12-Unit Multifamily Apartment
For Sale
Contact for pricing
48556 & 48522 Victoria Ln, Oakhurst, CA 93644
Twelve 2-bedroom, 1-bath apartments across four buildings provide straightforward residential income housing.
Property Size10,752 SF
Price / SF$139.42
Days on Market103
Property Features for 48556 & 48522 Victoria Ln
General Information
Standard status
Active
Size
10,752 SF
Total Parking Spaces
20
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$85,101
Additional Details
Multifamily Units
12
Building Details
Year Built
1993
Buildings
5
Units
12
Listing Agency:
RE Brokerage
Listed By:
Andrew Pence · License #CA 02091912
(559) 908-5281
Source:
Crexi
Added: May 30
Changed: Sep 8
Last Checked: Sep 8 at 7:06AM
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 RE Brokerage
Investment Insights
Based on property information with market context.
Elderberry Properties is a 12-unit multifamily apartment property built in 1993, consisting of four separate buildings with three units each. The apartments are each 896 square feet and include 2 bedrooms and 1 bathroom, offering a consistent unit mix across the property.
The buildings are situated within established pine trees, creating a park-like setting. The property is located within 2 miles of the unincorporated town center of Oakhurst.
This configuration can appeal to buyers seeking a manageable, repeatable residential income setup with consistent floorplans throughout. With all units arranged in four three-unit buildings, the property offers a cohesive layout for operations and tenant turnover, while the surrounding wooded setting may support tenant appeal for a more residential-feeling environment.
The buildings are situated within established pine trees, creating a park-like setting. The property is located within 2 miles of the unincorporated town center of Oakhurst.
This configuration can appeal to buyers seeking a manageable, repeatable residential income setup with consistent floorplans throughout. With all units arranged in four three-unit buildings, the property offers a cohesive layout for operations and tenant turnover, while the surrounding wooded setting may support tenant appeal for a more residential-feeling environment.
Key Highlights
- 12‑unit multifamily property built in 1993, with four separate buildings
- Each unit offers 896 SF of living space with 2 bedrooms and 1 bathroom
- Buildings total 2,688 SF each; 10,752 SF total across the four buildings
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
$109,681
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
7.32%
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%
$2,193,620
$2.2M
Cap Rate 7%
$1,566,871
$1.6M
Cap Rate 9%
$1,218,678
$1.2M
Market Conditions
NOI Build-Up for 10,752 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
$216.8K $20.16/SF
− Vacancy
−$17.3K −$1.61/SF
EGI
$199.4K $18.55/SF
− OpEx
−$89.7K −$8.35/SF
NOI
$109.7K $10.20/SF
Area
Madera County, CA
Vacancy
8.00%
Lease Rate
$20.16 /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%
$2,193,620
Cap Rate 7%
$1,566,871
Cap Rate 9%
$1,218,678
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,681 @ 7.0% cap · market cap 7.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,267 @ 7.0% cap · market cap 19.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 93644, CA
7,751
Population
3,788
Households
2
Avg Household Size
52
Median Age
26%
College-Educated
91%
High-School Grad
117.1 sq mi
ZIP Area
66
Density / Sq Mi
$75,241
Median Household Income
$29,056
Median Earnings
$1,301
Median Rent
$378,000
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 - Twelve 2-bedroom, 1-bath apartments across four buildings provide straightforward residential income housing.
Where is this apartment building located?
The property is located at 48556 & 48522 Victoria Ln Oakhurst, CA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 12‑unit multifamily property built in 1993, with four separate buildings; Each unit offers 896 SF of living space with 2 bedrooms and 1 bathroom; Buildings total 2,688 SF each; 10,752 SF total across the four buildings
