8-Unit Apartment
For Sale
$1,200,000
203 Jones St, Modesto, CA 95354
Residential Income, Colonial, Modesto, CA
Property Size5,348 SF
Lot Size0.27 Acres
Price / SF$224.38
Days on Market129
Property Features for 203 Jones St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2
Parking
8
Appliances
Convection Oven, Gas
Lot features
Back Yard
Directions
Go left of Mchenry if you are heading towards downtown. It is a block down on the corner
Subdivision
Out of Area
Standard status
Active
APN
111-007-036-000
Size
5,348 SF
Lot size
0.27 Acres
Utilities
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Ceiling Fan(s), Heat Pump, Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Flooring type
Laminate
Roof type
Composition, Tar/Gravel
Architectural style
Colonial
Listing Agency:
Beverly & Company Luxury Properties
(818) 382-4160
Listed By:
Sheree Thiel · License #02003064
(818) 679-3756
Added: May 15
Changed: Sep 16
Last Checked: Sep 20 at 9:06AM
MLS# 26863767
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 5,348 square feet on a 0.265-acre lot in Modesto. Built in 1920 with Colonial architectural styling, the building offers one-bedroom, one-bathroom residences throughout. Interior features include laminate flooring and gas convection ovens, while heating and cooling are provided through heat pumps, natural gas, ceiling fans, and wall or window units.
The property is fully occupied and connected to public water. City approval is in place for construction of an additional apartment building containing up to four units, providing a documented expansion component for the site.
The property is fully occupied and connected to public water. City approval is in place for construction of an additional apartment building containing up to four units, providing a documented expansion component for the site.
Key Highlights
- 8‑unit apartment property with all units configured as one‑bedroom, one‑bathroom residences
- 5,348 square feet on a 0.265‑acre lot
- Fully occupied
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
$71,158
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
5.93%
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%
$1,423,160
$1.4M
Cap Rate 7%
$1,016,543
$1.0M
Cap Rate 9%
$790,644
$790.6K
Market Conditions
NOI Build-Up for 5,348 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
$134.8K $25.20/SF
− Vacancy
−$5.4K −$1.01/SF
EGI
$129.4K $24.19/SF
− OpEx
−$58.2K −$10.89/SF
NOI
$71.2K $13.31/SF
Area
Modesto, CA
Vacancy
4.00%
Lease Rate
$25.20 /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%
$1,423,160
Cap Rate 7%
$1,016,543
Cap Rate 9%
$790,644
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$889.5K – $1.19M
NOI $71,158 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,785 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,820
Businesses Nearby
Explore this area
Business Placement
Demographics for 95354, CA
26,765
Population
9,797
Households
2.7
Avg Household Size
36
Median Age
17%
College-Educated
80%
High-School Grad
7.7 sq mi
ZIP Area
3,476
Density / Sq Mi
$65,643
Median Household Income
$42,126
Median Earnings
$1,463
Median Rent
$360,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Fully occupied multifamily property with consistent one-bedroom layouts and public water service.
Where is this apartment building located?
The property is located at 203 Jones St Modesto, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8‑unit apartment property with all units configured as one‑bedroom, one‑bathroom residences; 5,348 square feet on a 0.265‑acre lot; Fully occupied
