Updated Corner
2424 Ellison Dr, Modesto, CA 95355
For Sale
$725,000
Pending
Three-unit residential income property with a vacant unit, attached garage, and refreshed kitchens and bathrooms.
Property Size3,349 SF
Lot Size0.21 Acres
Days on Market51
Property Features for 2424 Ellison Dr
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Highway Access
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Windermere Signature Properties Sierra Oaks
(916) 481-3840
Listed By:
The Jamison Team
(408) 465-4899
Source:
Tuscanaproperties
Added: Sep 21
Changed: Nov 8
Last Checked: Nov 8 at 5:16AM
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 Windermere Signature Properties Sierra Oaks
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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 / Yr
$49,858
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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
