Duplex Rental
New
For Sale
$519,999
1335 Tully Road, Modesto, CA 95350
Tenant-occupied duplex offering an established residential rental operation in Modesto.
Property Size1,717 SF
Price / SF$302.85
Days on Market5
Property Features for 1335 Tully Road
General Information
Standard status
Active
Size
1,717 SF
Property subtype
Multi-Family
Building Details
Year Built
1953
Tenancy
Multi
Listing Agency:
Dunnigan, Realtors
(916) 454-5753
Listed By:
Inspired Real Estate Group Inc
(916) 622-5341
Source:
Inspiredrealestategroup
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 22 at 4:32PM
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 Dunnigan, Realtors
Investment Insights
Based on property information with market context.
This duplex rental property contains 1,717 square feet and was built in 1953. The asset is positioned for continued residential rental use, with tenants already in place and an established operating history described as income-producing.
Located at 1335 Tully Road in Modesto, California, the property is part of a rental market characterized in the source information by established neighborhoods and sustained demand. The asset is presented as available individually, providing a focused option for an investor seeking a duplex rather than a broader portfolio acquisition.
Located at 1335 Tully Road in Modesto, California, the property is part of a rental market characterized in the source information by established neighborhoods and sustained demand. The asset is presented as available individually, providing a focused option for an investor seeking a duplex rather than a broader portfolio acquisition.
Key Highlights
- 1,717‑square‑foot duplex
- Built in 1953
- Tenants already in place
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
$25,562
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
4.92%
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%
$511,240
$511.2K
Cap Rate 7%
$365,171
$365.2K
Cap Rate 9%
$284,022
$284.0K
Market Conditions
NOI Build-Up for 1,717 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
$38.1K $22.20/SF
− Vacancy
−$1.6K −$0.93/SF
EGI
$36.5K $21.27/SF
− OpEx
−$11.0K −$6.38/SF
NOI
$25.6K $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%
$511,240
Cap Rate 7%
$365,171
Cap Rate 9%
$284,022
Alternative Uses
Best Use
Multifamily LT 5
$365.2K
$319.5K – $426.0K
NOI $25,562 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$326.4K
$285.6K – $380.8K
NOI $22,846 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$576.9K
$504.8K – $673.1K
NOI $40,384 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 95350, CA
55,344
Population
20,327
Households
2.7
Avg Household Size
37
Median Age
20%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
6,289
Density / Sq Mi
$73,611
Median Household Income
$43,428
Median Earnings
$1,483
Median Rent
$397,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex offering an established residential rental operation in Modesto.
Where is this duplex located?
The property is located at 1335 Tully Road Modesto, CA.
What is the asking price?
The asking price for this property is $519,999.
What are key features of this property?
This property features: 1,717‑square‑foot duplex; Built in 1953; Tenants already in place
