Renovated Multifamily with ADU
For Sale
$435,000
42036 Tollhouse Road, Shaver Lake, CA 93664
MULTI_FAMILY - Shaver Lake, CA
Property Size1,088 SF
Lot Size0.19 Acres
Price / SF$399.82
Days on Market158
Property Features for 42036 Tollhouse Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Fireplace
1
Directions
East of Cressman Rd & North on Hwy 168 (Tollhouse Rd) Cross street Buckeye Ln In Shaver lake town Property on left side of Tollhouse Rd Second cabin to right of Hungry Hut on Hwy 168 With staircase leading up from the road
Subdivision
Out of Area
Standard status
Active
APN
12023504
Size
1,088 SF
Lot size
0.19 Acres
Utilities
Sewer type
Private Sewer
Heating system
Fireplace(s)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
wrap around deck
Building Details
Year built
1954
Floors in Building
2
Number of units
1
Roof type
Aluminum
Listing Agency:
Century 21 Select Real Estate · Century 21 Real Estate
(559) 733-9696
Listed By:
Devan De La Cerda
(559) 305-4884
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 23 at 4:06PM
MLS# 240471
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 multifamily property was built in 1954 and sits on a 0.19-acre lot. The home includes three bedrooms and one bathroom, with heating provided by a fireplace and cooling by ceiling fans. The property features a wrap-around deck for outdoor gatherings, and includes both front and back entrances, with stairs leading down toward Hwy 168.
Situated on the main road into Shaver Lake (Hwy 168), the route is described as one-way in and one-way out, with access leading down toward Hwy 168 via the stairs. The property is less than 1 mile to the lake.
Renovations were completed about 4 years ago, including countertops, flooring, restroom updates, laundry hookups, and electrical improvements. The lot is large enough to build an ADU, and all furniture has been removed.
Situated on the main road into Shaver Lake (Hwy 168), the route is described as one-way in and one-way out, with access leading down toward Hwy 168 via the stairs. The property is less than 1 mile to the lake.
Renovations were completed about 4 years ago, including countertops, flooring, restroom updates, laundry hookups, and electrical improvements. The lot is large enough to build an ADU, and all furniture has been removed.
Key Highlights
- 0.19‑acre lot with room to build an ADU
- Three bedrooms and one bathroom
- Renovated about 4 years ago: countertops, flooring, restroom, laundry hookups, electrical
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
$13,758
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
3.16%
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%
$275,160
$275.2K
Cap Rate 7%
$196,543
$196.5K
Cap Rate 9%
$152,867
$152.9K
Market Conditions
NOI Build-Up for 1,088 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
$26.1K $24.00/SF
− Vacancy
−$1.1K −$1.01/SF
EGI
$25.0K $22.99/SF
− OpEx
−$11.3K −$10.35/SF
NOI
$13.8K $12.65/SF
Area
Fresno County, CA
Vacancy
4.20%
Lease Rate
$24.00 /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%
$275,160
Cap Rate 7%
$196,543
Cap Rate 9%
$152,867
Alternative Uses
Best Use
Apartment 5plus
$196.5K
$172.0K – $229.3K
NOI $13,758 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$308.4K
$269.8K – $359.8K
NOI $21,586 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 93664, CA
614
Population
2,106
Households
0.3
Avg Household Size
59
Median Age
53%
College-Educated
99%
High-School Grad
188.1 sq mi
ZIP Area
3
Density / Sq Mi
$142,292
Median Household Income
$80,625
Median Earnings
$618,200
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?
Multifamily property - Multifamily property on a main road into Shaver Lake with a wrap-around deck and room to build an ADU.
Where is this multifamily property located?
The property is located at 42036 Tollhouse Road Shaver Lake, CA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 0.19‑acre lot with room to build an ADU; Three bedrooms and one bathroom; Renovated about 4 years ago: countertops, flooring, restroom, laundry hookups, electrical
