Building Details

Year Built 1976

Year Renovated 2023

Buildings 1

Stories 1

Units 4

Listing Agency: C21 Commercial

Listed By: Jared Ennis · License #CA Show Phone

Source: Crexi

Added: Sep 13, 2023 Changed: Oct 5 Last Checked: Oct 16 at 7:27AM

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Investment Insights

Based on property information with market context.

This fully remodeled, 100% occupied four-unit multifamily apartment complex is situated on approximately 0.11 acres of land. The property features a single-story building with four separately metered units, totaling approximately 3,428 square feet. Each unit has been fully remodeled and includes fenced patios and private entrances. The units are individually metered for gas and electricity and have access to on-site laundry facilities. Unit A, spanning approximately 1,000 square feet with 2 bedrooms and 1 bathroom, is currently utilized as an AirBnB. Unit B, approximately 1,228 square feet, features 3 bedrooms and 2 bathrooms and is recently leased for 1 year. Unit C, approximately 700 square feet, is a 1-bedroom, 1-bathroom unit, and Unit D, approximately 500 square feet, is also a 1-bedroom, 1-bathroom unit; both are under a 1-year lease. The units are spacious, and the complex offers on-site parking and exterior lighting. The property benefits from low-cost county sewer and water services. It is located within a few miles of restaurants, shops, and North Fork Willow Creek. A value-add opportunity exists by addressing the under-market rent for Unit 1 by renting it to a long-term tenant or increasing the short-term rental dates, and extending lease lengths over the next 6 months where increases are put into place. The property is an investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units.

Key Highlights

• Fully remodeled, 100% occupied 4‑unit multi‑family property with immediate income.
• Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.
• Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,782

Cap Rate

6.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$755,640 $755.6K

Cap Rate 7%

$539,743 $539.7K

Cap Rate 9%

$419,800 $419.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,428 SF

Gross rent

$58.4K $17.04/SF

− Vacancy

−$4.4K −$1.30/SF

EGI

$54.0K $15.74/SF

− OpEx

−$16.2K −$4.72/SF

NOI

$37.8K $11.02/SF

Area

Madera County, CA

Vacancy

7.60%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$755,640

Cap Rate 7%

$539,743

Cap Rate 9%

$419,800

Alternative Uses

Best Use

Multifamily LT 5

$539.7K

$472.3K – $629.7K (±1% cap)

NOI $37,782 @ 7.0% cap · market cap 6.14%

Second Best

Apartment 5plus

$499.6K

$437.1K – $582.8K (±1% cap)

NOI $34,969 @ 7.0% cap · market cap 5.69%

Theoretical Best

Office A

$1.33M

$1.16M – $1.55M (±1% cap)

NOI $92,863 @ 7.0% cap · market cap 15.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Building Supply Auto Repair Shop Plumbing Service Storage Facility Dental Office Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

109

Businesses Nearby

Explore this area Business Placement

Demographics for 93643, CA

3,130

Population

1,630

Households

1.9

Avg Household Size

51

Median Age

20%

College-Educated

92%

High-School Grad

152.5 sq mi

ZIP Area

21

Density / Sq Mi

$67,612

Median Household Income

$28,929

Median Earnings

$1,293

Median Rent

$339,300

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.

Where is this quadplex located?

The property is located at 32989 Weatherly Ln North Fork, CA.

What is the asking price?

The asking price for this property is $615,000.

What are key features of this property?

This property features: Fully remodeled, 100% occupied 4‑unit multi‑family property with immediate income.; Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.; Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.