Fourplex with Four 2BR
For Sale
$649,900
Pending
1405 E Cypress Avenue 137, Reedley, CA 93654
Well-maintained Reedley fourplex with four occupied 2-bedroom, 1-bath units and long-term tenancy in place.
Property Size3,144 SF
Days on Market133
Property Features for 1405 E Cypress Avenue 137
General Information
Standard status
Pending
Size
3,144 SF
Property subtype
Multi Family
Building Details
Year Built
1997
Listing Agency:
Executive Realty Associates
(559) 375-6841
Listed By:
Sarah Gillespie · License #01843339
(559) 375-6841
Source:
Exitrealty
Added: Apr 4
Changed: Aug 8
Last Checked: Aug 14 at 4:22AM
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 Executive Realty Associates
Investment Insights
Based on property information with market context.
This well-maintained fourplex offers four separate residential units, each configured as a 2-bedroom, 1-bath layout. The property is presented as an income-producing multifamily asset, and all four units are currently occupied by long-term tenants, providing the opportunity to acquire a stabilized setup with in-place residency.
Located in Reedley, the property is described as convenient to schools, shopping, and parks. While the surrounding area is noted in broad terms, the key takeaway is accessibility to everyday daily amenities for residents.
For investors or owner-operators seeking a manageable scale multifamily purchase, this fourplex provides a straightforward unit mix and tenancy that is already established. If you are looking to increase scale, a neighboring fourplex is also available for a combined total of eight units in the same spot. That option may appeal to buyers who want to consolidate ownership while maintaining a consistent property profile across both buildings.
Located in Reedley, the property is described as convenient to schools, shopping, and parks. While the surrounding area is noted in broad terms, the key takeaway is accessibility to everyday daily amenities for residents.
For investors or owner-operators seeking a manageable scale multifamily purchase, this fourplex provides a straightforward unit mix and tenancy that is already established. If you are looking to increase scale, a neighboring fourplex is also available for a combined total of eight units in the same spot. That option may appeal to buyers who want to consolidate ownership while maintaining a consistent property profile across both buildings.
Key Highlights
- 1997‑built fourplex in Reedley with four occupied 2‑bedroom, 1‑bath units
- All four units are currently occupied by long‑term tenants
- Property has a strong rental history with stable income/cash flow
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
6.40%
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 6.40%
Second Best
Apartment 5plus
$568.0K
$497.0K – $662.6K
NOI $39,758 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,376 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Well-maintained Reedley fourplex with four occupied 2-bedroom, 1-bath units and long-term tenancy in place.
Where is this quadplex located?
The property is located at 1405 E Cypress Avenue 137 Reedley, CA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 1997‑built fourplex in Reedley with four occupied 2‑bedroom, 1‑bath units; All four units are currently occupied by long‑term tenants; Property has a strong rental history with stable income/cash flow
