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Turnkey Four-Unit Residential Property

15692 Armstrong Middletown, CA 95461

15692 Armstrong, Middletown, CA, 95461
$795,000
For Sale
Claim this Listing
$795,000

MULTI_FAMILY - Middletown, CA

Property Size3,320 SF
Price / SF$239.46
AddedApr 28
Days on Market79
Last RefreshJul 15 at 5:06 pm

Property Features for 15692 Armstrong

General Information

Property type
Residential Multi Family
Property subtype
Other
Standard status
Active
APN
024452060000

Utilities

Cooling system
Window Unit(s), Wall/Window Unit(s), Electric

Building Details

Year built
1979

Listing agent Lorrie McMurray License #01348596

Listing office RE/MAX Gold Lake County 1675 S Main St., Lakeport, CA

Listing date Apr 28, 2026

MLS# LC26116832

Copyright © 2026 Lake County Association of REALTORS®. 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 turnkey four-unit residential income property was built in 1979 and features four fully rented, remodeled apartments. Each unit offers approximately 830 square feet with 2 bedrooms, 1 bath, a spacious great room, and a kitchen. Two of the units include a decorative fireplace in the living room. Interior updates described include new flooring and fresh interior and exterior paint, along with meticulously remodeled kitchens that feature center islands, new appliances, modern cabinetry, and updated finishes. Bathrooms have also been refreshed for a clean, contemporary look.

The property provides practical tenant amenities, including access to a fenced side and back yard and covered carport parking. Indoor laundry is also a benefit for residents, with laundry facilities included in each unit and multiple washers and dryers. The address is 15692 Armstrong in Middletown, with the remarks noting convenient proximity to shopping, the library, and the senior center in downtown Middletown.

For buyers and operators seeking a ready-to-run multi-family asset, the combination of four in-place, updated units and everyday resident conveniences such as covered parking, fenced outdoor access, and in-unit laundry can support straightforward leasing and tenant experience. The property’s consistent 2-bedroom, 1-bath layout across all units may also simplify operational planning.

Key Highlights

  • Four fully rented 2 bed, 1 bath units in a fourplex in Middletown
  • Built in 1979; each unit offers approximately 830 SF with a great room and kitchen
  • Recent updates include new flooring, fresh interior and exterior paint, and remodeled kitchens with center islands and new appliances

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $42.6k $12.84
− Vacancy −$2.0k −$0.61
EGI $40.6k $12.23
− OpEx −$12.2k −$3.67
NOI $28.4k $8.56
3,320 SF · lease $12.84/SF/yr · vacancy 4.75% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$406.0K
$355.3K – $473.7K (±1% cap)
NOI $28,423 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K (±1% cap)
NOI $26,229 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M (±1% cap)
NOI $93,275 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Quadplexes

Suggested Use

Parking Lot & Garage Electrical Service Plumbing Service Garden Center Grocery & Convenience Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Florist (Bike/Boat/Book/etc) Store

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Quadplex - Four fully rented, remodeled units with fenced yard access, covered carports, and in-unit laundry facilities.
Where is this quadplex located?
The property is located at 15692 Armstrong Middletown, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four fully rented 2 bed, 1 bath units in a fourplex in Middletown; Built in 1979; each unit offers approximately 830 SF with a great room and kitchen; Recent updates include new flooring, fresh interior and exterior paint, and remodeled kitchens with center islands and new appliances
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