Six-Unit Single-Story Apartment
For Sale
$574,900
279 S Dode Ave, Farmersville, CA 93223
Refreshed interiors and individual entrances serve a consistent one-bedroom, one-bathroom unit mix.
Property Size3,270 SF
Lot Size0.36 Acres
Price / SF$175.81
Days on Market12
Property Features for 279 S Dode Ave
General Information
Standard status
Active
Size
3,270 SF
Lot size
0.36 Acres
Property subtype
Residential Income
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Stories
1
Listing Agency:
Legacy Real Estate Inc
(559) 737-7363
Listed By:
Jenny Madrid
(559) 737-7363
Source:
Exprealty
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 9 at 12:25PM
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 Legacy Real Estate Inc
Investment Insights
Based on property information with market context.
This single-story apartment property contains six one-bedroom, one-bathroom residences totaling approximately 3,270 square feet on a 0.36-acre lot. Interior and exterior paint updates provide a consistent finish across the units, while separate entrances support resident access and day-to-day management. On-site parking is also included.
The property is located at 279 S Dode Ave in Farmersville, near schools, parks, shopping, and dining. Visalia is a short drive away, with access to the broader Central Valley and Sequoia National Park. The uniform unit configuration and compact single-story layout offer a straightforward multifamily property profile.
The property is located at 279 S Dode Ave in Farmersville, near schools, parks, shopping, and dining. Visalia is a short drive away, with access to the broader Central Valley and Sequoia National Park. The uniform unit configuration and compact single-story layout offer a straightforward multifamily property profile.
Key Highlights
- Six one‑bedroom, one‑bathroom apartment units
- Approximately 3,270 square feet on a 0.36‑acre lot
- Single‑story layout with individual unit entrances
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
$27,154
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
4.72%
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%
$543,080
$543.1K
Cap Rate 7%
$387,914
$387.9K
Cap Rate 9%
$301,711
$301.7K
Market Conditions
NOI Build-Up for 3,270 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
$53.0K $16.20/SF
− Vacancy
−$3.6K −$1.10/SF
EGI
$49.4K $15.10/SF
− OpEx
−$22.2K −$6.79/SF
NOI
$27.2K $8.30/SF
Area
Tulare County, CA
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$543,080
Cap Rate 7%
$387,914
Cap Rate 9%
$301,711
Alternative Uses
Best Use
Apartment 5plus
$387.9K
$339.4K – $452.6K
NOI $27,154 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$993.3K
$869.1K – $1.16M
NOI $69,528 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Explore this area
Business Placement
Demographics for 93223, CA
10,487
Population
2,699
Households
3.9
Avg Household Size
30
Median Age
5%
College-Educated
59%
High-School Grad
3.1 sq mi
ZIP Area
3,383
Density / Sq Mi
$57,463
Median Household Income
$27,265
Median Earnings
$1,034
Median Rent
$237,700
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?
Apartment building - Refreshed interiors and individual entrances serve a consistent one-bedroom, one-bathroom unit mix.
Where is this apartment building located?
The property is located at 279 S Dode Ave Farmersville, CA.
What is the asking price?
The asking price for this property is $574,900.
What are key features of this property?
This property features: Six one‑bedroom, one‑bathroom apartment units; Approximately 3,270 square feet on a 0.36‑acre lot; Single‑story layout with individual unit entrances
