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    Willow Glen Townhouse Apartments Title is generated by Realmo AI

    2157 Yosemite Pkwy, Merced, CA 95340

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    Claim this Listing
    For Sale
    $8,988,000

    Well-maintained apartment complex with recent renovations in a strong market.

    Property size:
    52,704 SF
    Price / SF:
    $170/SF
    Added:
    Jun 9, 2025
    Days on Market:
    361
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 2157 Yosemite Pkwy

    General Information

    Standard status
    Active
    Size
    52,704 SF

    Building Details

    Year Built
    1989

    We can help!

    Listing Contact
    JON HOLMQUIST

    Listing agent JON HOLMQUIST

    Listing office MARCUS & MILLICHAP

    Listing date Jun 9, 2025

    Source Corcoran

    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 MARCUS & MILLICHAP

    HighLights

    • Excellent condition in a strong employment market with low market‑wide vacancy.
    • 24 of 61 units feature thorough interior renovations including luxury vinyl plank flooring, granite kitchen tops, and new appliances.
    • New pitched composite roofs on all buildings (circa 2018).
    • Sixty‑one, two‑bedroom/one‑and‑a‑half‑bath two level townhomes each of approximately 864 square feet.
    • Resurfaced pool and newer landscaping.
    • On‑site rental office and laundry building.

    Overview

    The Willow Glen Townhouse Apartments, constructed around 1989, are available for sale. This complex presents an opportunity to acquire a well-maintained building in a robust employment market characterized by low vacancy rates. Recent enhancements include interior renovations in twenty-four of the 61 units, featuring luxury vinyl plank flooring, granite kitchen countertops, and new appliances. Additional renovations over the last decade encompass new pitched composite roofs on all buildings around 2018, new fascia boards, new paint, new concrete office access, updated landscaping, a resurfaced pool, recent tree trimming, and numerous unit interior upgrades. The property comprises seven separate buildings, including six residential buildings and a dedicated on-site rental office and laundry facility. The unit configuration consists of sixty-one two-bedroom, one-and-a-half-bath two-level townhomes, each approximately 864 square feet. Each townhome is equipped with roof-mounted forced air heating and air conditioning, gas stoves, frost-free refrigerators, and one-piece drop-in shower and tub enclosures with sliding glass doors.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $1.23M $23.28
    − Vacancy −$61.3k −$1.16
    EGI $1.17M $22.12
    − OpEx −$524.5k −$9.95
    NOI $641.1k $12.16
    52,704 SF · lease $23.28/SF/yr · vacancy 5.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $9.16M
    $8.01M – $10.68M (±1% cap)
    NOI $641,081 @ 7.0% cap · market cap 7.13%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Healthcare Medical
    $11.63M
    $10.17M – $13.57M (±1% cap)
    NOI $813,961 @ 7.0% cap · market cap 9.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Merced
    County
    Merced
    State
    California
    Longitude
    -120.445
    Latitude
    37.3321

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained apartment complex with recent renovations in a strong market.
    Where is this apartment building located?
    The property is located at 2157 Yosemite Pkwy Merced, CA.
    What is the asking price?
    The asking price for this property is $8,988,000.
    What are key features of this property?
    This property features: Excellent condition in a strong employment market with low market‑wide vacancy.; **24 of 61 units feature thorough interior renovations** including luxury vinyl plank flooring, granite kitchen tops, and new appliances.; New pitched composite roofs on all buildings (circa 2018).
    We can help!
    Listing Contact
    JON HOLMQUIST
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2157 Yosemite Pkwy, MERCED, CA 95340
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