Duplex with Detached One-Bedroom
For Sale
$329,000
408 J Street, Modesto, CA 95351
A bungalow-style front residence is paired with a self-contained rear unit and detached garage.
Property Size1,536 SF
Days on Market62
Property Features for 408 J Street
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
a bit of vision and sweat equity
Additional Details
Multifamily Units
2
Amenities
front porch
ceiling fans
updated kitchen
Security System
Window/Wall Unit
Wall Furnace
Floor Furnace
Oven Range - Gas
Public Utilities, Individual Electric Meters, Individual Gas Meters, Composition
Building Details
Building Size
1,536 SF
Year Built
1915
Buildings
2
Construction
bungalow
Listing Agency:
Realty Executives SV Inc.
(408) 772-3339
Listed By:
Andrew Espino · License #01415279
(408) 772-3339
Source:
Kw
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 31 at 1:25AM
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 Realty Executives SV Inc.
Investment Insights
Based on property information with market context.
This duplex combines a classic bungalow-style front residence with a separate rear dwelling. The main home includes a covered front porch, dedicated dining room with built-in cabinetry, and a kitchen with substantial storage. The detached one-bedroom unit has its own kitchen with white cabinetry, living space with tile flooring, and a full bathroom. Ceiling fans and abundant natural light are present in both residences, while interior features include gas range ovens, wall and floor furnaces, and window or wall units.
The property also includes a detached garage and an extended driveway for off-street parking. Individual electric and gas meters serve the units, and public utilities are in place. Constructed in 1915, the property is located in Modesto, California, at 408 J Street.
The property also includes a detached garage and an extended driveway for off-street parking. Individual electric and gas meters serve the units, and public utilities are in place. Constructed in 1915, the property is located in Modesto, California, at 408 J Street.
Key Highlights
- Separate main residence and detached one‑bedroom unit
- Rear unit includes its own kitchen, living area, bedroom, and full bathroom
- Main home features a front porch, dedicated dining room, and built‑in cabinetry
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
$22,867
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
6.95%
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%
$457,340
$457.3K
Cap Rate 7%
$326,671
$326.7K
Cap Rate 9%
$254,078
$254.1K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$1.4K −$0.93/SF
EGI
$32.7K $21.27/SF
− OpEx
−$9.8K −$6.38/SF
NOI
$22.9K $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%
$457,340
Cap Rate 7%
$326,671
Cap Rate 9%
$254,078
Alternative Uses
Best Use
Multifamily LT 5
$326.7K
$285.8K – $381.1K
NOI $22,867 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$292.0K
$255.5K – $340.6K
NOI $20,437 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$516.1K
$451.6K – $602.1K
NOI $36,127 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,691
Businesses Nearby
Explore this area
Business Placement
Demographics for 95351, CA
48,668
Population
13,631
Households
3.6
Avg Household Size
32
Median Age
8%
College-Educated
63%
High-School Grad
8.9 sq mi
ZIP Area
5,468
Density / Sq Mi
$56,869
Median Household Income
$31,732
Median Earnings
$1,376
Median Rent
$315,700
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?
Duplex - A bungalow-style front residence is paired with a self-contained rear unit and detached garage.
Where is this duplex located?
The property is located at 408 J Street Modesto, CA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Separate main residence and detached one‑bedroom unit; Rear unit includes its own kitchen, living area, bedroom, and full bathroom; Main home features a front porch, dedicated dining room, and built‑in cabinetry
