7-Unit Apartment
For Sale
$995,000
1873 Grove Ave, Atwater, CA 95301
The unit mix comprises three two-bedroom/one-bath apartments and four one-bedroom/one-bath apartments.
Property Size4,642 SF
Lot Size0.33 Acres
Price / SF$214.35
Days on Market27
Property Features for 1873 Grove Ave
General Information
Standard status
Active
Size
4,642 SF
Lot size
0.33 Acres
Property subtype
General Commercial
Zoning
R-16
Units
Unit Mix
3 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
7
Building Details
Year Built
1979
Listing Agency:
(209) 285-9913
Listed By:
Del Real Commercial
Source:
Xome
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 2:15AM
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 Del Real Commercial
Investment Insights
Based on property information with market context.
Located at 1873 Grove Ave in Atwater, CA, this apartment property contains seven units within a 4,642-square-foot building. The configuration includes three 2BR/1BA residences and four 1BR/1BA residences, providing a defined mix of two-bedroom and one-bedroom layouts.
Constructed in 1979, the building occupies a 14,496-square-foot lot designated R-16. The property is identified by APN 002-151-017-000.
Constructed in 1979, the building occupies a 14,496-square-foot lot designated R-16. The property is identified by APN 002-151-017-000.
Key Highlights
- Seven‑unit apartment property at 1873 Grove Ave, Atwater, CA 95301
- Unit mix includes three 2BR/1BA and four 1BR/1BA apartments
- 4,642 SF building constructed in 1979
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
$56,464
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
5.67%
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%
$1,129,280
$1.1M
Cap Rate 7%
$806,629
$806.6K
Cap Rate 9%
$627,378
$627.4K
Market Conditions
NOI Build-Up for 4,642 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
$108.1K $23.28/SF
− Vacancy
−$5.4K −$1.16/SF
EGI
$102.7K $22.12/SF
− OpEx
−$46.2K −$9.95/SF
NOI
$56.5K $12.16/SF
Area
Merced County, CA
Vacancy
5.00%
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%
$1,129,280
Cap Rate 7%
$806,629
Cap Rate 9%
$627,378
Alternative Uses
Best Use
Apartment 5plus
$806.6K
$705.8K – $941.1K
NOI $56,464 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.02M
$896.1K – $1.19M
NOI $71,691 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 95301, CA
40,886
Population
13,250
Households
3.1
Avg Household Size
35
Median Age
16%
College-Educated
74%
High-School Grad
76.1 sq mi
ZIP Area
537
Density / Sq Mi
$66,669
Median Household Income
$40,101
Median Earnings
$1,215
Median Rent
$367,800
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?
Apartment building - The unit mix comprises three two-bedroom/one-bath apartments and four one-bedroom/one-bath apartments.
Where is this apartment building located?
The property is located at 1873 Grove Ave Atwater, CA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Seven‑unit apartment property at 1873 Grove Ave, Atwater, CA 95301; Unit mix includes three 2BR/1BA and four 1BR/1BA apartments; 4,642 SF building constructed in 1979
