Triplex with Dedicated
For Sale
$475,000
324 W 22nd, Merced, CA 95340
Merced, CA
Property Size1,850 SF
Lot Size0.17 Acres
Price / SF$256.76
Days on Market49
Property Features for 324 W 22nd
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Laundry Room, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Lot features
Lot 6500-9999
Elementary school district
Merced City
Middle school district
Merced City
High school district
Merced City
Directions
use gps
Standard status
Active
APN
030281006000
Size
1,850 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Heating system
Floor Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
3
Listing Agency:
Land Company Real Estate
(559) 665-1306
Listed By:
Billye Hughes · License #01107156
(559) 706-7450
Added: Aug 3
Changed: Sep 15
Last Checked: Sep 20 at 12:06PM
MLS# MC26168916
Copyright © 2026 California Regional Multiple Listing Service, Inc. 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 1,850-square-foot triplex contains three residential units within a 1935-built property. The lower residence offers two bedrooms and two bathrooms, while the upper level includes two individual studio apartments. Each unit is assigned its own parking space, providing a clear separation of on-site parking among the residences.
The property occupies 0.1722 acres at 324 W 22nd in Merced, California. Public water and public sewer serve the property. Heating is provided by a floor furnace, with wall/window and window-unit cooling listed for the building.
The property occupies 0.1722 acres at 324 W 22nd in Merced, California. Public water and public sewer serve the property. Heating is provided by a floor furnace, with wall/window and window-unit cooling listed for the building.
Key Highlights
- 1,850 square feet across three residential units
- Lower unit includes 2 bedrooms and 2 bathrooms
- Two separate studio apartments on the upper level
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
$24,231
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
5.10%
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%
$484,620
$484.6K
Cap Rate 7%
$346,157
$346.2K
Cap Rate 9%
$269,233
$269.2K
Market Conditions
NOI Build-Up for 1,850 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
$36.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.6K $18.71/SF
− OpEx
−$10.4K −$5.61/SF
NOI
$24.2K $13.10/SF
Area
Merced County, CA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$484,620
Cap Rate 7%
$346,157
Cap Rate 9%
$269,233
Alternative Uses
Best Use
Multifamily LT 5
$346.2K
$302.9K – $403.9K
NOI $24,231 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$321.5K
$281.3K – $375.1K
NOI $22,503 @ 7.0% cap · market cap 4.74%
Theoretical Best
Healthcare Medical
$408.2K
$357.1K – $476.2K
NOI $28,571 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,888
Businesses Nearby
Explore this area
Business Placement
Demographics for 95340, CA
38,606
Population
13,553
Households
2.8
Avg Household Size
33
Median Age
26%
College-Educated
86%
High-School Grad
52.0 sq mi
ZIP Area
742
Density / Sq Mi
$65,141
Median Household Income
$35,165
Median Earnings
$1,204
Median Rent
$383,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three residences include a larger two-bedroom home and two studio apartments with separate parking for each unit.
Where is this triplex located?
The property is located at 324 W 22nd Merced, CA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,850 square feet across three residential units; Lower unit includes 2 bedrooms and 2 bathrooms; Two separate studio apartments on the upper level
