Four-Unit Property with
For Sale
$559,900
24 E School Avenue, Porterville, CA 93257
Residential Income, Porterville, CA
Property Size2,500 SF
Lot Size0.24 Acres
Price / SF$223.96
Days on Market280
Property Features for 24 E School Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 2, Bathroom 1
View
City
Directions
From Morton Ave go North on Main St then East on School Ave
Subdivision
Porterville NE
Standard status
Active
APN
253013011000
Size
2,500 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
4
Flooring type
Tile - Ceramic
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Five Star Realty
(559) 527-1500
Listed By:
Teresa Valle
(559) 350-0679
Added: Dec 11, 2025
Changed: Sep 14
Last Checked: Sep 17 at 1:06PM
MLS# 238786
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 four-unit residential income property in Porterville includes three units with two bedrooms and one bathroom each, along with a one-bedroom, one-bathroom unit. The improvements total 2,500 square feet on a 0.24-acre lot and include new flooring and additional upgrades. Construction features stucco exterior walls, ceramic tile flooring, and a shingle roof.
Built in 1915, the property is served by public water and public sewer. Located at 24 E School Avenue in Porterville, the asset offers a defined unit mix within a compact residential parcel.
Built in 1915, the property is served by public water and public sewer. Located at 24 E School Avenue in Porterville, the asset offers a defined unit mix within a compact residential parcel.
Key Highlights
- Four‑unit configuration with three 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit
- 2,500 square feet of improvements on a 0.24‑acre lot
- New flooring and additional upgrades
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
$22,590
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
4.03%
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%
$451,800
$451.8K
Cap Rate 7%
$322,714
$322.7K
Cap Rate 9%
$251,000
$251.0K
Market Conditions
NOI Build-Up for 2,500 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
$34.5K $13.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$32.3K $12.91/SF
− OpEx
−$9.7K −$3.87/SF
NOI
$22.6K $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%
$451,800
Cap Rate 7%
$322,714
Cap Rate 9%
$251,000
Alternative Uses
Best Use
Multifamily LT 5
$322.7K
$282.4K – $376.5K
NOI $22,590 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$296.6K
$259.5K – $346.0K
NOI $20,760 @ 7.0% cap · market cap 3.71%
Theoretical Best
Specialty Retail
$759.4K
$664.5K – $885.9K
NOI $53,156 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
Explore this area
Business Placement
Demographics for 93257, CA
79,569
Population
25,020
Households
3.2
Avg Household Size
31
Median Age
15%
College-Educated
69%
High-School Grad
378.9 sq mi
ZIP Area
210
Density / Sq Mi
$58,261
Median Household Income
$30,344
Median Earnings
$1,086
Median Rent
$276,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Residential income property with refreshed flooring, ceramic tile, and public water and sewer service.
Where is this quadplex located?
The property is located at 24 E School Avenue Porterville, CA.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: Four‑unit configuration with three 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit; 2,500 square feet of improvements on a 0.24‑acre lot; New flooring and additional upgrades
