Single-Story
For Sale
$595,000
Pending
3809 Tully Rd, Modesto, CA 95356
Fully rented multifamily property with all units arranged on one level.
Property Size2,268 SF
Days on Market15
Property Features for 3809 Tully Rd
General Information
Standard status
Pending
Size
2,268 SF
Property subtype
Residential Income
Occupancy
100%
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
Century 21 Select Real Estate
4997611
Listed By:
Jagar Singh
4997611
Source:
Exprealty
Added: Jul 23
Changed: Aug 3
Last Checked: Aug 3 at 5:06AM
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 Century 21 Select Real Estate
Investment Insights
Based on property information with market context.
This 2,268 SF triplex in Modesto, California, offers a single-story configuration across the property. The asset is fully rented, providing an existing occupied multifamily setup at 3809 Tully Rd.
Located in Modesto’s North Area, the property is classified as a triplex and is suited to buyers seeking a residential income property with current occupancy.
Located in Modesto’s North Area, the property is classified as a triplex and is suited to buyers seeking a residential income property with current occupancy.
Key Highlights
- 2,268 SF triplex at 3809 Tully Rd, Modesto, CA
- Fully rented property
- All units are single story
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
$33,764
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
5.67%
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%
$675,280
$675.3K
Cap Rate 7%
$482,343
$482.3K
Cap Rate 9%
$375,156
$375.2K
Market Conditions
NOI Build-Up for 2,268 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
$50.3K $22.20/SF
− Vacancy
−$2.1K −$0.93/SF
EGI
$48.2K $21.27/SF
− OpEx
−$14.5K −$6.38/SF
NOI
$33.8K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
Lease Rate
$22.20 /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%
$675,280
Cap Rate 7%
$482,343
Cap Rate 9%
$375,156
Alternative Uses
Best Use
Multifamily LT 5
$482.3K
$422.1K – $562.7K
NOI $33,764 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$431.1K
$377.2K – $503.0K
NOI $30,177 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$762.0K
$666.8K – $889.1K
NOI $53,343 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
144
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?
Triplex - Fully rented multifamily property with all units arranged on one level.
Where is this triplex located?
The property is located at 3809 Tully Rd Modesto, CA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,268 SF triplex at 3809 Tully Rd, Modesto, CA; Fully rented property; All units are single story
