Building Details

Building Size 1,368 SF

Year Built 1940

Buildings 2

Units 2

Listing Agency: Joy Realty Group g***@ymail.com Show Phone

Listed By: Ruben Benitez · License #01244963 Show Phone

Source: Home-realty

Added: May 2, 2025 Changed: Aug 29 Last Checked: Aug 29 at 11:32AM

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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 Joy Realty Group

Investment Insights

Based on property information with market context.

This R2-zoned duplex, built in 1940, contains two residential units with separate gas and electricity meters. A shared water meter serves both units. The configuration supports several documented occupancy arrangements, including living in one unit while renting the other, leasing both units, or using one as a mother-in-law quarters.

The property is located near schools and grocery shopping, with access to Highway 65. Its two-unit layout and separately metered gas and electric service provide a practical setup for combined residential and rental use.

Key Highlights

• Two‑unit duplex built in 1940
• R2 zoning
• Separate gas and electricity meters for each unit

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

$12,361

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

4.66%

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%

$247,220 $247.2K

Cap Rate 7%

$176,586 $176.6K

Cap Rate 9%

$137,344 $137.3K

Market Conditions

NOI Build-Up for 1,368 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

$18.9K $13.80/SF

− Vacancy

−$1.2K −$0.89/SF

EGI

$17.7K $12.91/SF

− OpEx

−$5.3K −$3.87/SF

NOI

$12.4K $9.04/SF

Area

Tulare County, 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%

$247,220

Cap Rate 7%

$176,586

Cap Rate 9%

$137,344

Alternative Uses

Best Use

Multifamily LT 5

$176.6K

$154.5K – $206.0K (±1% cap)

NOI $12,361 @ 7.0% cap · market cap 4.66%

Second Best

Apartment 5plus

$162.3K

$142.0K – $189.3K (±1% cap)

NOI $11,360 @ 7.0% cap · market cap 4.29%

Theoretical Best

Specialty Retail

$415.5K

$363.6K – $484.8K (±1% cap)

NOI $29,087 @ 7.0% cap · market cap 10.98%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Auto Parts Store Big Box & Wholesale Store Garden Center Grocery & Convenience Store Restaurant Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Explore this area Business Placement

Demographics for 93267, CA

6,119

Population

1,686

Households

3.6

Avg Household Size

31

Median Age

5%

College-Educated

58%

High-School Grad

61.7 sq mi

ZIP Area

99

Density / Sq Mi

$44,786

Median Household Income

$25,619

Median Earnings

$875

Median Rent

$245,600

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units support owner occupancy, rental use, or a combination of both near schools and grocery shopping.

Where is this duplex located?

The property is located at 23072 Bruce Drive Strathmore, CA.

What is the asking price?

The asking price for this property is $265,000.

What are key features of this property?

This property features: Two‑unit duplex built in 1940; R2 zoning; Separate gas and electricity meters for each unit