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    Construction-Ready Multi-Family Development Site Title is generated by Realmo AI

    1732 Miller Avenue, Modesto, CA 95354

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    Claim this Listing
    For Sale
    $799,000

    Ready for a new 16-unit multi-family apartment development.

    Type:Land or Vacant Lot
    Lot size:
    0.80 Acres
    Added:
    Aug 21, 2025
    Days on Market:
    285
    Last Refresh:
    May 11 at 2:08 am

    Property Features for 1732 Miller Avenue

    General Information

    Standard status
    Active
    Lot size
    0.80 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    GURLEEN KHELLA
    GURLEEN KHELLA

    Listing agent GURLEEN KHELLA License #02165492

    Listing office MOKHA REAL ESTATE

    Listing date Aug 21, 2025

    Source Corcoran

    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 MOKHA REAL ESTATE

    HighLights

    • Construction‑ready site with full plans for a 16‑unit multi‑family apartment development.
    • Located in a high‑demand area of Modesto, near shopping, schools, retail, and essential services.
    • Each unit is approximately 1,024 sq. ft. with 2 bedrooms, 2.5 bathrooms, and a versatile exercise room.
    • Includes 2 ADA‑compliant units and 39 parking spaces.
    • Features a ground‑floor office space.
    • Strong future potential for immediate construction.

    Overview

    This is a construction-ready site with full plans for a new two-story, 16-unit multi-family apartment development. Each unit is thoughtfully designed and offers approximately 1,024 sq. ft. with two bedrooms, two and a half bathrooms, and a versatile exercise room that can serve as an office, additional bedroom, or home gym. The first floor features a dining area, kitchen, living space, one bedroom, a full bathroom, and a half bathroom. The second floor includes the laundry room, a second bedroom and full bath, plus the exercise room with its own bathroom. The project includes two ADA-compliant units, 39 parking spaces, and a ground-floor office space. The total building area is approximately 16,660 sq. ft. The property is ideally situated near shopping centers, schools, retail, and essential services in a high-demand location with strong future potential, making it perfect for moving forward with construction immediately.
    Property Profile Location Intelligence

    Current Use by Public Records

    Calvary Baptist Church Church

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Modesto
    County
    Stanislaus
    State
    California
    Longitude
    -120.967
    Latitude
    37.6395

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    FAQs

    What type of property is this?
    Apartment building - Ready for a new 16-unit multi-family apartment development.
    Where is this apartment building located?
    The property is located at 1732 Miller Avenue Modesto, CA.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Construction‑ready site with full plans for a 16‑unit multi‑family apartment development.; Located in a high‑demand area of Modesto, near shopping, schools, retail, and essential services.; Each unit is approximately 1,024 sq. ft. with 2 bedrooms, 2.5 bathrooms, and a versatile exercise room.
    (209) 635-2131
    We can help!
    Listing Contact
    GURLEEN KHELLA
    GURLEEN KHELLA
    Real Estate License ID: 02165492
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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