15-Unit Apartment
For Sale
$2,499,999
132 West 18th Street, Merced, CA 95340
Gated community with assigned parking, covered carports, and a mix of updated interiors.
Property Size7,256 SF
Price / SF$344.54
Days on Market166
Property Features for 132 West 18th Street
General Information
Standard status
Active
Size
7,256 SF
Total Parking Spaces
10
Property subtype
5+ Units / Five or More Units
Units
Unit Mix
6 x studio, 4 x 1BR/1BA, 5 x 2BR/1BA
Multifamily Units
15
Amenities
gated community
security cameras
landscaped lawn area
electric ranges
refrigerators
central HVAC
window air conditioning
pest control
landscape maintenance
Building Details
Year Built
1962
Listing Agency:
Legacy Real Estate & Assoc.
(415) 640-5406
Listed By:
Srinivasa Myneni · License #01953963
(415) 640-5406
Source:
Compass
Added: Mar 19
Changed: Aug 31
Last Checked: Aug 31 at 8:59AM
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 Legacy Real Estate & Assoc.
Investment Insights
Based on property information with market context.
Built in 1962, this 15-unit apartment property offers a varied unit mix of 6 studios, 4 one-bedroom/one-bath units, and 5 two-bedroom/one-bath units. Each residence includes an electric range and refrigerator, while many units feature renovated interiors and fresh paint. Studio units use window air conditioning; the one- and two-bedroom units have central HVAC.
The gated property includes security cameras throughout, a landscaped lawn area, one assigned parking space for each unit, and 10 covered carports. The exterior has been fully repainted. Ongoing professional pest control and landscape maintenance support routine property upkeep, and the operation does not require an on-site manager.
The gated property includes security cameras throughout, a landscaped lawn area, one assigned parking space for each unit, and 10 covered carports. The exterior has been fully repainted. Ongoing professional pest control and landscape maintenance support routine property upkeep, and the operation does not require an on-site manager.
Key Highlights
- 15 units: 6 studios, 4 one‑bedroom/one‑bath, and 5 two‑bedroom/one‑bath units
- Gated property with security cameras throughout
- Each unit has an assigned parking space; 10 covered carports are included
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
$88,261
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
3.53%
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%
$1,765,220
$1.8M
Cap Rate 7%
$1,260,871
$1.3M
Cap Rate 9%
$980,678
$980.7K
Market Conditions
NOI Build-Up for 7,256 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
$168.9K $23.28/SF
− Vacancy
−$8.4K −$1.16/SF
EGI
$160.5K $22.12/SF
− OpEx
−$72.2K −$9.95/SF
NOI
$88.3K $12.16/SF
Area
Merced County, CA
Vacancy
5.00%
Lease Rate
$23.28 /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%
$1,765,220
Cap Rate 7%
$1,260,871
Cap Rate 9%
$980,678
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,261 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.60M
$1.40M – $1.87M
NOI $112,062 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,769
Businesses Nearby
Explore this area
Business Placement
Demographics for 95340, CA
38,606
Population
13,553
Households
2.8
Avg Household Size
33
Median Age
26%
College-Educated
86%
High-School Grad
52.0 sq mi
ZIP Area
742
Density / Sq Mi
$65,141
Median Household Income
$35,165
Median Earnings
$1,204
Median Rent
$383,200
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 - Gated community with assigned parking, covered carports, and a mix of updated interiors.
Where is this apartment building located?
The property is located at 132 West 18th Street Merced, CA.
What is the asking price?
The asking price for this property is $2,499,999.
What are key features of this property?
This property features: 15 units: 6 studios, 4 one‑bedroom/one‑bath, and 5 two‑bedroom/one‑bath units; Gated property with security cameras throughout; Each unit has an assigned parking space; 10 covered carports are included
