Updated Condo in Northwest
For Sale
$230,000
3424 Vintage Drive, Modesto, CA 95356
Updated 2 bed, 2 bath condo with resort-style amenities.
Property Size1,072 SF
Days on Market383
Property Features for 3424 Vintage Drive
General Information
Standard status
Active
Size
1,072 SF
Property subtype
Condominium
Amenities
Fireplace
Fireplace(s)
Ceiling Fan(s)
Central
Dishwasher
Disposal
Microwave
Free Standing Electric Range
Deck, Pool, Public, Composition
Building Details
Building Size
1,072 SF
Year Built
1981
Stories
1
Listing Agency:
PMZ Real Estate
5052758
Listed By:
Bethany Mendoza
Source:
Kw
Added: Aug 14, 2025
Changed: Aug 21
Last Checked: Aug 31 at 1:15AM
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 PMZ Real Estate
Investment Insights
Based on property information with market context.
This updated 2-bedroom, 2-bath condo is located in Northwest Modesto. The interior features fresh paint and new carpet. The property is conveniently located near shopping, dining, highway access, Kaiser Hospital, and public transportation. Residents benefit from a secure, gated community with amenities including a pool, spa, tennis courts, a fitness center, and a clubhouse. The condo has an open-concept layout with a family room featuring a wood-burning fireplace. The kitchen includes ample cabinetry, freshly painted cabinets, new can lighting, a dining bar, and an eating area. The guest bedroom has custom closet organizers and is located next to a full bath with a white maple vanity, quartz counter, updated sink, faucets, and lighting. The primary suite features a walk-in closet and an en-suite bathroom with a shower stall, quartz-topped vanity, updated sink, faucet, and light fixture. Additional upgrades include new toilets, a ceiling fan in the primary bedroom, and new light switches, plugs, and door knobs. A refrigerator and stackable washer/dryer are included.
Key Highlights
- Prime location in desirable Northwest Modesto, near shopping, dining, Kaiser Hospital, and Hwy access.
- Secure, gated community with resort‑style amenities: pool, spa, tennis courts, fitness center, and clubhouse.
- Updated 2 bed, 2 bath condo featuring fresh interior paint and brand‑new plush carpet.
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
$14,264
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
6.20%
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%
$285,280
$285.3K
Cap Rate 7%
$203,771
$203.8K
Cap Rate 9%
$158,489
$158.5K
Market Conditions
NOI Build-Up for 1,072 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
$27.0K $25.20/SF
− Vacancy
−$1.1K −$1.01/SF
EGI
$25.9K $24.19/SF
− OpEx
−$11.7K −$10.89/SF
NOI
$14.3K $13.31/SF
Area
Modesto, CA
Vacancy
4.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$285,280
Cap Rate 7%
$203,771
Cap Rate 9%
$158,489
Alternative Uses
Best Use
Apartment 5plus
$203.8K
$178.3K – $237.7K
NOI $14,264 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.2K
$315.2K – $420.2K
NOI $25,213 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
Explore this area
Business Placement
Demographics for 95356, CA
33,070
Population
11,802
Households
2.8
Avg Household Size
40
Median Age
29%
College-Educated
90%
High-School Grad
22.2 sq mi
ZIP Area
1,490
Density / Sq Mi
$95,376
Median Household Income
$52,867
Median Earnings
$1,794
Median Rent
$495,800
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?
Apartment building - Updated 2 bed, 2 bath condo with resort-style amenities.
Where is this apartment building located?
The property is located at 3424 Vintage Drive Modesto, CA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Prime location in desirable Northwest Modesto, near shopping, dining, Kaiser Hospital, and Hwy access.; Secure, gated community with resort‑style amenities: pool, spa, tennis courts, fitness center, and clubhouse.; Updated 2 bed, 2 bath condo featuring fresh interior paint and brand‑new plush carpet.
