6-Unit Apartment
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For Sale
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409 CAROLINA ST, Vallejo, CA 94590
Shared outdoor grounds serve residents within an improved multifamily residential zoning designation.
Property Size3,406 SF
Price / SF$239.28
Days on Market6
Property Features for 409 CAROLINA ST
General Information
Standard status
Active
Size
3,406 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
Improved Multi-Family Residential
Occupancy
83%
Building Details
Year Built
1920
Year Renovated
2024
Buildings
3
Units
6
Tenancy
Multi
Listing Agency:
RE/MAX Commercial
Listed By:
Kevin Reilly · License #CA 01371289
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 8:54AM
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 RE/MAX Commercial
Investment Insights
Based on property information with market context.
Built in 1920, this six-unit apartment property includes an enclosed grassy campus with shared lawn space for residents. The property is zoned Improved Multi-Family Residential and includes garage areas identified for possible storage and laundry use.
The property is located 2-4 blocks from downtown and the SF Ferry. An alley-accessed yard is also identified as a possible location for off-street parking, subject to applicable approvals and site feasibility.
The property is located 2-4 blocks from downtown and the SF Ferry. An alley-accessed yard is also identified as a possible location for off-street parking, subject to applicable approvals and site feasibility.
Key Highlights
- Six‑unit apartment property built in 1920
- Enclosed grassy campus with shared community lawn
- Improved Multi‑Family Residential zoning
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
$59,494
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
7.30%
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%
$1,189,880
$1.2M
Cap Rate 7%
$849,914
$849.9K
Cap Rate 9%
$661,044
$661.0K
Market Conditions
NOI Build-Up for 3,406 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
$113.6K $33.36/SF
− Vacancy
−$5.5K −$1.60/SF
EGI
$108.2K $31.76/SF
− OpEx
−$48.7K −$14.29/SF
NOI
$59.5K $17.47/SF
Area
Vallejo, CA
Vacancy
4.80%
Lease Rate
$33.36 /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%
$1,189,880
Cap Rate 7%
$849,914
Cap Rate 9%
$661,044
Alternative Uses
Best Use
Apartment 5plus
$849.9K
$743.7K – $991.6K
NOI $59,494 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,036 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,672
Businesses Nearby
Explore this area
Business Placement
Demographics for 94590, CA
39,981
Population
16,500
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
6,058
Density / Sq Mi
$66,957
Median Household Income
$43,383
Median Earnings
$1,768
Median Rent
$510,700
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?
Apartment building - Shared outdoor grounds serve residents within an improved multifamily residential zoning designation.
Where is this apartment building located?
The property is located at 409 CAROLINA ST Vallejo, CA.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 1920; Enclosed grassy campus with shared community lawn; Improved Multi‑Family Residential zoning
