Turnkey 4-Unit Residential
For Sale
$1,049,000
22 S Lake Dr, Antioch, CA 94509
Four fully remodeled 2-bedroom units include off-street parking and separate gas and electric paid by tenants.
Property Size3,300 SF
Lot Size0.16 Acres
Price / SF$317.88
Days on Market50
Property Features for 22 S Lake Dr
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
4
Lot size
0.16 Acres
Property subtype
Residential Income
Occupancy
75%
Additional Details
Multifamily Units
4
Amenities
See Remarks
Converted Garage, Carport, Guest, On Street
Building Details
Year Built
1968
Listing Agency:
The Pinza Group Inc
(510) 822-1331
Listed By:
David Howarth · License #01360348
(510) 822-1331
Source:
Evrealestate
Added: Jul 12
Changed: Aug 24
Last Checked: Aug 29 at 6:42AM
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 The Pinza Group Inc
Investment Insights
Based on property information with market context.
This is a 4-unit apartment complex originally built in 1968, offered as a turnkey residential income property. The unit mix consists of four 2-bedroom, 1-bath apartments. Three units are currently occupied, and one unit is vacant, providing flexibility for an owner-occupant or a new tenant upon lease-up.
The property includes up to eight off-street parking spaces. Tenant-paid utilities are supported by upgraded electric meters, with tenants responsible for gas and electric expenses.
Interior improvements include newer kitchens and bathrooms, new flooring, double-pane windows, and fresh paint. The exterior is described as being in great condition, with mature landscaping. The property has no deferred maintenance noted in the materials provided, and it is presented as relatively straightforward to manage.
The property includes up to eight off-street parking spaces. Tenant-paid utilities are supported by upgraded electric meters, with tenants responsible for gas and electric expenses.
Interior improvements include newer kitchens and bathrooms, new flooring, double-pane windows, and fresh paint. The exterior is described as being in great condition, with mature landscaping. The property has no deferred maintenance noted in the materials provided, and it is presented as relatively straightforward to manage.
Key Highlights
- 4‑unit apartment complex built in 1968 with approx. 3,300 SF of rental space on a 6,860 SF lot
- Unit mix: four 2 bed / 1 bath units; 3 units currently occupied and the 4th unit is vacant
- All units are fully remodeled with newer kitchens and bathrooms, new flooring, new paint, and double pane windows
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
$56,499
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
5.39%
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%
$1,129,980
$1.1M
Cap Rate 7%
$807,129
$807.1K
Cap Rate 9%
$627,767
$627.8K
Market Conditions
NOI Build-Up for 3,300 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
$85.1K $25.80/SF
− Vacancy
−$4.4K −$1.34/SF
EGI
$80.7K $24.46/SF
− OpEx
−$24.2K −$7.34/SF
NOI
$56.5K $17.12/SF
Area
Antioch, CA
Vacancy
5.20%
Lease Rate
$25.80 /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%
$1,129,980
Cap Rate 7%
$807,129
Cap Rate 9%
$627,767
Alternative Uses
Best Use
Multifamily LT 5
$807.1K
$706.2K – $941.7K
NOI $56,499 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$750.2K
$656.4K – $875.2K
NOI $52,514 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$999.6K
$874.7K – $1.17M
NOI $69,973 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Explore this area
Business Placement
Demographics for 94509, CA
69,931
Population
24,048
Households
2.9
Avg Household Size
36
Median Age
19%
College-Educated
82%
High-School Grad
17.4 sq mi
ZIP Area
4,019
Density / Sq Mi
$81,512
Median Household Income
$42,401
Median Earnings
$2,052
Median Rent
$565,300
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?
Quadplex - Four fully remodeled 2-bedroom units include off-street parking and separate gas and electric paid by tenants.
Where is this quadplex located?
The property is located at 22 S Lake Dr Antioch, CA.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: 4‑unit apartment complex built in 1968 with approx. 3,300 SF of rental space on a 6,860 SF lot; Unit mix: four 2 bed / 1 bath units; 3 units currently occupied and the 4th unit is vacant; All units are fully remodeled with newer kitchens and bathrooms, new flooring, new paint, and double pane windows
