Two-Story Triplex with
For Sale
$425,000
1657 Cypress Way, Merced, CA 95341
Long-term tenants occupy three apartments, including one recently remodeled unit and varied one-bedroom layouts.
Property Size2,546 SF
Price / SF$166.93
Days on Market25
Property Features for 1657 Cypress Way
General Information
Standard status
Active
Size
2,546 SF
Property subtype
Residential Income
Listing Agency:
London Properties, Ltd.
(559) 312-3555
Listed By:
Elsa Gutierrez
(559) 312-3555
Source:
Exprealty
Added: Aug 5
Changed: Aug 21
Last Checked: Aug 29 at 12:28PM
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 London Properties, Ltd.
Investment Insights
Based on property information with market context.
This two-story triplex contains three apartments with kitchens, living areas, and bathrooms. Two units are configured with one bedroom and one bathroom, while the third includes a primary bedroom, a smaller additional bedroom, a kitchen, living area, and bathroom. One apartment has been recently remodeled, and the property includes a garage.
The property is located near Freeway 99 and schools. Long-term tenants are in place. The unit layouts, existing garage, and completed remodeling provide a defined starting point for an owner evaluating the property and its current occupancy.
The property is located near Freeway 99 and schools. Long-term tenants are in place. The unit layouts, existing garage, and completed remodeling provide a defined starting point for an owner evaluating the property and its current occupancy.
Key Highlights
- Three apartments in a two‑story triplex
- Two units each include 1 bedroom and 1 bathroom
- Third apartment includes a bedroom plus a small additional bedroom
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
$33,347
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
7.85%
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%
$666,940
$666.9K
Cap Rate 7%
$476,386
$476.4K
Cap Rate 9%
$370,522
$370.5K
Market Conditions
NOI Build-Up for 2,546 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
$50.4K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$47.6K $18.71/SF
− OpEx
−$14.3K −$5.61/SF
NOI
$33.3K $13.10/SF
Area
Merced County, CA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$666,940
Cap Rate 7%
$476,386
Cap Rate 9%
$370,522
Alternative Uses
Best Use
Multifamily LT 5
$476.4K
$416.8K – $555.8K
NOI $33,347 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$442.4K
$387.1K – $516.2K
NOI $30,969 @ 7.0% cap · market cap 7.29%
Theoretical Best
Healthcare Medical
$561.7K
$491.5K – $655.3K
NOI $39,320 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
685
Businesses Nearby
Explore this area
Business Placement
Demographics for 95341, CA
33,194
Population
9,331
Households
3.6
Avg Household Size
29
Median Age
8%
College-Educated
63%
High-School Grad
146.8 sq mi
ZIP Area
226
Density / Sq Mi
$55,516
Median Household Income
$32,184
Median Earnings
$1,172
Median Rent
$295,300
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?
Triplex - Long-term tenants occupy three apartments, including one recently remodeled unit and varied one-bedroom layouts.
Where is this triplex located?
The property is located at 1657 Cypress Way Merced, CA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three apartments in a two‑story triplex; Two units each include 1 bedroom and 1 bathroom; Third apartment includes a bedroom plus a small additional bedroom
