Remodeled Duplex With Private
For Sale
$315,000
Pending
15338 Road 223, Porterville, CA 93257
Residential Income, Porterville, CA
Property Size1,680 SF
Lot Size0.54 Acres
Days on Market78
Property Features for 15338 Road 223
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 6, Bedroom 2
Directions
Head W on Olive turn N on Rd 223
Subdivision
Porterville NW
Standard status
Pending
APN
240092016000
Size
1,680 SF
Lot size
0.54 Acres
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Five Star Realty
(559) 527-1500
Listed By:
Hector Godinez
(559) 350-8328
Added: Jun 19
Changed: Sep 3
Last Checked: Sep 4 at 8:06PM
MLS# 242459
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 duplex property includes a remodeled mobile home with four bedrooms and two bathrooms, along with a separate two-bedroom, one-bath residence. Each dwelling has its own private yard, creating distinct outdoor areas for the occupants. Central heating and central air conditioning serve the property, while the mobile home has a composition roof.
The parcel contains 0.54 acres at 15338 Road 223 in Porterville, California. Water is supplied publicly, and wastewater service is provided by a septic tank. The property was built in 1972 and includes multiple bedrooms and bathrooms across the two residences.
The parcel contains 0.54 acres at 15338 Road 223 in Porterville, California. Water is supplied publicly, and wastewater service is provided by a septic tank. The property was built in 1972 and includes multiple bedrooms and bathrooms across the two residences.
Key Highlights
- Two‑residence duplex configuration with four‑bedroom and two‑bedroom units
- Remodeled mobile home includes 4 bedrooms and 2 bathrooms
- Second residence provides 2 bedrooms and 1 bathroom
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
$15,180
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
4.82%
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%
$303,600
$303.6K
Cap Rate 7%
$216,857
$216.9K
Cap Rate 9%
$168,667
$168.7K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$21.7K $12.91/SF
− OpEx
−$6.5K −$3.87/SF
NOI
$15.2K $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%
$303,600
Cap Rate 7%
$216,857
Cap Rate 9%
$168,667
Alternative Uses
Best Use
Multifamily LT 5
$216.9K
$189.8K – $253.0K
NOI $15,180 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$199.3K
$174.4K – $232.5K
NOI $13,951 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$510.3K
$446.5K – $595.4K
NOI $35,721 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
92
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?
Duplex - Two separate residences offer a four-bedroom main home and a two-bedroom secondary unit on one parcel.
Where is this duplex located?
The property is located at 15338 Road 223 Porterville, CA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑residence duplex configuration with four‑bedroom and two‑bedroom units; Remodeled mobile home includes 4 bedrooms and 2 bathrooms; Second residence provides 2 bedrooms and 1 bathroom
