Triplex with Alley
For Sale
$409,900
426 L Street, Sanger, CA 93657
Fully occupied three-unit property with updated roofing, select replacement windows, and refreshed flooring across the units.
Property Size1,488 SF
Price / SF$275.47
Days on Market444
Property Features for 426 L Street
General Information
Standard status
Active
Size
1,488 SF
Property subtype
Multi Family / Triplex
Occupancy
100%
Lease Type
Net
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Amenities
Evaporative, Floor or Wall Heat, Window or Wall A/C
Composition
Stucco
Both
Building Details
Year Built
1925
Listing Agency:
Century 21 Cheney Enterprises
(559) 875-7521
Listed By:
Dan Cheney · License #00696437
Source:
Compass
Added: Jun 14, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:03PM
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 Century 21 Cheney Enterprises
Investment Insights
Based on property information with market context.
Located at 426 L Street in Sanger, this 1,488-square-foot triplex contains a front duplex and a separate rear unit. Each front unit has one bedroom, while the rear residence offers two bedrooms. The property was built in 1925 and features stucco construction with a composition exterior.
All three units are currently rented. Recent improvements include new roofs, newer flooring throughout the residences, and replacement windows in some units. Alley access serves the rear unit, and interior systems include evaporative cooling, floor or wall heat, and window or wall A/C.
All three units are currently rented. Recent improvements include new roofs, newer flooring throughout the residences, and replacement windows in some units. Alley access serves the rear unit, and interior systems include evaporative cooling, floor or wall heat, and window or wall A/C.
Key Highlights
- Three‑unit triplex with all units currently rented
- Front duplex includes one bedroom in each unit
- Rear unit offers two bedrooms and alley access
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
$19,697
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
4.81%
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%
$393,940
$393.9K
Cap Rate 7%
$281,386
$281.4K
Cap Rate 9%
$218,856
$218.9K
Market Conditions
NOI Build-Up for 1,488 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
$30.0K $20.16/SF
− Vacancy
−$1.9K −$1.25/SF
EGI
$28.1K $18.91/SF
− OpEx
−$8.4K −$5.67/SF
NOI
$19.7K $13.24/SF
Area
Fresno County, CA
Vacancy
6.20%
Lease Rate
$20.16 /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%
$393,940
Cap Rate 7%
$281,386
Cap Rate 9%
$218,856
Alternative Uses
Best Use
Multifamily LT 5
$281.4K
$246.2K – $328.3K
NOI $19,697 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$268.8K
$235.2K – $313.6K
NOI $18,817 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$421.7K
$369.0K – $492.0K
NOI $29,522 @ 7.0% cap · market cap 7.20%
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
684
Businesses Nearby
Explore this area
Business Placement
Demographics for 93657, CA
37,464
Population
11,677
Households
3.2
Avg Household Size
34
Median Age
15%
College-Educated
76%
High-School Grad
225.8 sq mi
ZIP Area
166
Density / Sq Mi
$77,655
Median Household Income
$37,574
Median Earnings
$1,123
Median Rent
$382,700
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?
Triplex - Fully occupied three-unit property with updated roofing, select replacement windows, and refreshed flooring across the units.
Where is this triplex located?
The property is located at 426 L Street Sanger, CA.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: Three‑unit triplex with all units currently rented; Front duplex includes one bedroom in each unit; Rear unit offers two bedrooms and alley access
