Multifamily Rental
New
For Sale
$519,999
1502 W Orangeburg Avenue, Modesto, CA 95350
Existing tenants and near-capacity occupancy support an established rental operation in Modesto.
Property Size1,562 SF
Price / SF$332.91
Days on Market5
Property Features for 1502 W Orangeburg Avenue
General Information
Standard status
Active
Size
1,562 SF
Property subtype
Multi-Family
Building Details
Year Built
1954
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 5:02PM
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 multifamily rental property contains 1,562 square feet and was built in 1954. Tenants are already in place, and occupancy across the offering is reported near capacity, providing an operating rental asset rather than a vacant property requiring initial lease-up.
The property is located at 1502 W Orangeburg Avenue in Modesto, California. Individual properties are available, and the broader offering also includes duplexes and triplexes for buyers evaluating a larger acquisition. Additional property addresses, rent rolls, and financials are available through the listing process.
The property is located at 1502 W Orangeburg Avenue in Modesto, California. Individual properties are available, and the broader offering also includes duplexes and triplexes for buyers evaluating a larger acquisition. Additional property addresses, rent rolls, and financials are available through the listing process.
Key Highlights
- 1,562‑square‑foot multifamily rental property
- Built in 1954
- 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
$23,254
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
4.47%
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%
$465,080
$465.1K
Cap Rate 7%
$332,200
$332.2K
Cap Rate 9%
$258,378
$258.4K
Market Conditions
NOI Build-Up for 1,562 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
$34.7K $22.20/SF
− Vacancy
−$1.5K −$0.93/SF
EGI
$33.2K $21.27/SF
− OpEx
−$10.0K −$6.38/SF
NOI
$23.3K $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%
$465,080
Cap Rate 7%
$332,200
Cap Rate 9%
$258,378
Alternative Uses
Best Use
Multifamily LT 5
$332.2K
$290.7K – $387.6K
NOI $23,254 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$296.9K
$259.8K – $346.4K
NOI $20,783 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$524.8K
$459.2K – $612.3K
NOI $36,738 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
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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
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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?
Multifamily property - Existing tenants and near-capacity occupancy support an established rental operation in Modesto.
Where is this multifamily property located?
The property is located at 1502 W Orangeburg Avenue 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: 1,562‑square‑foot multifamily rental property; Built in 1954; Tenants already in place
