5-Unit Victorian Apartment
For Sale
$648,000
432 S Palm Street, Turlock, CA 95380
Corner-lot property with separately metered units, individual climate control, parking, and shared outdoor areas.
Property Size1,800 SF
Price / SF$360
Days on Market58
Property Features for 432 S Palm Street
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Amenities
wraparound front porch
street parking
on-site parking
shared outdoor spaces
individual ductless heating and air conditioning systems
Building Details
Year Built
1930
Buildings
1
Stories
2
Construction
Victorian-style
Listing Agency:
Brivio Realty
(415) 716-7190
Listed By:
Sean A. Beattie · License #01304100
(415) 716-7190
Source:
Exitrealty
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 29 at 2:53PM
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 Brivio Realty
Investment Insights
Based on property information with market context.
Built in 1930, this Victorian-style apartment property contains five separately metered residences. The lower level includes three one-bedroom, one-bath units of approximately 600 square feet each, while the upper level has two two-bedroom, one-bath units of approximately 1,100 square feet each. Three lower-level apartments have been updated, and the upper residences remain available for renovation and customization.
Property improvements include new copper plumbing throughout, dual-pane windows, and ductless heating and air conditioning serving each unit. The building occupies a large corner lot at 432 S Palm Street and offers a wraparound front porch, street parking, additional on-site parking, and communal outdoor areas suitable for picnics, barbecues, and gardening. Main Street, dining, shopping, and entertainment are located nearby.
Property improvements include new copper plumbing throughout, dual-pane windows, and ductless heating and air conditioning serving each unit. The building occupies a large corner lot at 432 S Palm Street and offers a wraparound front porch, street parking, additional on-site parking, and communal outdoor areas suitable for picnics, barbecues, and gardening. Main Street, dining, shopping, and entertainment are located nearby.
Key Highlights
- Five apartments with three 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- Three lower units are updated; two upper units are ready for renovation
- Each residence has its own gas and electric meter
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
$22,471
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
3.47%
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%
$449,420
$449.4K
Cap Rate 7%
$321,014
$321.0K
Cap Rate 9%
$249,678
$249.7K
Market Conditions
NOI Build-Up for 1,800 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
$41.9K $23.28/SF
− Vacancy
−$1.0K −$0.58/SF
EGI
$40.9K $22.70/SF
− OpEx
−$18.4K −$10.21/SF
NOI
$22.5K $12.48/SF
Area
Stanislaus County, CA
Vacancy
2.50%
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%
$449,420
Cap Rate 7%
$321,014
Cap Rate 9%
$249,678
Alternative Uses
Best Use
Apartment 5plus
$321.0K
$280.9K – $374.5K
NOI $22,471 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$836.6K
$732.1K – $976.1K
NOI $58,564 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,642
Businesses Nearby
Explore this area
Business Placement
Demographics for 95380, CA
42,912
Population
15,682
Households
2.7
Avg Household Size
34
Median Age
18%
College-Educated
73%
High-School Grad
77.2 sq mi
ZIP Area
556
Density / Sq Mi
$68,308
Median Household Income
$39,002
Median Earnings
$1,348
Median Rent
$410,300
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?
Apartment building - Corner-lot property with separately metered units, individual climate control, parking, and shared outdoor areas.
Where is this apartment building located?
The property is located at 432 S Palm Street Turlock, CA.
What is the asking price?
The asking price for this property is $648,000.
What are key features of this property?
This property features: Five apartments with three 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; Three lower units are updated; two upper units are ready for renovation; Each residence has its own gas and electric meter
