Four-Unit Multifamily Property with
For Sale
$1,400,000
34681 Avenue 12, Madera, CA 93636
Multi Family, Madera, CA
Property Size4,941 SF
Lot Size2.25 Acres
Price / SF$283.34
Days on Market295
Property Features for 34681 Avenue 12
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
11
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bathroom 7, Bedroom 7, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 8, Bedroom 6, Bathroom 6, Bathroom 3, Bedroom 9, Bedroom 1, Bathroom 8, Bedroom 11, Bathroom 2, Bathroom 5, Bedroom 10, Bedroom 5
Parking features
Garage
Exterior features
Stucco, Wood
High school district
Golden Valley
Directions
From Highway 41, turn left on Avenue 12. The property will be on your right, shortly after Road 36
Subdivision
636
Standard status
Active
APN
034232010000
Size
4,941 SF
Lot size
2.25 Acres
Utilities
Utilities
Propane
Amenities
attached shop/garage
indoor laundry
2-car garages
well
Building Details
Year built
2002
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
RE/MAX Gold · RE/MAX International
(559) 367-0200
Listed By:
Saim Mohammad · License #02029388
(916) 218-6700
Added: Nov 17, 2025
Changed: Sep 7
Last Checked: Sep 8 at 2:06PM
MLS# 640075
Copyright © 2026 Fresno Association 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 four-unit multifamily property occupies 2.25 acres along Avenue 12 in Madera. The improvements include a townhouse with an attached shop and garage, a detached three-bedroom, two-bathroom home currently used as a business, and a duplex. Each duplex unit includes three bedrooms, two bathrooms, indoor laundry, and a two-car garage. Stucco and wood exteriors, composition roofing, and garage parking are included among the property features.
Commercial zoning is identified, with the site offering potential for additional rentals or retail development. All tenants are on month-to-month arrangements. Water is supplied by a 600-foot well drilled six years ago, while propane is listed among the property utilities. The property includes the addresses 34681 Avenue 12 Units A and B and 34673 Avenue 12 Units A and B.
Commercial zoning is identified, with the site offering potential for additional rentals or retail development. All tenants are on month-to-month arrangements. Water is supplied by a 600-foot well drilled six years ago, while propane is listed among the property utilities. The property includes the addresses 34681 Avenue 12 Units A and B and 34673 Avenue 12 Units A and B.
Key Highlights
- 2.25‑acre parcel with Avenue 12 frontage
- Four multifamily units with month‑to‑month tenants
- Commercial zoning with potential for additional rentals or retail development
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
$54,457
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
3.89%
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%
$1,089,140
$1.1M
Cap Rate 7%
$777,957
$778.0K
Cap Rate 9%
$605,078
$605.1K
Market Conditions
NOI Build-Up for 4,941 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
$84.2K $17.04/SF
− Vacancy
−$6.4K −$1.30/SF
EGI
$77.8K $15.74/SF
− OpEx
−$23.3K −$4.72/SF
NOI
$54.5K $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 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%
$1,089,140
Cap Rate 7%
$777,957
Cap Rate 9%
$605,078
Alternative Uses
Best Use
Multifamily LT 5
$778.0K
$680.7K – $907.6K
NOI $54,457 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$720.0K
$630.0K – $840.1K
NOI $50,403 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,850 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 93636, CA
14,004
Population
4,759
Households
2.9
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
197.5 sq mi
ZIP Area
71
Density / Sq Mi
$124,024
Median Household Income
$63,375
Median Earnings
$1,788
Median Rent
$483,300
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?
Quadplex - Commercial zoning and month-to-month occupancy provide flexibility across the existing multifamily units.
Where is this quadplex located?
The property is located at 34681 Avenue 12 Madera, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 2.25‑acre parcel with Avenue 12 frontage; Four multifamily units with month‑to‑month tenants; Commercial zoning with potential for additional rentals or retail development
