Remodeled
For Sale
$599,000
412 S Conejo Ave, Modesto, CA 95354
Three remodeled units are currently rented with updated kitchens, bathrooms, flooring, and roof.
Property Size2,109 SF
Price / SF$284.02
Days on Market8
Property Features for 412 S Conejo Ave
General Information
Standard status
Active
Size
2,109 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
3
Listing Agency:
Casa Robles R.E. Inc.
5548081
Listed By:
Demetrio Robles · License #01230682
6140476
Source:
Exprealty
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 8:35PM
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 Casa Robles R.E. Inc.
Investment Insights
Based on property information with market context.
This 2,109-square-foot triplex contains three remodeled residential units, providing a compact multifamily configuration with current rental occupancy. Improvements include refreshed kitchens and bathrooms, new flooring, and roof updates across the property.
Located at 412 S Conejo Ave in Modesto, California, the property combines an established three-unit layout with completed renovation work and existing rental activity. The current configuration supports continued residential income use without relying on additional unit creation or expansion.
Located at 412 S Conejo Ave in Modesto, California, the property combines an established three-unit layout with completed renovation work and existing rental activity. The current configuration supports continued residential income use without relying on additional unit creation or expansion.
Key Highlights
- Three‑unit multifamily property with all units currently rented
- 2,109 SF triplex
- Remodeled kitchens and bathrooms
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
$31,397
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
5.24%
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%
$627,940
$627.9K
Cap Rate 7%
$448,529
$448.5K
Cap Rate 9%
$348,856
$348.9K
Market Conditions
NOI Build-Up for 2,109 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
$46.8K $22.20/SF
− Vacancy
−$2.0K −$0.93/SF
EGI
$44.9K $21.27/SF
− OpEx
−$13.5K −$6.38/SF
NOI
$31.4K $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%
$627,940
Cap Rate 7%
$448,529
Cap Rate 9%
$348,856
Alternative Uses
Best Use
Multifamily LT 5
$448.5K
$392.5K – $523.3K
NOI $31,397 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$400.9K
$350.8K – $467.7K
NOI $28,062 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$708.6K
$620.1K – $826.7K
NOI $49,604 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 95354, CA
26,765
Population
9,797
Households
2.7
Avg Household Size
36
Median Age
17%
College-Educated
80%
High-School Grad
7.7 sq mi
ZIP Area
3,476
Density / Sq Mi
$65,643
Median Household Income
$42,126
Median Earnings
$1,463
Median Rent
$360,300
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 - Three remodeled units are currently rented with updated kitchens, bathrooms, flooring, and roof.
Where is this triplex located?
The property is located at 412 S Conejo Ave Modesto, CA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit multifamily property with all units currently rented; 2,109 SF triplex; Remodeled kitchens and bathrooms
