Updated Two-Unit
For Sale
$559,000
301 E Morris Avenue #303, Modesto, CA 95355
Fully occupied duplex with separate utilities, in-unit laundry, gated driveways, and a detached garage.
Property Size1,868 SF
Price / SF$299.25
Days on Market236
Property Features for 301 E Morris Avenue #303
General Information
Standard status
Active
Size
1,868 SF
Total Parking Spaces
2
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
inside laundry rooms
gated driveways
Ceiling Fan(s)
Natural Gas
Wall Unit(s)
Window Unit(s)
Free Standing Refrigerator
Gas Water Heater
Free Standing Electric Oven
Free Standing Electric Range
See Remarks
Cable Available, Sewer Connected, Electric, Natural Gas Connected, Composition
Building Details
Building Size
1,868 SF
Year Built
1946
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
HomeSmart PV & Associates
(209) 544-2500
Listed By:
Saeid Banankhah · License #01934011
Source:
Kw
Added: Jan 7
Changed: Aug 30
Last Checked: Aug 30 at 6:23PM
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 1946, this 1,868-square-foot duplex contains two 1-bedroom, 1-bath residences. Both units offer updated kitchens, free-standing appliances, bright living areas, and interior laundry rooms. Unit 301 includes new appliances and a new washer/dryer. The property is fully occupied, and tenants separately pay gas, electric, and trash utilities.
The property is located at 301 E Morris Avenue #303 in Modesto, California. Gated driveways and a detached two-car garage provide secured access and on-site parking. Connected sewer, electric, and natural gas service are listed among the property improvements.
The property is located at 301 E Morris Avenue #303 in Modesto, California. Gated driveways and a detached two-car garage provide secured access and on-site parking. Connected sewer, electric, and natural gas service are listed among the property improvements.
Key Highlights
- Two 1‑bedroom, 1‑bath units within a 1,868‑square‑foot duplex
- Fully occupied with tenants paying separate gas, electric, and trash utilities
- Updated kitchens and free‑standing appliances in both residences
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
$27,810
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
4.97%
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%
$556,200
$556.2K
Cap Rate 7%
$397,286
$397.3K
Cap Rate 9%
$309,000
$309.0K
Market Conditions
NOI Build-Up for 1,868 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
$41.5K $22.20/SF
− Vacancy
−$1.7K −$0.93/SF
EGI
$39.7K $21.27/SF
− OpEx
−$11.9K −$6.38/SF
NOI
$27.8K $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%
$556,200
Cap Rate 7%
$397,286
Cap Rate 9%
$309,000
Alternative Uses
Best Use
Multifamily LT 5
$397.3K
$347.6K – $463.5K
NOI $27,810 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.3K
NOI $24,855 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$627.6K
$549.2K – $732.3K
NOI $43,935 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,592
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 - Fully occupied duplex with separate utilities, in-unit laundry, gated driveways, and a detached garage.
Where is this duplex located?
The property is located at 301 E Morris Avenue #303 Modesto, CA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units within a 1,868‑square‑foot duplex; Fully occupied with tenants paying separate gas, electric, and trash utilities; Updated kitchens and free‑standing appliances in both residences
