Duplex with Private
For Sale
$450,000
220 Drake Ave, Modesto, CA 95350
Two occupied units include separate appliance packages, mini-split systems, and fenced outdoor areas.
Property Size1,320 SF
Price / SF$340.91
Days on Market15
Property Features for 220 Drake Ave
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1963
Buildings
1
Tenancy
Multi
Listing Agency:
Weeks Real Estate
Listed By:
Debra L. Cole
5952167
Source:
Homesofgreatersacramento
Added: Sep 11
Changed: Sep 24
Last Checked: Sep 24 at 2:25PM
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.
This 1,320-square-foot duplex, built in 1963, contains two units: a front residence with one bedroom and a possible second bedroom, plus a separate one-bedroom, one-bath unit. Both have been updated with laminate flooring, granite kitchen counters, tile backsplashes, mini-split systems, and individual appliance packages that include a stove, refrigerator, washer, and dryer. Each residence also has a fenced patio with a concrete pad. A newer roof and refreshed interior and exterior paint are among the property improvements.
Both units are occupied. One tenancy is month-to-month, while the other is under lease. McHenry Village, grocery stores, and transportation are within walking distance.
Both units are occupied. One tenancy is month-to-month, while the other is under lease. McHenry Village, grocery stores, and transportation are within walking distance.
Key Highlights
- 1,320‑square‑foot duplex built in 1963
- Front unit offers 1 bedroom with a possible second bedroom; second unit has 1 bedroom and 1 bath
- Each unit has a fenced patio area with a concrete pad
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
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units include separate appliance packages, mini-split systems, and fenced outdoor areas.
Where is this duplex located?
The property is located at 220 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: 1,320‑square‑foot duplex built in 1963; Front unit offers 1 bedroom with a possible second bedroom; second unit has 1 bedroom and 1 bath; Each unit has a fenced patio area with a concrete pad
