Residential Income Property with
New
For Sale
$499,500
239 Harvest Lane 239, Morgan Hill, CA 95037
Triplewide residence in a resident-owned 55+ community with a remodeled kitchen, private yard, and substantial supplemental living space.
Property Size1,520 SF
Price / SF$328.62
Days on Market2
Property Features for 239 Harvest Lane 239
General Information
Standard status
Active
Size
1,520 SF
Total Parking Spaces
2
Property subtype
Manufactured In Park
Additional Details
HOA Fee
$383
Multifamily Units
1
Listing Agency:
Heritage Realty Team
(408) 612-4400
Listed By:
Susan Fick
(408) 857-0119
Source:
Kaleorealestate
Added: Sep 21
Last Checked: Sep 22 at 3:59PM
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 Heritage Realty Team
Investment Insights
Based on property information with market context.
This 1,520-square-foot triplewide immobile home in Woodland Estates provides three bedrooms, two bathrooms, and a two-car garage. An enclosed sunroom extends the usable interior and can accommodate relaxation, entertaining, hobbies, or group gatherings. The private yard features mature landscaping and a low-maintenance, zero-lot-line-style layout. Interior improvements include a remodeled kitchen with a gas range and microwave, plus a primary suite with an updated bathroom, dual sinks, extensive cabinetry, and a stall shower.
The home has a newer heat pump and air-conditioning system, water heater, and garage door motor. Copper plumbing runs throughout, while earthquake bracing adds structural reinforcement. Garage storage includes a loft with a pull-down ladder. A new roof and Section 1 pest clearance are scheduled for completion before closing. Woodland Estates is a resident-owned 55+ community at 239 Harvest Lane in Morgan Hill, California.
The home has a newer heat pump and air-conditioning system, water heater, and garage door motor. Copper plumbing runs throughout, while earthquake bracing adds structural reinforcement. Garage storage includes a loft with a pull-down ladder. A new roof and Section 1 pest clearance are scheduled for completion before closing. Woodland Estates is a resident-owned 55+ community at 239 Harvest Lane in Morgan Hill, California.
Key Highlights
- 1,520‑square‑foot triplewide immobile home with 3 bedrooms and 2 bathrooms
- Enclosed sunroom adds substantial flexible interior space
- Two‑car garage with loft storage and pull‑down ladder
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
$28,892
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
5.78%
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%
$577,840
$577.8K
Cap Rate 7%
$412,743
$412.7K
Cap Rate 9%
$321,022
$321.0K
Market Conditions
NOI Build-Up for 1,520 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
$54.7K $36.00/SF
− Vacancy
−$2.2K −$1.44/SF
EGI
$52.5K $34.56/SF
− OpEx
−$23.6K −$15.55/SF
NOI
$28.9K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /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%
$577,840
Cap Rate 7%
$412,743
Cap Rate 9%
$321,022
Alternative Uses
Best Use
Apartment 5plus
$412.7K
$361.2K – $481.5K
NOI $28,892 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$917.6K
$802.9K – $1.07M
NOI $64,235 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Explore this area
Business Placement
Demographics for 95037, CA
53,126
Population
17,185
Households
3.1
Avg Household Size
41
Median Age
44%
College-Educated
90%
High-School Grad
120.1 sq mi
ZIP Area
442
Density / Sq Mi
$158,256
Median Household Income
$71,130
Median Earnings
$2,242
Median Rent
$1,152,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Triplewide residence in a resident-owned 55+ community with a remodeled kitchen, private yard, and substantial supplemental living space.
Where is this residential income property located?
The property is located at 239 Harvest Lane 239 Morgan Hill, CA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 1,520‑square‑foot triplewide immobile home with 3 bedrooms and 2 bathrooms; Enclosed sunroom adds substantial flexible interior space; Two‑car garage with loft storage and pull‑down ladder
