Five-Unit Apartment
For Sale
Contact for pricing
2123 SECOND ST, Napa, CA 94559
Fully occupied residential income property with one-bedroom units, recent improvements, and on-site parking.
Property Size3,096 SF
Price / SF$500.65
Days on Market19
Property Features for 2123 SECOND ST
General Information
Standard status
Active
Size
3,096 SF
Class
C
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
RT-5
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$70,402
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Additional Details
Asking Price
$1,550,000
Public Transit
Yes
Building Details
Year Built
1898
Year Renovated
2025
Buildings
4
Units
5
Tenancy
Multi
Listing Agency:
W Real Estate
Listed By:
Nicholas Davino · License #02319959
Source:
Crexi
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 28 at 7:32PM
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 W Real Estate
Investment Insights
Based on property information with market context.
This five-unit apartment property includes approximately 3,096 square feet across traditional one- and two-story buildings. Each residence is configured as a one-bedroom unit, and the property includes six off-street parking spaces. All units are occupied, with Unit 3 recently renovated and Unit 5 benefiting from substantial interior and exterior improvements. The remaining residences have been maintained and are occupied by established tenants.
Located at 2123 Second Street in central Napa, the property offers access to Downtown Napa, shopping, dining, public transportation, local services, and regional transportation routes. The property is zoned RT-5 and was built in 1898, providing a five-unit multifamily configuration with recent capital improvements and established occupancy.
Located at 2123 Second Street in central Napa, the property offers access to Downtown Napa, shopping, dining, public transportation, local services, and regional transportation routes. The property is zoned RT-5 and was built in 1898, providing a five-unit multifamily configuration with recent capital improvements and established occupancy.
Key Highlights
- Five one‑bedroom residences with full occupancy
- Approximately 3,096 square feet across one- and two‑story buildings
- Six off‑street parking spaces
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
$49,396
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
3.19%
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%
$987,920
$987.9K
Cap Rate 7%
$705,657
$705.7K
Cap Rate 9%
$548,844
$548.8K
Market Conditions
NOI Build-Up for 3,096 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
$94.7K $30.60/SF
− Vacancy
−$4.9K −$1.59/SF
EGI
$89.8K $29.01/SF
− OpEx
−$40.4K −$13.05/SF
NOI
$49.4K $15.95/SF
Area
Napa County, CA
Vacancy
5.20%
Lease Rate
$30.60 /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%
$987,920
Cap Rate 7%
$705,657
Cap Rate 9%
$548,844
Alternative Uses
Best Use
Apartment 5plus
$705.7K
$617.5K – $823.3K
NOI $49,396 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.25M
$5.47M – $7.29M
NOI $437,331 @ 7.0% cap · market cap 28.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 94559, CA
28,137
Population
11,599
Households
2.4
Avg Household Size
40
Median Age
37%
College-Educated
84%
High-School Grad
41.4 sq mi
ZIP Area
680
Density / Sq Mi
$100,559
Median Household Income
$52,247
Median Earnings
$2,044
Median Rent
$877,100
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 - Fully occupied residential income property with one-bedroom units, recent improvements, and on-site parking.
Where is this apartment building located?
The property is located at 2123 SECOND ST Napa, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Five one‑bedroom residences with full occupancy; Approximately 3,096 square feet across one- and two‑story buildings; Six off‑street parking spaces
