Remodeled Duplex-Style Apartment
For Sale
$999,900
422 West Race Avenue, Visalia, CA 93291
Ten one-bedroom apartments arranged across five duplex buildings with shared courtyard space and select private backyards.
Property Size6,294 SF
Lot Size0.57 Acres
Price / SF$158.87
Days on Market350
Property Features for 422 West Race Avenue
General Information
Standard status
Active
Size
6,294 SF
Lot size
0.57 Acres
Property subtype
Multi Family / 5 to 15 Units
Lease Type
Net
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Amenities
backyards
courtyard
wall heaters
wall a/c units
washer/dryer hookups
gas stove/oven hookups
electric
All units
Floor or Wall Heat, Window or Wall A/C
All Units
Composition
Stucco
Wood Subfloor
Building Details
Year Built
1922
Buildings
5
Listing Agency:
Modern Broker
(559) 304-6188
Listed By:
Brent S Cate · License #01482878
(559) 304-6188
Source:
Compass
Added: Sep 17, 2025
Changed: Aug 31
Last Checked: Aug 29 at 11:22PM
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 Modern Broker
Investment Insights
Based on property information with market context.
This apartment property contains 10 one-bedroom, one-bath units arranged as 5 duplexes on a 25,000-square-foot lot. Eight units have been remodeled, while two include private backyards. A central courtyard provides shared outdoor space between the buildings. The property was built in 1922 and features composition, stucco, and wood subfloor construction.
Each unit includes wall heating, wall or window air conditioning, and washer and dryer hookups. Gas stove and oven hookups are provided on a fairly equal basis among the units, with electric service also present. The property is located at 422 West Race Avenue in Visalia, California.
Each unit includes wall heating, wall or window air conditioning, and washer and dryer hookups. Gas stove and oven hookups are provided on a fairly equal basis among the units, with electric service also present. The property is located at 422 West Race Avenue in Visalia, California.
Key Highlights
- 10 one‑bedroom, one‑bath apartment units
- 5 duplex buildings on a 25,000‑square‑foot lot
- 8 units have been remodeled
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
$52,266
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
5.23%
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%
$1,045,320
$1.0M
Cap Rate 7%
$746,657
$746.7K
Cap Rate 9%
$580,733
$580.7K
Market Conditions
NOI Build-Up for 6,294 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
$102.0K $16.20/SF
− Vacancy
−$6.9K −$1.10/SF
EGI
$95.0K $15.10/SF
− OpEx
−$42.8K −$6.79/SF
NOI
$52.3K $8.30/SF
Area
Visalia, CA
Vacancy
6.80%
Lease Rate
$16.20 /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%
$1,045,320
Cap Rate 7%
$746,657
Cap Rate 9%
$580,733
Alternative Uses
Best Use
Apartment 5plus
$746.7K
$653.3K – $871.1K
NOI $52,266 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,694 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 93291, CA
63,366
Population
19,866
Households
3.2
Avg Household Size
32
Median Age
24%
College-Educated
81%
High-School Grad
84.2 sq mi
ZIP Area
753
Density / Sq Mi
$81,502
Median Household Income
$41,778
Median Earnings
$1,331
Median Rent
$381,600
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 - Ten one-bedroom apartments arranged across five duplex buildings with shared courtyard space and select private backyards.
Where is this apartment building located?
The property is located at 422 West Race Avenue Visalia, CA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 10 one‑bedroom, one‑bath apartment units; 5 duplex buildings on a 25,000‑square‑foot lot; 8 units have been remodeled
