Turnkey Multi-Unit Supported Housing
For Sale
Contact for pricing
638 W Kern, Dinuba, CA 93618
Remodeled multi-unit property permitted for 74 beds, ready for immediate deployment.
Property Size8,000 SF
Price / SF$225
Days on Market812
Property Features for 638 W Kern
General Information
Standard status
Active
Size
8,000 SF
Class
B
Total Parking Spaces
50
Property subtype
Multifamily
Zoning
Multi Unit
Investment Type
Owner/User
Net Operating Income
$360,000
Building Details
Year Built
1966
Year Renovated
2000
Buildings
7
Stories
1
Units
74
Listing Agency:
The Equity Group
(559) 732-0800
Listed By:
Franklin Romine · License #01367450
Source:
Crexi
Added: Jun 11, 2024
Changed: Aug 17
Last Checked: Aug 28 at 9:45PM
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 The Equity Group
Investment Insights
Based on property information with market context.
This multi-unit property, previously utilized as H-2A housing and permitted for up to 74 beds, presents an opportunity for supported housing purposes. These include senior housing, transitional housing, Afghan resettlement programs, and California Department of Social Services-related operations. The remodeled property is turnkey and ready for immediate use. It features a commercial-grade kitchen equipped with a walk-in refrigerator and freezer, capable of producing over 1,000 meals per day. The grounds are fully fenced and gated, providing privacy, security, and controlled access. On-site amenities include a dedicated laundry facility, multiple restrooms and showers, and an outdoor eating and staging area designed for high-occupancy use. The property's size is 8,000 square feet. Net Operating Income is based on a per-bed cash-flow model, reflecting the property’s prior use as a fully rented housing facility.
Key Highlights
- Seller financing available with approximately $1M down payment.
- Permitted for up to 74 beds, suitable for various supported housing uses.
- Turnkey and remodeled, ready for immediate occupancy and operation.**
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
$66,433
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
3.69%
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%
$1,328,660
$1.3M
Cap Rate 7%
$949,043
$949.0K
Cap Rate 9%
$738,144
$738.1K
Market Conditions
NOI Build-Up for 8,000 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
$129.6K $16.20/SF
− Vacancy
−$8.8K −$1.10/SF
EGI
$120.8K $15.10/SF
− OpEx
−$54.4K −$6.79/SF
NOI
$66.4K $8.30/SF
Area
Tulare County, CA
Vacancy
6.80%
Lease Rate
$16.20 /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%
$1,328,660
Cap Rate 7%
$949,043
Cap Rate 9%
$738,144
Alternative Uses
Best Use
Apartment 5plus
$949.0K
$830.4K – $1.11M
NOI $66,433 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.43M
$2.13M – $2.84M
NOI $170,100 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 93618, CA
30,709
Population
9,040
Households
3.4
Avg Household Size
30
Median Age
14%
College-Educated
71%
High-School Grad
66.9 sq mi
ZIP Area
459
Density / Sq Mi
$63,190
Median Household Income
$31,976
Median Earnings
$1,125
Median Rent
$272,600
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?
Multifamily property - Remodeled multi-unit property permitted for 74 beds, ready for immediate deployment.
Where is this multifamily property located?
The property is located at 638 W Kern Dinuba, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Seller financing available with approximately $1M down payment.; Permitted for up to 74 beds, suitable for various supported housing uses.; Turnkey and remodeled, ready for immediate occupancy and operation.**
