Duplex with Separate Utility
For Sale
$265,000
23072 Bruce Drive, Strathmore, CA 93267
MULTI_FAMILY - Strathmore, CA
Property Size1,368 SF
Lot Size0.14 Acres
Price / SF$193.71
Days on Market487
Property Features for 23072 Bruce Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Directions
From Orange Belt Drive travel Est on Bruce Dr. / Ave 197 To subject property.
Subdivision
Strathmore
Standard status
Active
APN
215072019000
Size
1,368 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s), Evaporative Cooling
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Joy Realty Group
(559) 310-4415
Listed By:
Ruben Benitez · License #01244963
(559) 804-1557
Added: May 1, 2025
Changed: Aug 3
Last Checked: Aug 30 at 3:06PM
MLS# 234996
Copyright © 2026 Tulare County MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex in Strathmore includes a primary layout suited for flexible living and rental arrangements, with the option to live in one unit and rent the other, rent both, or use one unit as a mother-in-law quarters. Each unit has its own gas and electricity meter, while both units share a water meter. The home is supported by public water and public sewer service.
Built in 1940, the property is approximately 1,368 square feet on a 0.14-acre lot. Heating is provided by wall furnace, and cooling includes window unit(s), evaporative cooling, and wall/window unit(s). The roof is composition, and the residence includes multiple bedrooms and two bathrooms.
With easy access to High Way 65 and proximity to schools and grocery shopping, the duplex supports a range of day-to-day needs for both occupants and tenants.
Built in 1940, the property is approximately 1,368 square feet on a 0.14-acre lot. Heating is provided by wall furnace, and cooling includes window unit(s), evaporative cooling, and wall/window unit(s). The roof is composition, and the residence includes multiple bedrooms and two bathrooms.
With easy access to High Way 65 and proximity to schools and grocery shopping, the duplex supports a range of day-to-day needs for both occupants and tenants.
Key Highlights
- Each unit has separate gas and electricity meters
- Shared water meter for both units
- 1,368 SF duplex on a 0.14‑acre lot
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
NOI $12,361 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$162.3K
$142.0K – $189.3K
NOI $11,360 @ 7.0% cap · market cap 4.29%
Theoretical Best
Specialty Retail
$415.5K
$363.6K – $484.8K
NOI $29,087 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
128
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex offering separate gas and electricity meters for each unit, plus shared water and public utilities.
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: Each unit has separate gas and electricity meters; Shared water meter for both units; 1,368 SF duplex on a 0.14‑acre lot
