Remodeled 16-Unit Apartment
For Sale
$1,850,000
2023 O Street, Merced, CA 95340
Updated multifamily property with refreshed interiors, renovated common areas, and a newer roof backed by a warranty.
Property Size9,040 SF
Price / SF$204.65
Days on Market49
Property Features for 2023 O Street
General Information
Standard status
Active
Size
9,040 SF
Property subtype
Commercial
Units
Unit Mix
11 x studio, 5 x 1BR
Multifamily Units
16
Amenities
Level with Street
Building Details
Year Built
1969
Listing Agency:
HOMECOIN.COM
(888) 400-2513
Listed By:
JONATHAN MINERICK · License #01523060
(678) 472-9268
Source:
Corcoran
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 26 at 3:58PM
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 HOMECOIN.COM
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Investment Insights
Based on property information with market context.
Located at 2023 O Street in Merced, this 9,040-square-foot apartment property contains 16 units, including 11 studios and 5 one-bedroom residences. Originally built in 1969, the property has undergone extensive interior updates across the unit mix.
Renovated kitchens and bathrooms, updated showers, new flooring, contemporary lighting, and refreshed interior finishes are featured throughout the apartments. Shared areas have been improved with new carpeting and fresh paint. A newly installed roof with warranty adds another recent capital improvement to the property.
Renovated kitchens and bathrooms, updated showers, new flooring, contemporary lighting, and refreshed interior finishes are featured throughout the apartments. Shared areas have been improved with new carpeting and fresh paint. A newly installed roof with warranty adds another recent capital improvement to the property.
Key Highlights
- 16‑unit apartment property with 11 studios and 5 one‑bedroom units
- 9,040 square feet of building area
- Renovated kitchens, bathrooms, and showers throughout the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,961
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,199,220
$2.2M
Cap Rate 7%
$1,570,871
$1.6M
Cap Rate 9%
$1,221,789
$1.2M
Market Conditions
NOI Build-Up for 9,040 SF
Gross rent
$210.5K $23.28/SF
− Vacancy
−$10.5K −$1.16/SF
EGI
$199.9K $22.12/SF
− OpEx
−$90.0K −$9.95/SF
NOI
$110.0K $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 Rate 5%
$2,199,220
Cap Rate 7%
$1,570,871
Cap Rate 9%
$1,221,789
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,961 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.99M
$1.75M – $2.33M
NOI $139,614 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,828
Businesses Nearby
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Business Placement
Demographics for 95340, CA
38,606
Population
13,553
Households
2.8
Avg Household Size
33
Median Age
26%
College-Educated
86%
High-School Grad
52.0 sq mi
ZIP Area
742
Density / Sq Mi
$65,141
Median Household Income
$35,165
Median Earnings
$1,204
Median Rent
$383,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily property with refreshed interiors, renovated common areas, and a newer roof backed by a warranty.
Where is this apartment building located?
The property is located at 2023 O Street Merced, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 16‑unit apartment property with 11 studios and 5 one‑bedroom units; 9,040 square feet of building area; Renovated kitchens, bathrooms, and showers throughout the units
