Renovated 16-Unit Apartment
For Sale
$2,700,000
233 W I St, Los Banos, CA 93635
Four-building property offering a mix of spacious two-bedroom apartments with extensive improvements to roofs, exteriors, decks, and safety features.
Property Size13,200 SF
Lot Size0.50 Acres
Price / SF$204.55
Days on Market346
Property Features for 233 W I St
General Information
Standard status
Active
Size
13,200 SF
Lot size
0.50 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
16
Building Details
Year Built
1963
Buildings
4
Listing Agency:
RCB Real Estate
Listed By:
Colton Toste · License #01993261
4616400
Source:
Homesofgreatersacramento
Added: Nov 3, 2025
Changed: Oct 1
Last Checked: Oct 14 at 11:19PM
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 RCB Real Estate
Investment Insights
Based on property information with market context.
This 16-unit apartment property contains four buildings with a mix of spacious two-bedroom units across approximately half an acre. The complex totals 13,200 square feet and was built in 1963.
Recent work includes dry rot remediation, a new roof, stucco improvements, and structural upgrades to decks and roof overhangs following engineer recommendations. Modern wrought-iron railings were added to meet current safety codes, while carport roofs received extensive repairs and all structures were repainted. Security-related improvements include monitoring cameras and high-efficiency exterior LED lighting.
The property is located at 233 W I St in Los Banos, California, within an agricultural community.
Recent work includes dry rot remediation, a new roof, stucco improvements, and structural upgrades to decks and roof overhangs following engineer recommendations. Modern wrought-iron railings were added to meet current safety codes, while carport roofs received extensive repairs and all structures were repainted. Security-related improvements include monitoring cameras and high-efficiency exterior LED lighting.
The property is located at 233 W I St in Los Banos, California, within an agricultural community.
Key Highlights
- 16‑unit apartment complex with a mix of two‑bedroom units
- Four buildings totaling 13,200 square feet on approximately half an acre
- Extensive dry rot repairs, stucco work, and a new roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$160,562
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,211,240
$3.2M
Cap Rate 7%
$2,293,743
$2.3M
Cap Rate 9%
$1,784,022
$1.8M
Market Conditions
NOI Build-Up for 13,200 SF
Gross rent
$307.3K $23.28/SF
− Vacancy
−$15.4K −$1.16/SF
EGI
$291.9K $22.12/SF
− OpEx
−$131.4K −$9.95/SF
NOI
$160.6K $12.16/SF
Area
Merced County, CA
Vacancy
5.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,211,240
Cap Rate 7%
$2,293,743
Cap Rate 9%
$1,784,022
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.01M – $2.68M
NOI $160,562 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.91M
$2.55M – $3.40M
NOI $203,861 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,025
Businesses Nearby
Explore this area
Business Placement
Demographics for 93635, CA
48,510
Population
14,835
Households
3.3
Avg Household Size
32
Median Age
13%
College-Educated
71%
High-School Grad
390.7 sq mi
ZIP Area
124
Density / Sq Mi
$70,666
Median Household Income
$38,237
Median Earnings
$1,505
Median Rent
$423,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-building property offering a mix of spacious two-bedroom apartments with extensive improvements to roofs, exteriors, decks, and safety features.
Where is this apartment building located?
The property is located at 233 W I St Los Banos, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 16‑unit apartment complex with a mix of two‑bedroom units; Four buildings totaling 13,200 square feet on approximately half an acre; Extensive dry rot repairs, stucco work, and a new roof
