Duplex with Private Backyard
For Sale
$785,000
5123 Kenneth Avenue, Carmichael, CA 95608
Two-unit duplex with private backyards, gated storage options, and ample parking suited for owner-occupants or rental investors.
Property Size2,500 SF
Price / SF$314
Days on Market80
Property Features for 5123 Kenneth Avenue
General Information
Standard status
Active
Size
2,500 SF
Total Parking Spaces
8
Property subtype
Multi Family
Occupancy
100%
Building Details
Year Built
1941
Year Renovated
2026
Stories
2
Listing Agency:
GUIDE Real Estate
(916) 919-7338
Listed By:
Bruce D. Reddick · License #01814263
(916) 919-7338
Source:
Exitrealty
Added: May 28
Changed: Aug 8
Last Checked: Aug 14 at 5:05AM
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 GUIDE Real Estate
Investment Insights
Based on property information with market context.
This duplex offers two separate units with outdoor space and dedicated parking. The 5121 downstairs unit includes 3 bedrooms and 2 bathrooms with an approximate 1,300 square feet, plus a front deck, extra-large primary suite, and plenty of storage in the tandem 2-car garage. The unit is described as needing additional updating. The 5123 upstairs unit includes 2 bedrooms and 1 bathroom with an approximate 1,000 square feet and a newly updated (2026) open-concept living, dining, and kitchen layout. The property also features a new storage workshop room with rear garage access and washer/dryer hook ups, and it includes a 40-foot Connex industrial shipping container for storage or potential conversion.
Access is provided by two gravel driveways with parking described for up to eight vehicles, and the property is gated with room to store recreational vehicles. The 5121 and 5123 units each have private backyards, along with an overall large backyard and adjacent vacant lots noted for additional privacy. The listing also notes easy maintenance drought-tolerant plantings and proximity to shopping and school amenities.
For tenants or buyers looking for flexible residential income or multigenerational living, the duplex configuration provides separate upstairs and downstairs layouts and private outdoor areas. The property is occupied, and the listing requests that tenants not be disturbed.
Access is provided by two gravel driveways with parking described for up to eight vehicles, and the property is gated with room to store recreational vehicles. The 5121 and 5123 units each have private backyards, along with an overall large backyard and adjacent vacant lots noted for additional privacy. The listing also notes easy maintenance drought-tolerant plantings and proximity to shopping and school amenities.
For tenants or buyers looking for flexible residential income or multigenerational living, the duplex configuration provides separate upstairs and downstairs layouts and private outdoor areas. The property is occupied, and the listing requests that tenants not be disturbed.
Key Highlights
- Two‑unit duplex built in 1941 with two separate homes: 5121 (3 bed/2 bath ~1300 SF) and 5123 (2 bed/1 bath ~1000 SF).
- Gated property with parking for up to eight vehicles via two gravel driveways, plus a tandem 2‑car garage.
- Unit 5121 has an extra‑large master suite, a front deck, and a private backyard; unit needs additional updating.
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
$36,340
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
4.63%
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%
$726,800
$726.8K
Cap Rate 7%
$519,143
$519.1K
Cap Rate 9%
$403,778
$403.8K
Market Conditions
NOI Build-Up for 2,500 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
$55.5K $22.20/SF
− Vacancy
−$3.6K −$1.43/SF
EGI
$51.9K $20.77/SF
− OpEx
−$15.6K −$6.23/SF
NOI
$36.3K $14.54/SF
Area
Sacramento County, CA
Vacancy
6.46%
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%
$726,800
Cap Rate 7%
$519,143
Cap Rate 9%
$403,778
Alternative Uses
Best Use
Multifamily LT 5
$519.1K
$454.3K – $605.7K
NOI $36,340 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$476.7K
$417.1K – $556.2K
NOI $33,370 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$666.0K
$582.8K – $777.0K
NOI $46,621 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 95608, CA
65,367
Population
27,312
Households
2.4
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
13.2 sq mi
ZIP Area
4,952
Density / Sq Mi
$83,638
Median Household Income
$45,625
Median Earnings
$1,549
Median Rent
$565,600
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?
Duplex - Two-unit duplex with private backyards, gated storage options, and ample parking suited for owner-occupants or rental investors.
Where is this duplex located?
The property is located at 5123 Kenneth Avenue Carmichael, CA.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1941 with two separate homes: 5121 (3 bed/2 bath ~1300 SF) and 5123 (2 bed/1 bath ~1000 SF).; Gated property with parking for up to eight vehicles via two gravel driveways, plus a tandem 2‑car garage.; Unit 5121 has an extra‑large master suite, a front deck, and a private backyard; unit needs additional updating.
