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Building Details

Year Built 1966

Year Renovated 2000

Buildings 7

Stories 1

Units 74

Listing Agency: The Equity Group

Listed By: Franklin Romine · License #01367450 Show Phone

Source: Crexi

Added: Jun 11, 2024 Changed: Oct 4 Last Checked: Oct 14 at 11:19PM

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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 / Yr

$66,433

Cap Rate

3.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,328,660 $1.3M

Cap Rate 7%

$949,043 $949.0K

Cap Rate 9%

$738,144 $738.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

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 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 (±1% cap)

NOI $66,433 @ 7.0% cap · market cap 3.91%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.43M

$2.13M – $2.84M (±1% cap)

NOI $170,100 @ 7.0% cap · market cap 10.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Real Estate Agency Law Firm Storage Facility Electrical Service Gym & Fitness Center Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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 $1,700,000.

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.**