Two-Building Quadplex
New
For Sale
$1,350,000
1506 N Cobb, Porterville, CA 93257
Eight-unit income property with renovated interiors, separate metering, laundry rooms, and carport parking.
Property Size6,900 SF
Price / SF$195.65
Days on Market7
Property Features for 1506 N Cobb
General Information
Standard status
Active
Size
6,900 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
8
Amenities
laundry rooms
carport parking
Building Details
Buildings
2
Listing Agency:
Equity Group
(559) 732-8800
Listed By:
Franklin J. Romine · License #01367450
(559) 804-4422
Source:
Exprealty
Added: Sep 7
Changed: Sep 12
Last Checked: Sep 13 at 11:45AM
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 Equity Group
Investment Insights
Based on property information with market context.
This 6,900-square-foot multifamily property in Porterville comprises two quadplex buildings on a single parcel, totaling eight units. The improvements include new Presidential roofs, dual-pane windows, and fully replaced HVAC systems and ductwork. Four units have undergone comprehensive interior renovation with updated kitchens featuring granite countertops and stainless-steel appliances, tiled bathrooms, new flooring, and modern lighting.
Each unit is separately metered, with tenants responsible for gas and electric service. The property also includes two laundry rooms, carport parking, and low-maintenance landscaping. Wastewater service is currently provided by septic, while a city sewer connection is available. Located at 1506 N Cobb in Porterville, California, the property offers a defined multifamily configuration with a mix of renovated and unrenovated units.
Each unit is separately metered, with tenants responsible for gas and electric service. The property also includes two laundry rooms, carport parking, and low-maintenance landscaping. Wastewater service is currently provided by septic, while a city sewer connection is available. Located at 1506 N Cobb in Porterville, California, the property offers a defined multifamily configuration with a mix of renovated and unrenovated units.
Key Highlights
- 6,900 SF multifamily property with 8 units across two quadplex buildings
- Four units renovated with granite kitchens, stainless‑steel appliances, tiled baths, flooring, and lighting
- New Presidential roofs, dual‑pane windows, HVAC systems, and ductwork
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
$62,348
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
4.62%
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%
$1,246,960
$1.2M
Cap Rate 7%
$890,686
$890.7K
Cap Rate 9%
$692,756
$692.8K
Market Conditions
NOI Build-Up for 6,900 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
$95.2K $13.80/SF
− Vacancy
−$6.2K −$0.89/SF
EGI
$89.1K $12.91/SF
− OpEx
−$26.7K −$3.87/SF
NOI
$62.3K $9.04/SF
Area
Tulare County, CA
Vacancy
6.46%
Lease Rate
$13.80 /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%
$1,246,960
Cap Rate 7%
$890,686
Cap Rate 9%
$692,756
Alternative Uses
Best Use
Multifamily LT 5
$890.7K
$779.4K – $1.04M
NOI $62,348 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$818.5K
$716.2K – $955.0K
NOI $57,298 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$2.10M
$1.83M – $2.45M
NOI $146,711 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Explore this area
Business Placement
Demographics for 93257, CA
79,569
Population
25,020
Households
3.2
Avg Household Size
31
Median Age
15%
College-Educated
69%
High-School Grad
378.9 sq mi
ZIP Area
210
Density / Sq Mi
$58,261
Median Household Income
$30,344
Median Earnings
$1,086
Median Rent
$276,400
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 - Eight-unit income property with renovated interiors, separate metering, laundry rooms, and carport parking.
Where is this quadplex located?
The property is located at 1506 N Cobb Porterville, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 6,900 SF multifamily property with 8 units across two quadplex buildings; Four units renovated with granite kitchens, stainless‑steel appliances, tiled baths, flooring, and lighting; New Presidential roofs, dual‑pane windows, HVAC systems, and ductwork
