Building Details

Floors in Building 1

Flooring type Lvt

Listing Agency: eXp Realty of Greater Los Angeles, Inc. Show Phone

Listed By: Marie Meza · License #01772801 Show Phone

Added: Apr 30 Changed: Sep 11 Last Checked: Sep 24 at 1:06AM

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MLS# 234133

Copyright © 2026 Kings County Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This four-unit residential property contains four two-bedroom, one-bath apartments totaling approximately 3,144 square feet. Three units have received updates to their kitchens, bathrooms, and flooring, while one apartment has a long-term tenant. Central HVAC and indoor laundry are provided in each unit, and carport parking serves the property.

The property is located in Reedley near schools, shopping, and commuter routes. Public water and public sewer support the site, which encompasses 0.0826 acres and carries R16 zoning. The property is fully occupied, and unit configuration is based on tax records and subject to buyer verification.

Key Highlights

• Four 2‑bedroom, 1‑bath units totaling approximately 3,144 square feet
• Fully occupied quadplex with one unit supported by long‑term tenancy
• Three apartments updated with modern kitchens, bathrooms, and 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

6.77%

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 (±1% cap)

NOI $41,617 @ 7.0% cap · market cap 6.77%

Second Best

Apartment 5plus

$568.0K

$497.0K – $662.6K (±1% cap)

NOI $39,758 @ 7.0% cap · market cap 6.47%

Theoretical Best

Office A

$891.1K

$779.7K – $1.04M (±1% cap)

NOI $62,376 @ 7.0% cap · market cap 10.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage HVAC Service Building Supply Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Quadplex - Fully occupied four-unit property with central HVAC, indoor laundry, carports, and R16 zoning.

Where is this quadplex located?

The property is located at 1405 E Cypress Avenue Reedley, CA.

What is the asking price?

The asking price for this property is $614,900.

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 with one unit supported by long‑term tenancy; Three apartments updated with modern kitchens, bathrooms, and LVP flooring