Four-Unit
For Sale
$644,900
1405 E Cypress Ave, Reedley, CA 93654
Fully occupied income property with central HVAC and indoor laundry in every unit.
Property Size3,144 SF
Price / SF$205.12
Days on Market129
Property Features for 1405 E Cypress Ave
General Information
Standard status
Active
Size
3,144 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
central HVAC
indoor laundry
Building Details
Year Built
1997
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty of Greater Los Angeles, inc.
(559) 246-4905
Listed By:
Marie Meza · License #01772801
Source:
Homesofgreatersacramento
Added: Apr 23
Changed: Aug 28
Last Checked: Aug 25 at 6:49AM
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 eXp Realty of Greater Los Angeles, inc.
Investment Insights
Based on property information with market context.
Built in 1997, this quadplex contains four two-bedroom, one-bath residences totaling approximately 3,144 square feet. All units are occupied, and each includes central HVAC and indoor laundry. Three residences have received updates to their kitchens, bathrooms, and flooring, while the fourth has a long-term tenant.
The property is positioned near schools, shopping, and commuter routes in Reedley. Tenant access is restricted during marketing, and offers are subject to inspection. Unit configuration is based on tax records and should be independently verified.
The property is positioned near schools, shopping, and commuter routes in Reedley. Tenant access is restricted during marketing, and offers are subject to inspection. Unit configuration is based on tax records and should be independently verified.
Key Highlights
- Four 2‑bedroom, 1‑bath units totaling approximately 3,144 square feet
- Fully occupied quadplex
- Three units updated with modern kitchens, bathrooms, and durable LVP flooring
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
$41,617
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
6.45%
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%
$832,340
$832.3K
Cap Rate 7%
$594,529
$594.5K
Cap Rate 9%
$462,411
$462.4K
Market Conditions
NOI Build-Up for 3,144 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
$63.4K $20.16/SF
− Vacancy
−$3.9K −$1.25/SF
EGI
$59.5K $18.91/SF
− OpEx
−$17.8K −$5.67/SF
NOI
$41.6K $13.24/SF
Area
Fresno County, CA
Vacancy
6.20%
Lease Rate
$20.16 /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%
$832,340
Cap Rate 7%
$594,529
Cap Rate 9%
$462,411
Alternative Uses
Best Use
Multifamily LT 5
$594.5K
$520.2K – $693.6K
NOI $41,617 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$568.0K
$497.0K – $662.6K
NOI $39,758 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,376 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 93654, CA
30,620
Population
9,505
Households
3.2
Avg Household Size
34
Median Age
17%
College-Educated
71%
High-School Grad
100.5 sq mi
ZIP Area
305
Density / Sq Mi
$67,471
Median Household Income
$31,281
Median Earnings
$1,198
Median Rent
$334,500
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 - Fully occupied income property with central HVAC and indoor laundry in every unit.
Where is this quadplex located?
The property is located at 1405 E Cypress Ave Reedley, CA.
What is the asking price?
The asking price for this property is $644,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units totaling approximately 3,144 square feet; Fully occupied quadplex; Three units updated with modern kitchens, bathrooms, and durable LVP flooring
