Three-Unit Triplex with
New
For Sale
$599,900
204 Leslie Avenue, Stockton, CA 95207
Residential income property with a mix of ground-level and upstairs unit layouts.
Property Size2,415 SF
Price / SF$248.41
Days on Market4
Property Features for 204 Leslie Avenue
General Information
Standard status
Active
Size
2,415 SF
Total Parking Spaces
3
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1965
Buildings
1
Listing Agency:
Republic Realty Group
(209) 601-4954
Listed By:
Ana L. Pereyra · License #01373748
(209) 601-4954
Source:
Exitrealty
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 5:23AM
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 Republic Realty Group
Investment Insights
Based on property information with market context.
This triplex contains approximately 2,416 square feet across three residential units. Each unit includes 2 bedrooms, 1 bathroom, and a dedicated 1-car garage. Two residences are arranged on a single level, while the third is positioned upstairs. The property was built in 1965 and is offered for sale.
The property is located at 204 Leslie Avenue in Stockton, California, within an established residential neighborhood. Shopping, schools, and other amenities are located nearby, providing convenient access to everyday services. The three-unit configuration and separate garages create a straightforward multifamily setup for an owner seeking a residential income property.
The property is located at 204 Leslie Avenue in Stockton, California, within an established residential neighborhood. Shopping, schools, and other amenities are located nearby, providing convenient access to everyday services. The three-unit configuration and separate garages create a straightforward multifamily setup for an owner seeking a residential income property.
Key Highlights
- Three‑unit triplex with approximately 2,416 sq. ft. overall
- Each unit has 2 bedrooms and 1 bathroom
- One 1‑car garage is assigned to each unit
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
$35,578
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%
$711,560
$711.6K
Cap Rate 7%
$508,257
$508.3K
Cap Rate 9%
$395,311
$395.3K
Market Conditions
NOI Build-Up for 2,415 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
$53.6K $22.20/SF
− Vacancy
−$2.8K −$1.15/SF
EGI
$50.8K $21.05/SF
− OpEx
−$15.2K −$6.31/SF
NOI
$35.6K $14.73/SF
Area
ZIP 95207
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$711,560
Cap Rate 7%
$508,257
Cap Rate 9%
$395,311
Alternative Uses
Best Use
Multifamily LT 5
$508.3K
$444.7K – $593.0K
NOI $35,578 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$466.9K
$408.6K – $544.8K
NOI $32,685 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$801.5K
$701.3K – $935.1K
NOI $56,105 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
Business Placement
Demographics for 95207, CA
52,465
Population
20,300
Households
2.6
Avg Household Size
34
Median Age
20%
College-Educated
83%
High-School Grad
7.2 sq mi
ZIP Area
7,287
Density / Sq Mi
$68,767
Median Household Income
$38,463
Median Earnings
$1,549
Median Rent
$409,000
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?
Triplex - Residential income property with a mix of ground-level and upstairs unit layouts.
Where is this triplex located?
The property is located at 204 Leslie Avenue Stockton, CA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑unit triplex with approximately 2,416 sq. ft. overall; Each unit has 2 bedrooms and 1 bathroom; One 1‑car garage is assigned to each unit
