Remodeled Fourplex Income
For Sale
$795,000
15692 Armstrong, Middletown, CA 95461
Four fully rented, remodeled units with in-unit laundry, covered carport parking, and shared yard access in Middletown.
Property Size3,320 SF
Days on Market89
Property Features for 15692 Armstrong
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
4
Building Details
Building Size
3,320 SF
Year Built
1979
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX Lake County Realty
(831) 687-9025
Listed By:
Kaicie Mcmurray · License #01348596
(831) 687-9025
Source:
Elliman
Added: Jun 3
Changed: Aug 27
Last Checked: Aug 29 at 2:11PM
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 RE/MAX Lake County Realty
Investment Insights
Based on property information with market context.
This fourplex at 15692 Armstrong was built in 1979 and offers four fully rented, beautifully remodeled units. Each unit features approximately 830 square feet of living space with two bedrooms, one bath, a spacious great room, and a well-appointed kitchen. Two of the units also include a decorative fireplace in the living room. Updates throughout the property include new flooring, fresh interior and exterior paint, and meticulously remodeled kitchens with center islands, new appliances, modern cabinetry, and updated finishes. Refreshed bathrooms provide a clean, contemporary feel.
Residents benefit from convenient onsite amenities, including access to a fenced side and back yard and covered carport parking. Indoor laundry facilities are available with multiple washers and dryers, supporting day-to-day ease for tenants. The property is located close to shopping and within proximity to the library and senior center in downtown Middletown.
For buyers seeking a turnkey residential income property, this fourplex presents a straightforward operating layout with consistent unit design and recent interior and exterior improvements. The combination of covered parking, fenced outdoor access, and on-site laundry supports tenant convenience while helping the property maintain a polished, move-in-ready condition.
Residents benefit from convenient onsite amenities, including access to a fenced side and back yard and covered carport parking. Indoor laundry facilities are available with multiple washers and dryers, supporting day-to-day ease for tenants. The property is located close to shopping and within proximity to the library and senior center in downtown Middletown.
For buyers seeking a turnkey residential income property, this fourplex presents a straightforward operating layout with consistent unit design and recent interior and exterior improvements. The combination of covered parking, fenced outdoor access, and on-site laundry supports tenant convenience while helping the property maintain a polished, move-in-ready condition.
Key Highlights
- Four fully rented units in Middletown built in 1979, each with about 830 SF
- Each unit offers 2 bedrooms, 1 bath, a spacious great room, and a kitchen
- Remodeled kitchens with center islands, new appliances, modern cabinetry, and updated finishes
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
$28,423
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
3.58%
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%
$568,460
$568.5K
Cap Rate 7%
$406,043
$406.0K
Cap Rate 9%
$315,811
$315.8K
Market Conditions
NOI Build-Up for 3,320 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
$42.6K $12.84/SF
− Vacancy
−$2.0K −$0.61/SF
EGI
$40.6K $12.23/SF
− OpEx
−$12.2K −$3.67/SF
NOI
$28.4K $8.56/SF
Area
Lake County, CA
Vacancy
4.75%
Lease Rate
$12.84 /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%
$568,460
Cap Rate 7%
$406,043
Cap Rate 9%
$315,811
Alternative Uses
Best Use
Multifamily LT 5
$406.0K
$355.3K – $473.7K
NOI $28,423 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K
NOI $26,229 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,275 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 95461, CA
2,689
Population
1,646
Households
1.6
Avg Household Size
48
Median Age
24%
College-Educated
84%
High-School Grad
123.3 sq mi
ZIP Area
22
Density / Sq Mi
$81,830
Median Household Income
$40,308
Median Earnings
$2,192
Median Rent
$385,000
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 fully rented, remodeled units with in-unit laundry, covered carport parking, and shared yard access in Middletown.
Where is this quadplex located?
The property is located at 15692 Armstrong Middletown, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four fully rented units in Middletown built in 1979, each with about 830 SF; Each unit offers 2 bedrooms, 1 bath, a spacious great room, and a kitchen; Remodeled kitchens with center islands, new appliances, modern cabinetry, and updated finishes
