6-Unit Townhouse-Style Apartment
For Sale
$950,000
427 E Locust, Lodi, CA 95240
Fully occupied multifamily property with two-level layouts, private patios, and covered alley parking.
Property Size5,432 SF
Price / SF$174.89
Days on Market327
Property Features for 427 E Locust
General Information
Standard status
Active
Size
5,432 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
6
Amenities
patio
covered parking
Building Details
Year Built
1970
Stories
2
Construction
townhouse
Tenancy
Multi
Listing Agency:
Guild Real Estate
(209) 747-0396
Listed By:
Connie E. Navarra · License #01233095
Source:
Thecentralvalleyhomesearch
Added: Oct 9, 2025
Changed: Aug 29
Last Checked: Aug 30 at 5:56PM
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 Guild Real Estate
Investment Insights
Based on property information with market context.
This 6-unit apartment complex is fully occupied and features townhouse-style residences with practical two-level layouts. Each unit includes a living room, kitchen, and half bath on the first floor, along with two bedrooms and a full bath upstairs. Private patio areas extend each residence, while covered parking is provided in the alley.
Constructed in 1970, the property includes several long-term tenants and offers an established multifamily configuration in Lodi, California.
Constructed in 1970, the property includes several long-term tenants and offers an established multifamily configuration in Lodi, California.
Key Highlights
- 6‑unit apartment complex with full occupancy
- Townhouse‑style units with two‑level layouts
- Each unit includes 2 bedrooms and 1 full bath
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
$66,769
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
7.03%
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%
$1,335,380
$1.3M
Cap Rate 7%
$953,843
$953.8K
Cap Rate 9%
$741,878
$741.9K
Market Conditions
NOI Build-Up for 5,432 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
$126.5K $23.28/SF
− Vacancy
−$5.1K −$0.93/SF
EGI
$121.4K $22.35/SF
− OpEx
−$54.6K −$10.06/SF
NOI
$66.8K $12.29/SF
Area
San Joaquin County, CA
Vacancy
4.00%
Lease Rate
$23.28 /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%
$1,335,380
Cap Rate 7%
$953,843
Cap Rate 9%
$741,878
Alternative Uses
Best Use
Apartment 5plus
$953.8K
$834.6K – $1.11M
NOI $66,769 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,501 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 95240, CA
49,102
Population
17,304
Households
2.8
Avg Household Size
35
Median Age
18%
College-Educated
76%
High-School Grad
68.2 sq mi
ZIP Area
720
Density / Sq Mi
$76,870
Median Household Income
$38,359
Median Earnings
$1,439
Median Rent
$443,700
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 - Fully occupied multifamily property with two-level layouts, private patios, and covered alley parking.
Where is this apartment building located?
The property is located at 427 E Locust Lodi, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6‑unit apartment complex with full occupancy; Townhouse‑style units with two‑level layouts; Each unit includes 2 bedrooms and 1 full bath
