Updated Corner
New
For Sale
$725,000
2424 Ellison Dr, Modesto, CA 95355
Three-unit residential income property with a vacant unit, attached garage, and refreshed kitchens and bathrooms.
Property Size3,349 SF
Lot Size0.21 Acres
Price / SF$216.48
Days on Market3
Property Features for 2424 Ellison Dr
General Information
Standard status
Active
Size
3,349 SF
Lot size
0.21 Acres
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Coldwell Banker Realty
(916) 972-0212
Listed By:
The Jamison Team
(408) 465-4899
Source:
Tuscanaproperties
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 22 at 5:27PM
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 Realty
Investment Insights
Based on property information with market context.
This 1980 triplex contains 3,349 square feet on a 9,325-square-foot corner lot. The main residence includes an attached 2-car garage, while the two additional units each offer backyard space and a covered carport. Kitchens and bathrooms across all three units have been previously updated, and one unit is currently vacant.
The property is located at 2424 Ellison Dr in Modesto, with shopping, restaurants, a mall, Highway 99, schools, and other amenities described as minutes away. Its three-unit configuration, varied parking features, and existing updates support both ownership and income-producing use.
The property is located at 2424 Ellison Dr in Modesto, with shopping, restaurants, a mall, Highway 99, schools, and other amenities described as minutes away. Its three-unit configuration, varied parking features, and existing updates support both ownership and income-producing use.
Key Highlights
- 3,349‑square‑foot triplex on a 9,325‑square‑foot corner lot
- 3 residential units, including 1 currently vacant unit
- Main house includes an attached 2‑car garage
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
$49,858
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
6.88%
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%
$997,160
$997.2K
Cap Rate 7%
$712,257
$712.3K
Cap Rate 9%
$553,978
$554.0K
Market Conditions
NOI Build-Up for 3,349 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
$74.3K $22.20/SF
− Vacancy
−$3.1K −$0.93/SF
EGI
$71.2K $21.27/SF
− OpEx
−$21.4K −$6.38/SF
NOI
$49.9K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
Lease Rate
$22.20 /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%
$997,160
Cap Rate 7%
$712,257
Cap Rate 9%
$553,978
Alternative Uses
Best Use
Multifamily LT 5
$712.3K
$623.2K – $831.0K
NOI $49,858 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$636.6K
$557.0K – $742.7K
NOI $44,560 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$1.13M
$984.6K – $1.31M
NOI $78,768 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 95355, CA
62,337
Population
22,136
Households
2.8
Avg Household Size
38
Median Age
24%
College-Educated
90%
High-School Grad
9.3 sq mi
ZIP Area
6,703
Density / Sq Mi
$83,460
Median Household Income
$46,482
Median Earnings
$1,719
Median Rent
$447,600
Median Home Value
Check the figures for this property
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?
Triplex - Three-unit residential income property with a vacant unit, attached garage, and refreshed kitchens and bathrooms.
Where is this triplex located?
The property is located at 2424 Ellison Dr Modesto, CA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,349‑square‑foot triplex on a 9,325‑square‑foot corner lot; 3 residential units, including 1 currently vacant unit; Main house includes an attached 2‑car garage
