Two-Story Triplex with
For Sale
$425,000
1657 Cypress Way, Merced, CA 95341
Multi Family, Merced, CA
Property Size2,546 SF
Lot Size0.06 Acres
Price / SF$166.93
Days on Market47
Property Features for 1657 Cypress Way
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Exterior features
Stucco
High school district
Merced Union
Directions
Ca 99 exit 186A for Childs Ave. Towards Motel Dr, follow to Cypress Way.
Subdivision
341
Standard status
Active
APN
035062008000
Size
2,546 SF
Lot size
0.06 Acres
Amenities
garage
Building Details
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
London Properties, Ltd.
(559) 436-4000
Listed By:
Elsa Gutierrez
(559) 312-3555
Added: Aug 5
Changed: Sep 19
Last Checked: Sep 20 at 12:06PM
MLS# 653237
Copyright © 2026 Fresno 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 two-story triplex contains 2,546 square feet and offers three separate apartment layouts. Two units each include 1 bedroom, 1 bath, a kitchen, and a living room. The third includes 1 bedroom plus a small additional bedroom, along with a kitchen, living room, and bath. One apartment has been recently remodeled, and the property includes a garage.
The property is located near Freeway 99 and area schools at 1657 Cypress Way in Merced. Exterior construction features stucco, while the roof is composition. Long-term tenants are in place, providing an established occupancy profile for review by prospective buyers.
The property is located near Freeway 99 and area schools at 1657 Cypress Way in Merced. Exterior construction features stucco, while the roof is composition. Long-term tenants are in place, providing an established occupancy profile for review by prospective buyers.
Key Highlights
- 2,546‑square‑foot two‑story triplex
- Lot size measures 0.0584 acres
- Two units each offer 1 bedroom, 1 bath, kitchen, and living room
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
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Current Use
Lease Details
3
Residential units
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three-unit residential property with varied one-bedroom layouts, a recently remodeled apartment, and established long-term tenants.
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: 2,546‑square‑foot two‑story triplex; Lot size measures 0.0584 acres; Two units each offer 1 bedroom, 1 bath, kitchen, and living room
