Three-Unit Multifamily
New
For Sale
$495,000
32303 Road 124, Visalia, CA 93291
MULTI_FAMILY - Visalia, CA
Property Size3,200 SF
Lot Size0.68 Acres
Price / SF$154.69
Days on Market2
Property Features for 32303 Road 124
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
C - 2 per County of Tulare
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4
Parking features
RV
Directions
From W Riggin Ave. North on Road 124, past Avenue 322, Property will on the East side of the Road.
Subdivision
Visalia NW
Standard status
Active
APN
078080024000
Size
3,200 SF
Lot size
0.68 Acres
Utilities
Sewer type
Septic Tank
Cooling system
Ceiling Fan(s), Ductless
Water source
Private, Well
Amenities
storage sheds
RV storage
Building Details
Year built
1949
Floors in Building
1
Number of units
3
Flooring type
Vinyl, Wood
Roof type
Composition
Listing Agency:
The Equity Group
(559) 732-8800
Listed By:
Jason D Ritchie · License #01948820
(559) 343-3049
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 243407
Copyright © 2026 Tulare County MLS. 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 3,200-square-foot multifamily property contains three residential units: one single-family residence with 2 bedrooms and 1 bathroom, plus a duplex with two additional 2-bedroom, 1-bath units. The property sits on 0.68 acres and was built in 1949. Private backyards serve each unit, while the duplex residences also include individual storage sheds. Flooring includes wood and vinyl, with ductless cooling and ceiling fans provided across the property.
The property is located at 32303 Road 124 in Visalia, California, within Tulare County. C-2 zoning applies to the site. Water is supplied by a private well, and wastewater is handled by a septic tank. RV parking is included among the property’s parking features.
The property is located at 32303 Road 124 in Visalia, California, within Tulare County. C-2 zoning applies to the site. Water is supplied by a private well, and wastewater is handled by a septic tank. RV parking is included among the property’s parking features.
Key Highlights
- Three residential units: one 2‑bedroom, 1‑bath home and two 2‑bedroom, 1‑bath duplex units
- 3,200 square feet on 0.68 acres
- C‑2 zoning in Tulare County
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
$28,915
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
5.84%
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%
$578,300
$578.3K
Cap Rate 7%
$413,071
$413.1K
Cap Rate 9%
$321,278
$321.3K
Market Conditions
NOI Build-Up for 3,200 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
$44.2K $13.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$41.3K $12.91/SF
− OpEx
−$12.4K −$3.87/SF
NOI
$28.9K $9.04/SF
Area
Visalia, 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%
$578,300
Cap Rate 7%
$413,071
Cap Rate 9%
$321,278
Alternative Uses
Best Use
Multifamily LT 5
$413.1K
$361.4K – $481.9K
NOI $28,915 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$379.6K
$332.2K – $442.9K
NOI $26,573 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$876.6K
$767.0K – $1.02M
NOI $61,363 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 93291, CA
63,366
Population
19,866
Households
3.2
Avg Household Size
32
Median Age
24%
College-Educated
81%
High-School Grad
84.2 sq mi
ZIP Area
753
Density / Sq Mi
$81,502
Median Household Income
$41,778
Median Earnings
$1,331
Median Rent
$381,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - C-2 zoning combines existing residential units with private outdoor areas and RV storage space.
Where is this triplex located?
The property is located at 32303 Road 124 Visalia, CA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Three residential units: one 2‑bedroom, 1‑bath home and two 2‑bedroom, 1‑bath duplex units; 3,200 square feet on 0.68 acres; C‑2 zoning in Tulare County
