockton, CA 95205
Four updated two-bedroom residences share a consistent one-bathroom layout and established rental configuration.
Property Size2,640 SF
Days on Market52
Property Features for 123 S Airport Way
General Information
Standard status
Pending
Size
2,640 SF
Property subtype
Multi-Family
Building Details
Year Built
1986
Listing Agency:
Cornerstone Real Estate Group
(209) 323-2125
Listed By:
Joseph D. Colangelo · License #01982075
Source:
Homesofgreatersacramento
Added: Jul 11
Changed: Aug 31
Last Checked: Aug 30 at 5:55PM
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 Cornerstone Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1986, this quadplex contains four remodeled residential units, each arranged with two bedrooms and one bathroom. The property includes a recently replaced roof, adding a significant capital improvement to the existing structure.
The asset is located at 123 S Airport Way in Stockton, with access to shopping, dining, schools, and major commuter routes. Its four-unit configuration provides a straightforward multifamily format for an owner seeking an established residential income property.
The asset is located at 123 S Airport Way in Stockton, with access to shopping, dining, schools, and major commuter routes. Its four-unit configuration provides a straightforward multifamily format for an owner seeking an established residential income property.
Key Highlights
- Four remodeled 2‑bedroom, 1‑bathroom units
- Recently replaced roof
- Built in 1986
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
$38,999
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
5.28%
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%
$779,980
$780.0K
Cap Rate 7%
$557,129
$557.1K
Cap Rate 9%
$433,322
$433.3K
Market Conditions
NOI Build-Up for 2,640 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
$58.6K $22.20/SF
− Vacancy
−$2.9K −$1.10/SF
EGI
$55.7K $21.10/SF
− OpEx
−$16.7K −$6.33/SF
NOI
$39.0K $14.77/SF
Area
ZIP 95205
Vacancy
4.94%
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%
$779,980
Cap Rate 7%
$557,129
Cap Rate 9%
$433,322
Alternative Uses
Best Use
Multifamily LT 5
$557.1K
$487.5K – $650.0K
NOI $38,999 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$514.4K
$450.1K – $600.2K
NOI $36,009 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$700.6K
$613.0K – $817.4K
NOI $49,041 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Explore this area
Business Placement
Demographics for 95205, CA
40,720
Population
11,722
Households
3.5
Avg Household Size
30
Median Age
5%
College-Educated
56%
High-School Grad
9.0 sq mi
ZIP Area
4,524
Density / Sq Mi
$58,138
Median Household Income
$32,253
Median Earnings
$1,264
Median Rent
$288,600
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?
Quadplex - Four updated two-bedroom residences share a consistent one-bathroom layout and established rental configuration.
Where is this quadplex located?
The property is located at 123 S Airport Way Stockton, CA.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Four remodeled 2‑bedroom, 1‑bathroom units; Recently replaced roof; Built in 1986
