Three-Unit Multifamily
For Sale
$499,000
35373 Pine Drive, Springville, CA 93265
Residential Income, Springville, CA
Property Size2,604 SF
Lot Size0.06 Acres
Price / SF$191.63
Days on Market339
Property Features for 35373 Pine Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Laundry Room, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Carport
Lot features
Back Yard, Corner Lot, Fencing, Front Yard
Directions
Take Hwy 190 east to Springville town. Turn right (southeast) on James Rd and it will turn into Pine Drive. The property is located on the corner of Pine Drive and Tule River Drive
Subdivision
Springville
Standard status
Active
APN
285160015000
Size
2,604 SF
Lot size
0.06 Acres
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
4
Listing Agency:
Bella Homes and Properties,Inc
Listed By:
Casey J Castillo · License #01860804
(559) 359-3333
Added: Oct 20, 2025
Changed: Sep 14
Last Checked: Sep 23 at 11:06PM
MLS# 237971
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 triplex contains 2,604 square feet of residential space on a 0.06-acre parcel. The property was built in 1951 and includes carport parking, a laundry room, multiple bathrooms, and multiple bedrooms. Cooling is provided through ceiling fans, wall units, and window units.
The property is located in Springville, California, near shopping and dining. Public water and public sewer serve the site, providing established municipal utility connections for the residential improvements. All three units are currently rented.
The property is located in Springville, California, near shopping and dining. Public water and public sewer serve the site, providing established municipal utility connections for the residential improvements. All three units are currently rented.
Key Highlights
- Triplex with 2,604 square feet of residential space
- All units are currently rented
- 0.06‑acre parcel in Springville, CA 93265
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
$23,530
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
4.72%
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%
$470,600
$470.6K
Cap Rate 7%
$336,143
$336.1K
Cap Rate 9%
$261,444
$261.4K
Market Conditions
NOI Build-Up for 2,604 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
$35.9K $13.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$33.6K $12.91/SF
− OpEx
−$10.1K −$3.87/SF
NOI
$23.5K $9.04/SF
Area
Tulare County, 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%
$470,600
Cap Rate 7%
$336,143
Cap Rate 9%
$261,444
Alternative Uses
Best Use
Multifamily LT 5
$336.1K
$294.1K – $392.2K
NOI $23,530 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$308.9K
$270.3K – $360.4K
NOI $21,624 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$791.0K
$692.1K – $922.8K
NOI $55,368 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
Business Placement
Demographics for 93265, CA
4,117
Population
1,901
Households
2.2
Avg Household Size
50
Median Age
43%
College-Educated
96%
High-School Grad
389.7 sq mi
ZIP Area
11
Density / Sq Mi
$103,672
Median Household Income
$61,302
Median Earnings
$440,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - All units are currently rented, with carport parking and a mix of ceiling fan and wall or window cooling.
Where is this triplex located?
The property is located at 35373 Pine Drive Springville, CA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Triplex with 2,604 square feet of residential space; All units are currently rented; 0.06‑acre parcel in Springville, CA 93265
