Multifamily Property with Attached
For Sale
$1,225,000
1815 Azure Court, Manteca, CA 95336
R3-zoned property with central air, vaulted ceilings, and a fenced exterior.
Property Size5,445 SF
Price / SF$224.98
Days on Market46
Property Features for 1815 Azure Court
General Information
Standard status
Active
Size
5,445 SF
Property subtype
Residential Income
Zoning
R3
Lease Term
Month To Month
Amenities
Central Air, Ceiling Fan(s)
Natural Gas, Central, Fireplace(s)
Free-Standing Refrigerator, Dishwasher, Microwave, Disposal, Free-Standing Electric Oven, Free-Standing Electric Range
Vaulted Ceiling(s)
Fenced
Attached, Garage, Garage Door Opener
Building Details
Year Built
1982
Buildings
3
Stories
2
Listing Agency:
(209) 608-7480
Listed By:
Brandon J. Joaquin · License #1747005
(209) 608-7480
Source:
Evrealestate
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 7:56PM
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 Brandon J. Joaquin
Investment Insights
Based on property information with market context.
This multifamily property at 1815 Azure Court offers 5,445 square feet of space and was built in 1982. Interior features include central air, ceiling fans, natural gas, central heating, fireplaces, vaulted ceilings, and a kitchen equipped with a refrigerator, dishwasher, microwave, disposal, electric oven, and electric range. The property also includes a fenced exterior and an attached garage with a door opener.
The property is located in Manteca, California, in San Joaquin County. Zoning is R3. Access directions run from Yosemite Avenue to Pestana Road and then Azure Court.
The property is located in Manteca, California, in San Joaquin County. Zoning is R3. Access directions run from Yosemite Avenue to Pestana Road and then Azure Court.
Key Highlights
- 5,445‑square‑foot multifamily property built in 1982
- R3 zoning in San Joaquin County
- Central air, ceiling fans, natural gas, central heating, and fireplaces
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
$66,929
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
5.46%
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%
$1,338,580
$1.3M
Cap Rate 7%
$956,129
$956.1K
Cap Rate 9%
$743,656
$743.7K
Market Conditions
NOI Build-Up for 5,445 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
$126.8K $23.28/SF
− Vacancy
−$5.1K −$0.93/SF
EGI
$121.7K $22.35/SF
− OpEx
−$54.8K −$10.06/SF
NOI
$66.9K $12.29/SF
Area
San Joaquin County, CA
Vacancy
4.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,338,580
Cap Rate 7%
$956,129
Cap Rate 9%
$743,656
Alternative Uses
Best Use
Apartment 5plus
$956.1K
$836.6K – $1.12M
NOI $66,929 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,701 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 95336, CA
47,281
Population
16,889
Households
2.8
Avg Household Size
39
Median Age
16%
College-Educated
85%
High-School Grad
38.3 sq mi
ZIP Area
1,234
Density / Sq Mi
$86,411
Median Household Income
$45,653
Median Earnings
$1,774
Median Rent
$522,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - R3-zoned property with central air, vaulted ceilings, and a fenced exterior.
Where is this multifamily property located?
The property is located at 1815 Azure Court Manteca, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 5,445‑square‑foot multifamily property built in 1982; R3 zoning in San Joaquin County; Central air, ceiling fans, natural gas, central heating, and fireplaces
