Four-Unit Property with Private
For Sale
$949,000
2208 Spanos St, Antioch, CA 94509
Fully occupied residential income property with on-site laundry, covered parking, and convenient access to shopping, dining, transit, and freeways.
Property Size3,300 SF
Price / SF$287.58
Days on Market275
Property Features for 2208 Spanos St
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
8
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
coin operated laundry
private fenced backyard
balcony
partially gated complex
Building Details
Year Built
1978
Buildings
1
Tenancy
Multi
Listing Agency:
Town & Country Realty
(925) 768-1684
Listed By:
Lito Calimlim · License #01355034
(925) 768-1684
Source:
Exitrealty
Added: Nov 30, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:10PM
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 Town & Country Realty
Investment Insights
Based on property information with market context.
This 3,300-square-foot quadplex, built in 1978, contains four matching apartments, each with two bedrooms and one bathroom. The lower residences include private fenced outdoor areas with patio pads, while one upper residence features a balcony. An attached laundry room provides coin-operated machines for residents.
Parking includes one covered carport space and one additional uncovered space for every unit. The complex is partially gated and operates with a self-managed HOA. All four units are currently rented, and existing long-term residents have expressed interest in remaining following a change in ownership. The property is located near shopping, restaurants, bus lines, and freeway access.
Parking includes one covered carport space and one additional uncovered space for every unit. The complex is partially gated and operates with a self-managed HOA. All four units are currently rented, and existing long-term residents have expressed interest in remaining following a change in ownership. The property is located near shopping, restaurants, bus lines, and freeway access.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 3,300 SF quadplex built in 1978
- Lower units feature private fenced backyards with patio pads
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
5.95%
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 5.95%
Second Best
Apartment 5plus
$750.2K
$656.4K – $875.2K
NOI $52,514 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$999.6K
$874.7K – $1.17M
NOI $69,973 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
822
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 - Fully occupied residential income property with on-site laundry, covered parking, and convenient access to shopping, dining, transit, and freeways.
Where is this quadplex located?
The property is located at 2208 Spanos St Antioch, CA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; 3,300 SF quadplex built in 1978; Lower units feature private fenced backyards with patio pads
