Triplex With Five-Unit
For Sale
$498,500
512 12th Street, Modesto, CA 95354
Downtown Modesto multifamily property combining residential units, private outdoor space, laundry, and alley-accessible storage.
Property Size1,900 SF
Price / SF$262.37
Days on Market147
Property Features for 512 12th Street
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi Family
Additional Details
Gross Income
$45,604
Self-Storage Units
5
Building Details
Year Built
1910
Buildings
2
Listing Agency:
PMZ Real Estate
(209) 648-0594
Listed By:
Jami L. McMullen · License #01252666
(209) 648-0594
Source:
Exitrealty
Added: Apr 5
Changed: Aug 29
Last Checked: Aug 29 at 1:48PM
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 PMZ Real Estate
Investment Insights
Based on property information with market context.
This 1,900-square-foot triplex, built in 1910, includes studio and one-bedroom units along with a private yard and shared laundry room. Two studio units have interior access to the laundry area. Recent improvements include a newer roof, updated plumbing, fresh paint, and flooring upgrades. Two units are equipped with mini-split air conditioning and heating, while some windows are dual pane.
A separate five-unit storage building sits on the property and opens to the rear alley. The storage units are currently rented, adding an additional income component to the residential configuration. The property is located in downtown Modesto at 512 12th Street.
A separate five-unit storage building sits on the property and opens to the rear alley. The storage units are currently rented, adding an additional income component to the residential configuration. The property is located in downtown Modesto at 512 12th Street.
Key Highlights
- Triplex with studio and one‑bedroom residential units
- Separate 5‑unit storage building with rear alley access
- 1,900 square feet on a property built in 1910
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
$28,286
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
5.67%
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%
$565,720
$565.7K
Cap Rate 7%
$404,086
$404.1K
Cap Rate 9%
$314,289
$314.3K
Market Conditions
NOI Build-Up for 1,900 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
$42.2K $22.20/SF
− Vacancy
−$1.8K −$0.93/SF
EGI
$40.4K $21.27/SF
− OpEx
−$12.1K −$6.38/SF
NOI
$28.3K $14.89/SF
Area
Modesto, CA
Vacancy
4.20%
Lease Rate
$22.20 /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%
$565,720
Cap Rate 7%
$404,086
Cap Rate 9%
$314,289
Alternative Uses
Best Use
Multifamily LT 5
$404.1K
$353.6K – $471.4K
NOI $28,286 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$361.2K
$316.0K – $421.4K
NOI $25,281 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$638.4K
$558.6K – $744.8K
NOI $44,688 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,946
Businesses Nearby
Explore this area
Business Placement
Demographics for 95354, CA
26,765
Population
9,797
Households
2.7
Avg Household Size
36
Median Age
17%
College-Educated
80%
High-School Grad
7.7 sq mi
ZIP Area
3,476
Density / Sq Mi
$65,643
Median Household Income
$42,126
Median Earnings
$1,463
Median Rent
$360,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Downtown Modesto multifamily property combining residential units, private outdoor space, laundry, and alley-accessible storage.
Where is this triplex located?
The property is located at 512 12th Street Modesto, CA.
What is the asking price?
The asking price for this property is $498,500.
What are key features of this property?
This property features: Triplex with studio and one‑bedroom residential units; Separate 5‑unit storage building with rear alley access; 1,900 square feet on a property built in 1910
