Turnkey 5-Unit Apartment
For Sale
$900,000
1883 W Flora Street, Stockton, CA 95203
Turnkey two-building multifamily with five 2BR/1BA units, central A/C, and tenant-paid utilities.
Property Size4,760 SF
Days on Market86
Property Features for 1883 W Flora Street
General Information
Standard status
Active
Size
4,760 SF
Property subtype
Multi Family Home
Zoning
RH
Building Details
Building Size
4,760 SF
Year Built
1978
Listing Agency:
Realty World Dominion
(408) 333-9767
Listed By:
David Flores · License #01713023
(408) 333-9767
Source:
Brucebaldwin
Added: May 30
Changed: Aug 23
Last Checked: Aug 23 at 3:10AM
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 Realty World Dominion
Investment Insights
Based on property information with market context.
This turnkey 5-unit apartment property consists of two buildings and offers a unit mix of 2BR/1BA apartments. The configuration includes three ground-level floors and two upstairs units, with all units equipped with central air conditioning.
Tenants pay for their own water, sewer, trash, electricity, and gas. Four of the five units have updated kitchen cabinets and countertops. The property also features a durable tile roof.
According to the provided remarks, leases are one year in term, with some expiring this year, allowing for prompt rent adjustments after ownership transfer. The offering is described as a cash-flowing investment at purchase, with current annual rental income stated as $85,200.
Tenants pay for their own water, sewer, trash, electricity, and gas. Four of the five units have updated kitchen cabinets and countertops. The property also features a durable tile roof.
According to the provided remarks, leases are one year in term, with some expiring this year, allowing for prompt rent adjustments after ownership transfer. The offering is described as a cash-flowing investment at purchase, with current annual rental income stated as $85,200.
Key Highlights
- Two‑building, 5‑unit multifamily with all units in a 2BR/1BA layout
- Approx. 952 SF per unit; leases are one‑year terms with some expiring this year
- Central air in all units; tenant‑paid water, sewer, trash, electricity, and gas
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
$57,931
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
6.44%
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%
$1,158,620
$1.2M
Cap Rate 7%
$827,586
$827.6K
Cap Rate 9%
$643,678
$643.7K
Market Conditions
NOI Build-Up for 4,760 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
$114.2K $24.00/SF
− Vacancy
−$8.9K −$1.87/SF
EGI
$105.3K $22.13/SF
− OpEx
−$47.4K −$9.96/SF
NOI
$57.9K $12.17/SF
Area
Stockton, CA
Vacancy
7.80%
Lease Rate
$24.00 /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%
$1,158,620
Cap Rate 7%
$827,586
Cap Rate 9%
$643,678
Alternative Uses
Best Use
Apartment 5plus
$827.6K
$724.1K – $965.5K
NOI $57,931 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,105 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 95203, CA
18,064
Population
5,858
Households
3.1
Avg Household Size
34
Median Age
17%
College-Educated
69%
High-School Grad
6.2 sq mi
ZIP Area
2,914
Density / Sq Mi
$64,710
Median Household Income
$32,927
Median Earnings
$1,248
Median Rent
$349,800
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 - Turnkey two-building multifamily with five 2BR/1BA units, central A/C, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 1883 W Flora Street Stockton, CA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Two‑building, 5‑unit multifamily with all units in a 2BR/1BA layout; Approx. 952 SF per unit; leases are one‑year terms with some expiring this year; Central air in all units; tenant‑paid water, sewer, trash, electricity, and gas
