Updated Duplex with Private
New
For Sale
$450,000
218 Drake Ave, Modesto, CA 95350
Two refreshed residences include individual appliances, mini-split systems, and fenced outdoor areas.
Property Size1,320 SF
Price / SF$340.91
Days on Market5
Property Features for 218 Drake Ave
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
private fenced patio
Building Details
Year Built
1963
Listing Agency:
Weeks Real Estate
Listed By:
Debra L Cole
5952167
Source:
Thedelrealgroup
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 24 at 2:19PM
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 Weeks Real Estate
Investment Insights
Based on property information with market context.
Built in 1963, this 1,320-square-foot duplex contains two residences, each with one bathroom, a separate appliance package, and a private fenced patio with a concrete pad. Interior improvements include laminate flooring, granite kitchen counters, tile backsplashes, fresh paint, and mini-split units. A newer roof adds to the property's recent improvement profile.
The property is within walking distance of McHenry Village, grocery stores, and transportation. Both residences are occupied, with one tenancy continuing month to month and the other governed by a lease. The front residence is described as having one possible two-bedroom configuration, while the second is a one-bedroom, one-bath unit.
The property is within walking distance of McHenry Village, grocery stores, and transportation. Both residences are occupied, with one tenancy continuing month to month and the other governed by a lease. The front residence is described as having one possible two-bedroom configuration, while the second is a one-bedroom, one-bath unit.
Key Highlights
- Two‑unit duplex totaling 1,320 SF
- Built in 1963 with a newer roof
- Granite counters, tile backsplashes, laminate flooring, and fresh paint
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
$19,651
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
4.37%
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%
$393,020
$393.0K
Cap Rate 7%
$280,729
$280.7K
Cap Rate 9%
$218,344
$218.3K
Market Conditions
NOI Build-Up for 1,320 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
$29.3K $22.20/SF
− Vacancy
−$1.2K −$0.93/SF
EGI
$28.1K $21.27/SF
− OpEx
−$8.4K −$6.38/SF
NOI
$19.7K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
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%
$393,020
Cap Rate 7%
$280,729
Cap Rate 9%
$218,344
Alternative Uses
Best Use
Multifamily LT 5
$280.7K
$245.6K – $327.5K
NOI $19,651 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$250.9K
$219.5K – $292.7K
NOI $17,563 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$443.5K
$388.1K – $517.4K
NOI $31,046 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,930
Businesses Nearby
Explore this area
Business Placement
Demographics for 95350, CA
55,344
Population
20,327
Households
2.7
Avg Household Size
37
Median Age
20%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
6,289
Density / Sq Mi
$73,611
Median Household Income
$43,428
Median Earnings
$1,483
Median Rent
$397,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed residences include individual appliances, mini-split systems, and fenced outdoor areas.
Where is this duplex located?
The property is located at 218 Drake Ave Modesto, CA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,320 SF; Built in 1963 with a newer roof; Granite counters, tile backsplashes, laminate flooring, and fresh paint
