Secured Gated Workforce Housing
For Sale
$1,800,000
638 W Kern Street, Dinuba, CA 93618
MULTI_FAMILY - Dinuba, CA
Property Size6,950 SF
Lot Size0.80 Acres
Price / SF$258.99
Days on Market112
Property Features for 638 W Kern Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
74
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 20, Bedroom 64, Bedroom 71, Bedroom 21, Bedroom 51, Bedroom 7, Bedroom 63, Bathroom 11, Bedroom 69, Bedroom 30, Bedroom 26, Bedroom 29, Bedroom 48, Bedroom 33, Bedroom 18, Bedroom 49, Bedroom 3, Bedroom 34, Bedroom 12, Bedroom 31, Bedroom 44, Bedroom 47, Bathroom 2, Bedroom 15, Bedroom 5, Bedroom 54, Bedroom 72, Bedroom 68, Bathroom 1, Bedroom 17, Bathroom 14, Bedroom 43, Bedroom 9, Bedroom 55, Bedroom 50, Bedroom 25, Bedroom 24, Bathroom 7, Bedroom 46, Bedroom 8, Bedroom 35, Bathroom 4, Bathroom 9, Bedroom 70, Bathroom 10, Bedroom 61, Bedroom 40, Bedroom 23, Bedroom 13, Bedroom 52, Bathroom 8, Bedroom 66, Bedroom 65, Bathroom 12, Bedroom 6, Bedroom 36, Bedroom 28, Bedroom 14, Bathroom 15, Bathroom 16, Bathroom 6, Bedroom 60, Bedroom 4, Bedroom 73, Bedroom 58, Bathroom 3, Bedroom 45, Bedroom 16, Bedroom 39, Bedroom 11, Bedroom 41, Bedroom 53, Bedroom 56, Bedroom 67, Bedroom 42, Bathroom 13, Bedroom 19, Bedroom 10, Bedroom 32, Bedroom 74, Bedroom 2, Bedroom 1, Bedroom 57, Bathroom 5, Bedroom 59, Bedroom 22, Bedroom 62, Bedroom 37, Bedroom 38, Bedroom 27
Directions
Kern Corner
Subdivision
Dinuba
Standard status
Active
APN
017173005
Size
6,950 SF
Lot size
0.80 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Ceiling Fan(s)
Water source
Public
Amenities
sleeping accommodations
multiple restrooms and showers
laundry facility
metal roofs
updated flooring and lighting
landscaping
rain gutters
video security system
commercial-grade kitchen
walk-in refrigerator and freezer
covered concrete outdoor dining area
large gravel yard
two 20-foot storage containers
Building Details
Year built
1980
Floors in Building
1
Number of units
15
Roof type
Metal
Listing Agency:
The Equity Group
(559) 732-8800
Listed By:
Franklin J Romine · License #01367450
(559) 804-4422
Added: May 11
Changed: Aug 4
Last Checked: Aug 30 at 7:06AM
MLS# 241610
Copyright © 2026 Tulare County MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Secured, fenced, and gated apartment housing facility remodeled in 2020 and configured for H-2A workforce housing, with permitted capacity for up to 74 beds. The property includes sleeping accommodations plus multiple restrooms and showers, a laundry facility, and updates such as metal roofs, updated flooring and lighting, landscaping, rain gutters, and a video security system. Heating is natural gas, and cooling is electric with ceiling fans.
The kitchen is described as commercial-grade and includes a walk-in refrigerator and freezer, with capacity to prepare and store more than 1,000 meals per day. Additional improvements include a laundry facility, an approximately 1,000-square-foot covered concrete outdoor dining area, a large gravel yard for vehicle and equipment staging, and two 20-foot storage containers. The property sits on a 0.8-acre lot and is served by public water and public sewer.
The facility is positioned for specialized residential and institutional uses, including the potential for assisted living, senior housing, transitional housing, rehabilitation housing, supportive housing, nonprofit or faith-based housing, group housing, employee housing, and educational or training facilities, subject to buyer verification of zoning, licensing, occupancy requirements, and all governmental approvals.
The kitchen is described as commercial-grade and includes a walk-in refrigerator and freezer, with capacity to prepare and store more than 1,000 meals per day. Additional improvements include a laundry facility, an approximately 1,000-square-foot covered concrete outdoor dining area, a large gravel yard for vehicle and equipment staging, and two 20-foot storage containers. The property sits on a 0.8-acre lot and is served by public water and public sewer.
The facility is positioned for specialized residential and institutional uses, including the potential for assisted living, senior housing, transitional housing, rehabilitation housing, supportive housing, nonprofit or faith-based housing, group housing, employee housing, and educational or training facilities, subject to buyer verification of zoning, licensing, occupancy requirements, and all governmental approvals.
Key Highlights
- Permitted for up to 74 beds and configured for H‑2A workforce housing
- Remodeled in 2020 with secured, fenced, and gated grounds plus video security system
- Commercial‑grade kitchen with walk‑in refrigerator and freezer; capacity for more than 1,000 meals per day
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
$57,714
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
3.21%
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%
$1,154,280
$1.2M
Cap Rate 7%
$824,486
$824.5K
Cap Rate 9%
$641,267
$641.3K
Market Conditions
NOI Build-Up for 6,950 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
$112.6K $16.20/SF
− Vacancy
−$7.7K −$1.10/SF
EGI
$104.9K $15.10/SF
− OpEx
−$47.2K −$6.79/SF
NOI
$57.7K $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%
$1,154,280
Cap Rate 7%
$824,486
Cap Rate 9%
$641,267
Alternative Uses
Best Use
Apartment 5plus
$824.5K
$721.4K – $961.9K
NOI $57,714 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,774 @ 7.0% cap · market cap 8.21%
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?
Apartment building - Remodeled apartment housing facility configured for H-2A workforce housing with secured, fenced, gated grounds.
Where is this apartment building located?
The property is located at 638 W Kern Street 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: Permitted for up to 74 beds and configured for H‑2A workforce housing; Remodeled in 2020 with secured, fenced, and gated grounds plus video security system; Commercial‑grade kitchen with walk‑in refrigerator and freezer; capacity for more than 1,000 meals per day
