Income-Producing
For Sale
$559,000
303 E Morris Avenue, Modesto, CA 95355
Fully occupied duplex with two 1-bedroom, 1-bath units, inside laundry, and gated driveways with a detached two-car garage.
Property Size1,866 SF
Price / SF$299.57
Days on Market335
Property Features for 303 E Morris Avenue
General Information
Standard status
Active
Size
1,866 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
inside laundry rooms
detached two-car garage
gated driveways
Building Details
Year Built
1946
Tenancy
Multi
Listing Agency:
HomeSmart PV & Associates
(209) 579-4901
Listed By:
Saeid Banankhah · License #01934011
(209) 579-4901
Source:
Exitrealty
Added: Aug 31, 2025
Changed: Jul 22
Last Checked: Jul 30 at 6:29AM
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.
This income-producing duplex offers two separate 1-bedroom, 1-bath units in a well-maintained configuration. Both units feature updated kitchens, modern appliances, and bright living areas. Unit 301 includes new appliances and a new washer/dryer, and both units have inside laundry rooms for everyday convenience.
The property is located at 303 E Morris Avenue in Modesto, CA. Long-term tenants are in place and pay separate utilities including gas, electric, and trash. Parking and access are supported by a detached two-car garage and gated driveways.
For buyers seeking a duplex with two income units, inside laundry, and tenant-paid utilities, this fully occupied asset is positioned as a straightforward turn-key-style offering based on the provided details.
The property is located at 303 E Morris Avenue in Modesto, CA. Long-term tenants are in place and pay separate utilities including gas, electric, and trash. Parking and access are supported by a detached two-car garage and gated driveways.
For buyers seeking a duplex with two income units, inside laundry, and tenant-paid utilities, this fully occupied asset is positioned as a straightforward turn-key-style offering based on the provided details.
Key Highlights
- Income‑producing duplex built in 1946 with 2 one‑bedroom, one‑bath units and 1,868 sqft total
- Fully occupied duplex with long‑term tenants
- Each unit has an inside laundry room
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.4k | $22.20 |
| − Vacancy | −$1.7k | −$0.93 |
| EGI | $39.7k | $21.27 |
| − OpEx | −$11.9k | −$6.38 |
| NOI | $27.8k | $14.89 |
1,866 SF · lease $22.20/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$396.9K
$347.3K – $463.0K
NOI $27,780 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$354.7K
$310.4K – $413.8K
NOI $24,828 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$627.0K
$548.6K – $731.5K
NOI $43,888 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,781
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 two 1-bedroom, 1-bath units, inside laundry, and gated driveways with a detached two-car garage.
Where is this duplex located?
The property is located at 303 E Morris Avenue 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: Income‑producing duplex built in 1946 with 2 one‑bedroom, one‑bath units and 1,868 sqft total; Fully occupied duplex with long‑term tenants; Each unit has an inside laundry room
