Remodeled
New
For Sale
$799,900
307 S Crespi Avenue, Exeter, CA 93221
Multi-Family, Exeter, CA
Property Size4,600 SF
Lot Size0.29 Acres
Price / SF$173.89
Days on Market6
Property Features for 307 S Crespi Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM 1.5
Parking features
Carport
Directions
From Rocky Hill Drive and Kaweah Ave, head south on Kaweah, East on Chestnut, South on Crespi. Property is on the Left
Subdivision
Exeter
Standard status
Active
APN
136084011000
Size
4,600 SF
Lot size
0.29 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
indoor laundry
storage unit
Building Details
Floors in Building
1
Roof type
Composition
Listing Agency:
Gutierrez Appraisals and Realty
(559) 747-3514
Listed By:
Otoniel Gutierrez
(559) 679-7267
Added: Sep 4
Changed: Sep 8
Last Checked: Sep 9 at 6:06AM
MLS# 234933
Copyright © 2026 Kings County Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex comprises two duplex buildings situated on one lot, with 4,600 square feet across four residential units. Each unit includes two bedrooms, one bathroom, indoor laundry, a storage unit, and designated covered parking. The property is served by central heating, public water, and public sewer, with a composition roof.
Interior and exterior renovations were completed in 2018. Improvements included kitchen cabinets, countertops, appliances, bathroom vanities, shower inserts, and updated flooring, along with a new roof and HVAC systems. The front residences are addressed at 307 and 305 S Crespi Avenue, while the rear residences are at 306 and 308 S First Street in Exeter. RM 1.5 zoning applies, and the property is within walking distance of Exeter High School and Lincoln Elementary.
Interior and exterior renovations were completed in 2018. Improvements included kitchen cabinets, countertops, appliances, bathroom vanities, shower inserts, and updated flooring, along with a new roof and HVAC systems. The front residences are addressed at 307 and 305 S Crespi Avenue, while the rear residences are at 306 and 308 S First Street in Exeter. RM 1.5 zoning applies, and the property is within walking distance of Exeter High School and Lincoln Elementary.
Key Highlights
- Four‑unit quadplex arranged as two duplexes on one lot
- 4,600 square feet on a 0.2877‑acre lot
- All units offer 2 bedrooms and 1 bathroom
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
$41,565
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
5.20%
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%
$831,300
$831.3K
Cap Rate 7%
$593,786
$593.8K
Cap Rate 9%
$461,833
$461.8K
Market Conditions
NOI Build-Up for 4,600 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
$63.5K $13.80/SF
− Vacancy
−$4.1K −$0.89/SF
EGI
$59.4K $12.91/SF
− OpEx
−$17.8K −$3.87/SF
NOI
$41.6K $9.04/SF
Area
Tulare County, CA
Vacancy
6.46%
Lease Rate
$13.80 /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%
$831,300
Cap Rate 7%
$593,786
Cap Rate 9%
$461,833
Alternative Uses
Best Use
Multifamily LT 5
$593.8K
$519.6K – $692.8K
NOI $41,565 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$545.7K
$477.5K – $636.7K
NOI $38,199 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,808 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 93221, CA
15,024
Population
5,046
Households
3
Avg Household Size
37
Median Age
19%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
114
Density / Sq Mi
$84,121
Median Household Income
$39,138
Median Earnings
$1,267
Median Rent
$324,000
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?
Quadplex - Four residential units offer two-bedroom layouts with indoor laundry, storage, and designated covered parking.
Where is this quadplex located?
The property is located at 307 S Crespi Avenue Exeter, CA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit quadplex arranged as two duplexes on one lot; 4,600 square feet on a 0.2877‑acre lot; All units offer 2 bedrooms and 1 bathroom
