Updated Two-Unit
For Sale
$585,000
Pending
2503 Bahia Way, Modesto, CA 95355
Remodeled income property with private garages, fireplaces, indoor laundry, and refreshed kitchens and baths in a central Modesto setting.
Property Size2,020 SF
Days on Market21
Property Features for 2503 Bahia Way
General Information
Standard status
Pending
Size
2,020 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
indoor laundry
fireplace
backyard
Building Details
Year Built
1973
Buildings
1
Listing Agency:
HomeSmart PV & Associates
Listed By:
Debbie A. Kelly · License #01410728
(209) 544-2500
Source:
Sacramentoareahouses
Added: Sep 5
Changed: Sep 21
Last Checked: Sep 24 at 10:37AM
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 HomeSmart PV & Associates
Investment Insights
Based on property information with market context.
Built in 1973, this 2,020-square-foot duplex contains two separately configured units, each with 2 bedrooms, 2 bathrooms, an indoor laundry room, an attached garage, and a living-room fireplace. Both residences have remodeled kitchens with new cabinetry, quartz countertops, Whirlpool freestanding electric ranges, microwaves, and dishwashers. Bathroom improvements include new cabinets, quartz tub and shower surrounds, brushed nickel lighting, and updated faucets. The rear unit has newly installed flooring, while the front unit’s flooring was replaced previously. Each living area opens to the backyard, adding direct outdoor access for both occupants. The roof was installed in June 2026.
Located at 2503 Bahia Way in Modesto, the property is near schools, shopping centers, and hospitals. Its two-unit configuration, dedicated garages, and updated interiors support continued residential use for an owner-occupant or rental operation.
Located at 2503 Bahia Way in Modesto, the property is near schools, shopping centers, and hospitals. Its two-unit configuration, dedicated garages, and updated interiors support continued residential use for an owner-occupant or rental operation.
Key Highlights
- Two‑unit duplex totaling 2,020 SF
- Each unit offers 2 bedrooms, 2 bathrooms, indoor laundry, and an attached garage
- Updated kitchens with quartz countertops and Whirlpool appliances
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
$30,072
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
5.14%
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%
$601,440
$601.4K
Cap Rate 7%
$429,600
$429.6K
Cap Rate 9%
$334,133
$334.1K
Market Conditions
NOI Build-Up for 2,020 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
$44.8K $22.20/SF
− Vacancy
−$1.9K −$0.93/SF
EGI
$43.0K $21.27/SF
− OpEx
−$12.9K −$6.38/SF
NOI
$30.1K $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%
$601,440
Cap Rate 7%
$429,600
Cap Rate 9%
$334,133
Alternative Uses
Best Use
Multifamily LT 5
$429.6K
$375.9K – $501.2K
NOI $30,072 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$384.0K
$336.0K – $448.0K
NOI $26,877 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$678.7K
$593.9K – $791.8K
NOI $47,510 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
802
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
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 - Remodeled income property with private garages, fireplaces, indoor laundry, and refreshed kitchens and baths in a central Modesto setting.
Where is this duplex located?
The property is located at 2503 Bahia Way Modesto, CA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,020 SF; Each unit offers 2 bedrooms, 2 bathrooms, indoor laundry, and an attached garage; Updated kitchens with quartz countertops and Whirlpool appliances
