Six-Unit Apartment Building with
For Sale
$899,000
224 Bennett Street, Grass Valley, CA 95945
Duplex and fourplex configuration with renovated units, individual laundry, and separately metered PG&E service.
Property Size3,090 SF
Price / SF$290.94
Days on Market12
Property Features for 224 Bennett Street
General Information
Standard status
Active
Size
3,090 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 1BR, 3 x 2BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
Building Details
Year Built
1890
Buildings
2
Listing Agency:
Coldwell Banker Grass Roots Realty
(530) 270-9219
Listed By:
Michael C Faulkenberry · License #02246897
(530) 270-9219
Source:
Exitrealty
Added: Aug 10
Changed: Aug 18
Last Checked: Aug 21 at 4:19AM
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 Coldwell Banker Grass Roots Realty
Investment Insights
Based on property information with market context.
This six-unit apartment property combines a vintage duplex with a fourplex completed in 2012. The 3,090-square-foot asset includes three 1-bedroom residences and three 2-bedroom residences. Recent work includes unit renovations, electrical upgrades, water heater replacement, flooring, paint, and additional capital improvements. Every unit has private laundry and separately metered PG&E service.
Two residences are vacant, while assigned off-street parking serves each unit along with one ADA parking space. Ownership covers common-area electric, water, sewer, and garbage. The property is located minutes from historic downtown Grass Valley, shopping, restaurants, schools, and everyday services. The duplex dates to 1890, while the newer fourplex provides a later-built component within the overall six-unit configuration.
Two residences are vacant, while assigned off-street parking serves each unit along with one ADA parking space. Ownership covers common-area electric, water, sewer, and garbage. The property is located minutes from historic downtown Grass Valley, shopping, restaurants, schools, and everyday services. The duplex dates to 1890, while the newer fourplex provides a later-built component within the overall six-unit configuration.
Key Highlights
- Six‑unit property with three 1‑bedroom and three 2‑bedroom residences
- 3,090 square feet across a vintage duplex and a fourplex completed in 2012
- Two vacant units available for lease‑up
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
$40,686
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
4.53%
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%
$813,720
$813.7K
Cap Rate 7%
$581,229
$581.2K
Cap Rate 9%
$452,067
$452.1K
Market Conditions
NOI Build-Up for 3,090 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
$77.9K $25.20/SF
− Vacancy
−$3.9K −$1.26/SF
EGI
$74.0K $23.94/SF
− OpEx
−$33.3K −$10.77/SF
NOI
$40.7K $13.17/SF
Area
Nevada County, CA
Vacancy
5.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$813,720
Cap Rate 7%
$581,229
Cap Rate 9%
$452,067
Alternative Uses
Best Use
Apartment 5plus
$581.2K
$508.6K – $678.1K
NOI $40,686 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.10M
$966.6K – $1.29M
NOI $77,331 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 95945, CA
26,302
Population
13,051
Households
2
Avg Household Size
50
Median Age
32%
College-Educated
94%
High-School Grad
61.1 sq mi
ZIP Area
430
Density / Sq Mi
$61,068
Median Household Income
$41,072
Median Earnings
$1,420
Median Rent
$496,600
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?
Apartment building - Duplex and fourplex configuration with renovated units, individual laundry, and separately metered PG&E service.
Where is this apartment building located?
The property is located at 224 Bennett Street Grass Valley, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Six‑unit property with three 1‑bedroom and three 2‑bedroom residences; 3,090 square feet across a vintage duplex and a fourplex completed in 2012; Two vacant units available for lease‑up
