Two-Home Multifamily
For Sale
$375,000
200 N B, Exeter, CA 93221
Two residences share one parcel, each with its own address and flexible occupancy options.
Property Size1,880 SF
Days on Market190
Property Features for 200 N B
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
Evaporative Cooling
Ceiling Fan(s)
Shingle
Building Details
Building Size
1,880 SF
Year Built
1939
Listing Agency:
AXEN Realty
(559) 333-0250
Listed By:
Gustavo Rodriguez
Source:
Kw
Added: Feb 21
Changed: Aug 29
Last Checked: Aug 29 at 11:32PM
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 AXEN Realty
Investment Insights
Based on property information with market context.
This multifamily property includes two homes situated on a single parcel, with an individual address assigned to each residence. The arrangement provides separate residential spaces within one ownership structure. Interior features include evaporative cooling and ceiling fans, while shingle exteriors are present. The property was built in 1939 and is located at 200 N B in Exeter, California.
Key Highlights
- Two homes located on one parcel
- Each residence has an individual address
- Evaporative cooling and ceiling fans
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
$15,612
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
4.16%
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%
$312,240
$312.2K
Cap Rate 7%
$223,029
$223.0K
Cap Rate 9%
$173,467
$173.5K
Market Conditions
NOI Build-Up for 1,880 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
$30.5K $16.20/SF
− Vacancy
−$2.1K −$1.10/SF
EGI
$28.4K $15.10/SF
− OpEx
−$12.8K −$6.79/SF
NOI
$15.6K $8.30/SF
Area
Tulare County, CA
Vacancy
6.80%
Lease Rate
$16.20 /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%
$312,240
Cap Rate 7%
$223,029
Cap Rate 9%
$173,467
Alternative Uses
Best Use
Apartment 5plus
$223.0K
$195.2K – $260.2K
NOI $15,612 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$571.1K
$499.7K – $666.2K
NOI $39,974 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Explore this area
Business Placement
Demographics for 93221, CA
15,024
Population
5,046
Households
3
Avg Household Size
37
Median Age
19%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
114
Density / Sq Mi
$84,121
Median Household Income
$39,138
Median Earnings
$1,267
Median Rent
$324,000
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?
Multifamily property - Two residences share one parcel, each with its own address and flexible occupancy options.
Where is this multifamily property located?
The property is located at 200 N B Exeter, CA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two homes located on one parcel; Each residence has an individual address; Evaporative cooling and ceiling fans
