Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Remodeled Four-Unit Multifamily Investment Property Title is generated by Realmo AI

    32989 Weatherly Ln, North Fork, CA 93643

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.

    Type:Multifamily
    Property size:
    3,428 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $179/SF
    Added:
    Sep 13, 2023
    Days on Market:
    995
    Last Refresh:
    May 12 at 9:51 pm

    Property Features for 32989 Weatherly Ln

    General Information

    Standard status
    Active
    Size
    3,428 SF
    Lot size
    0.11 Acres
    Property subtype
    Multifamily

    Building Details

    Year Built
    1976

    We can help!

    Listing Contact
    Jared Ennis
    Jared Ennis

    Listing agent Jared Ennis License #CA

    Listing office C21 Commercial

    Listing date Sep 13, 2023

    Source Crexi

    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 C21 Commercial

    HighLights

    • Fully remodeled, 100% occupied 4‑unit multi‑family property with immediate income.
    • Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.
    • Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.
    • Unit A currently operating as a successful AirBnB with documented payouts.
    • Each unit features private entrances, fenced patios, and separate gas/electricity meters.
    • Convenient location near restaurants, shops, and North Fork Willow Creek, with on‑site parking and exterior lighting.

    Overview

    This fully remodeled, 100% occupied four-unit multifamily apartment complex is situated on approximately 0.11 acres of land. The property features a single-story building with four separately metered units, totaling approximately 3,428 square feet. Each unit has been fully remodeled and includes fenced patios and private entrances. The units are individually metered for gas and electricity and have access to on-site laundry facilities. Unit A, spanning approximately 1,000 square feet with 2 bedrooms and 1 bathroom, is currently utilized as an AirBnB. Unit B, approximately 1,228 square feet, features 3 bedrooms and 2 bathrooms and is recently leased for 1 year. Unit C, approximately 700 square feet, is a 1-bedroom, 1-bathroom unit, and Unit D, approximately 500 square feet, is also a 1-bedroom, 1-bathroom unit; both are under a 1-year lease. The units are spacious, and the complex offers on-site parking and exterior lighting. The property benefits from low-cost county sewer and water services. It is located within a few miles of restaurants, shops, and North Fork Willow Creek. A value-add opportunity exists by addressing the under-market rent for Unit 1 by renting it to a long-term tenant or increasing the short-term rental dates, and extending lease lengths over the next 6 months where increases are put into place. The property is an investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $58.4k $17.04
    − Vacancy −$4.4k −$1.30
    EGI $54.0k $15.74
    − OpEx −$16.2k −$4.72
    NOI $37.8k $11.02
    3,428 SF · lease $17.04/SF/yr · vacancy 7.60% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $539.7K
    $472.3K – $629.7K (±1% cap)
    NOI $37,782 @ 7.0% cap · market cap 6.14%
    Second Best
    Apartment 5plus
    $499.6K
    $437.1K – $582.8K (±1% cap)
    NOI $34,969 @ 7.0% cap · market cap 5.69%
    Theoretical Best
    Office A
    $1.33M
    $1.16M – $1.55M (±1% cap)
    NOI $92,863 @ 7.0% cap · market cap 15.10%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Fork
    County
    Madera
    State
    California
    Longitude
    -119.5092802
    Latitude
    37.2268005

    FAQs

    What type of property is this?
    Quadplex - Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.
    Where is this quadplex located?
    The property is located at 32989 Weatherly Ln North Fork, CA.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: Fully remodeled, 100% occupied 4‑unit multi‑family property with immediate income.; Value‑add opportunity to increase income by addressing under‑market rent on Unit A and extending lease lengths, with potential to achieve a stabilized gross annual income of $81,000.; Strong investment metrics: potential 9.48% CAP rate, 1.7% DCR, and 12.97% cash‑on‑cash return once stabilized.
    (559) 359-4035 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jared Ennis
    Jared Ennis
    Real Estate License ID: CA
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    32989 Weatherly Ln, North Fork, CA 93643
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!