Eight-Unit Apartment
New
For Sale
$1,350,000
1506 N Cobb Street, Porterville, CA 93257
Residential Income, Porterville, CA
Property Size6,900 SF
Lot Size0.57 Acres
Price / SF$195.65
Days on Market1
Property Features for 1506 N Cobb Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 4, Bathroom 5, Bedroom 9, Bedroom 12, Bedroom 13, Bathroom 4, Bedroom 16, Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 6, Bathroom 8, Bedroom 14, Bedroom 10, Bedroom 8, Bedroom 3, Bedroom 6, Bedroom 11, Bathroom 3, Bedroom 15, Laundry Room, Bathroom 7, Bedroom 7, Bathroom 1, Bedroom 2
Parking features
Carport
Interior features
Granite Counters
Appliances
6 Burner Stove, Gas Water Heater, Microwave, Oven, Range, Water Heater
Directions
North on Cobb, right hand side.
Subdivision
Porterville NW
Standard status
Active
APN
246250013000
Size
6,900 SF
Lot size
0.57 Acres
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Amenities
two laundry rooms
carport parking
Building Details
Year built
1975
Floors in Building
1
Number of units
8
Flooring type
Carpet, Tile - Ceramic
Building materials
Stucco
Roof type
Composition, Shingle
Listing Agency:
The Equity Group
(559) 732-8800
Listed By:
Franklin J Romine · License #01367450
(559) 804-4422
Added: Sep 5
Last Checked: Sep 5 at 8:06PM
MLS# 243931
Copyright © 2026 Tulare County MLS. 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 apartment property comprises two fourplexes with eight total units on a 0.57-acre parcel. The 6,900-square-foot improvements were built in 1975 and include two laundry rooms, carport parking, low-maintenance landscaping, stucco construction, composition and shingle roofing, central air, forced-air heating, and natural gas service. Units are separately metered, with tenants responsible for gas and electric utilities.
Four apartments have been renovated with new kitchens featuring granite counters and stainless appliances, tiled bathrooms, updated flooring, and new lighting. The property is served by public water and a septic tank; a city sewer connection is available without a city connection fee. Recent property improvements also include Presidential roofs, dual-pane windows, and new HVAC systems with ductwork.
Four apartments have been renovated with new kitchens featuring granite counters and stainless appliances, tiled bathrooms, updated flooring, and new lighting. The property is served by public water and a septic tank; a city sewer connection is available without a city connection fee. Recent property improvements also include Presidential roofs, dual-pane windows, and new HVAC systems with ductwork.
Key Highlights
- Two 4‑plexes totaling 8 units on one 0.57‑acre parcel
- 6,900 square feet of apartment improvements built in 1975
- Four units renovated with granite kitchens, stainless appliances, tiled baths, flooring, and lighting
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
$57,298
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
4.24%
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%
$1,145,960
$1.1M
Cap Rate 7%
$818,543
$818.5K
Cap Rate 9%
$636,644
$636.6K
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
$111.8K $16.20/SF
− Vacancy
−$7.6K −$1.10/SF
EGI
$104.2K $15.10/SF
− OpEx
−$46.9K −$6.79/SF
NOI
$57.3K $8.30/SF
Area
Tulare County, CA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,145,960
Cap Rate 7%
$818,543
Cap Rate 9%
$636,644
Alternative Uses
Best Use
Apartment 5plus
$818.5K
$716.2K – $955.0K
NOI $57,298 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
8
Residential units
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?
Apartment building - Two fourplexes offer renovated interiors, separate utility metering, laundry facilities, and carport parking on one parcel.
Where is this apartment building located?
The property is located at 1506 N Cobb Street 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: Two 4‑plexes totaling 8 units on one 0.57‑acre parcel; 6,900 square feet of apartment improvements built in 1975; Four units renovated with granite kitchens, stainless appliances, tiled baths, flooring, and lighting
