Duplex with Vacant and Leased
For Sale
$958,000
609 Indiana Street, Vallejo, CA 94590
Two-unit duplex sold as-is, with one vacant unit and one leased unit, built in 1900.
Property Size3,983 SF
Days on Market153
Property Features for 609 Indiana Street
General Information
Standard status
Active
Size
3,983 SF
Property subtype
Mixed Use
Building Details
Building Size
3,983 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
Century 21 Masters
(415) 517-2828
Listed By:
Sunny S Lau · License #01348288
Source:
Bonniespindler
Added: Mar 31
Changed: Aug 8
Last Checked: Aug 29 at 4:32PM
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 Century 21 Masters
Investment Insights
Based on property information with market context.
This duplex at 609 Indiana Street is being sold in “AS-IS” condition and includes two units, with one unit vacant and one unit leased. The building was constructed in 1900.
The property is described as having separate water metering for residential units and for commercial units, with one water meter serving the residential units and one water meter serving the commercial units. This setup may be helpful for determining utilities responsibility between the different metered portions of the property as it exists today.
The offering reflects a two-unit income configuration with mixed occupancy status, designed for an owner-operator or investor who can evaluate the space and operating needs of the vacant unit while maintaining the leased unit in place at close.
The property is described as having separate water metering for residential units and for commercial units, with one water meter serving the residential units and one water meter serving the commercial units. This setup may be helpful for determining utilities responsibility between the different metered portions of the property as it exists today.
The offering reflects a two-unit income configuration with mixed occupancy status, designed for an owner-operator or investor who can evaluate the space and operating needs of the vacant unit while maintaining the leased unit in place at close.
Key Highlights
- Two‑unit duplex sold AS‑IS
- One unit vacant and one unit leased
- Year built 1900
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
$87,571
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
9.14%
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%
$1,751,420
$1.8M
Cap Rate 7%
$1,251,014
$1.3M
Cap Rate 9%
$973,011
$973.0K
Market Conditions
NOI Build-Up for 3,983 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
$155.3K $39.00/SF
− Vacancy
−$15.2K −$3.82/SF
EGI
$140.1K $35.18/SF
− OpEx
−$52.5K −$13.19/SF
NOI
$87.6K $21.99/SF
Area
Vallejo, CA
Vacancy
9.80%
Lease Rate
$39.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,751,420
Cap Rate 7%
$1,251,014
Cap Rate 9%
$973,011
Alternative Uses
Best Use
Mixed Use
$1.25M
$1.09M – $1.46M
NOI $87,571 @ 7.0% cap · market cap 9.14%
Second Best
Multifamily LT 5
$1.11M
$968.3K – $1.29M
NOI $77,462 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,693 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 94590, CA
39,981
Population
16,500
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
6,058
Density / Sq Mi
$66,957
Median Household Income
$43,383
Median Earnings
$1,768
Median Rent
$510,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex sold as-is, with one vacant unit and one leased unit, built in 1900.
Where is this duplex located?
The property is located at 609 Indiana Street Vallejo, CA.
What is the asking price?
The asking price for this property is $958,000.
What are key features of this property?
This property features: Two‑unit duplex sold AS‑IS; One unit vacant and one unit leased; Year built 1900
