Fully Occupied Fourplex with
For Sale
$609,900
223 Northwest 3rd Avenue, Visalia, CA 93291
Four matching two-bedroom units provide a consistent residential income configuration with covered vehicle storage.
Property Size3,552 SF
Price / SF$171.71
Days on Market53
Property Features for 223 Northwest 3rd Avenue
General Information
Standard status
Active
Size
3,552 SF
Property subtype
Residential Income / Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
Central Air
Central
4.0
8
4
No
Composition
Covered
Building Details
Year Built
1977
Buildings
1
Units
4
Listing Agency:
Pimentel Realty Group
(559) 799-1300
Listed By:
Lino Pimentel · License #01051048
(559) 799-1300
Source:
Compass
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 29 at 11:57PM
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 Pimentel Realty Group
Investment Insights
Based on property information with market context.
This 3,552-square-foot quadplex contains four two-bedroom, one-bath units, creating a consistent layout across the property. All units are currently occupied, and each includes carport parking. Central air conditioning and central heating serve the residences, while the exterior features composition roofing and covered improvements. Built in 1977, the property offers an established multifamily configuration in Visalia.
The property is located at 223 Northwest 3rd Avenue, minutes from Downtown Visalia and its shopping, restaurants, fast-food options, sports parks, and entertainment venues. The combination of four similarly configured units, current occupancy, and covered parking provides a straightforward profile for evaluating this multifamily asset.
The property is located at 223 Northwest 3rd Avenue, minutes from Downtown Visalia and its shopping, restaurants, fast-food options, sports parks, and entertainment venues. The combination of four similarly configured units, current occupancy, and covered parking provides a straightforward profile for evaluating this multifamily asset.
Key Highlights
- Fully occupied quadplex with 4 residential units
- All 4 units feature 2 bedrooms and 1 bathroom
- 3,552 square feet of building area
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
$32,096
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
5.26%
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%
$641,920
$641.9K
Cap Rate 7%
$458,514
$458.5K
Cap Rate 9%
$356,622
$356.6K
Market Conditions
NOI Build-Up for 3,552 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
$49.0K $13.80/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$45.9K $12.91/SF
− OpEx
−$13.8K −$3.87/SF
NOI
$32.1K $9.04/SF
Area
Visalia, CA
Vacancy
6.46%
Lease Rate
$13.80 /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%
$641,920
Cap Rate 7%
$458,514
Cap Rate 9%
$356,622
Alternative Uses
Best Use
Multifamily LT 5
$458.5K
$401.2K – $534.9K
NOI $32,096 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$421.4K
$368.7K – $491.6K
NOI $29,496 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$973.0K
$851.4K – $1.14M
NOI $68,113 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 93291, CA
63,366
Population
19,866
Households
3.2
Avg Household Size
32
Median Age
24%
College-Educated
81%
High-School Grad
84.2 sq mi
ZIP Area
753
Density / Sq Mi
$81,502
Median Household Income
$41,778
Median Earnings
$1,331
Median Rent
$381,600
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 matching two-bedroom units provide a consistent residential income configuration with covered vehicle storage.
Where is this quadplex located?
The property is located at 223 Northwest 3rd Avenue Visalia, CA.
What is the asking price?
The asking price for this property is $609,900.
What are key features of this property?
This property features: Fully occupied quadplex with 4 residential units; All 4 units feature 2 bedrooms and 1 bathroom; 3,552 square feet of building area
