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    32989 Weatherly Ln North Fork, CA 93643

    Sponsored
    For Sale
    $615,000

    Four-unit, fully remodeled apartment building.

    Property size:
    3,428 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional investment opportunity presents a fully occupied, four-unit apartment building situated in downtown North Fork, California. The property, located at 32989 Weatherly Ln, boasts a total of 3,428 square feet on a 0.11-acre lot (APN: 060-140-025). Built in 1976 and completely renovated in 2023, this single-story building features four separately metered units, each with private entrances and fenced patios. The complex includes on-site laundry facilities and ample parking. Three units are currently leased on one-year terms, while one unit operates as a successful Airbnb, generating significant income. The units are configured as follows: one 2-bedroom, 1-bathroom unit (approximately 1,000 sq ft), one 3-bedroom, 2-bathroom unit (approximately 1,228 sq ft), and two 1-bedroom, 1-bathroom units (approximately 700 sq ft each). The property benefits from low-cost county sewer and water services and is conveniently located near restaurants, shops, and North Fork Willow Creek. The current Net Operating Income (NOI) is $41,904, with a pro-forma NOI of $58,306, representing a value-add opportunity through rent increases and lease term extensions. The asking price is $615,000, translating to $179.40 per square foot and $153,750 per unit. The property is zoned CUM (Commercial, Urban, Median District) and offers a compelling 6.81% cap rate, with a pro-forma cap rate of 9.48%. This presents a unique investment opportunity in a market with strong demand for rental units.

    Property Features for 32989 Weatherly Ln

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,428 SF
    Lot Size
    4,792 SF

    Building Details

    Year Built/Renovated
    1976/2023
    Buildings
    1
    Stories
    1
    Units
    4

    We can help!

    Listing Contact
    Jared Ennis
    Jared Ennis

    Learn more

    Property Insight Report

    HighLights

    • Fully renovated 4‑unit apartment complex in downtown North Fork, CA.
    • High upside potential: 9.48% pro forma cap rate and $81,000 in potential annual rent.
    • 100% occupancy with a mix of long‑term and short‑term rentals.
    • Ample on‑site parking and laundry facilities.
    • Low landlord costs.
    • Convenient location near Bass Lake, Oakhurst, and North Fork Willow Creek.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Hotel & Motel Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    North Fork
    County
    Madera
    State
    California
    Longitude
    -119.5092754
    Latitude
    37.2267303

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    Nearby Similar for Sale

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      North Fork Commercial Property

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    FAQs

    What type of property is this?
    Multifamily property - Four-unit, fully remodeled apartment building.
    Where is this multifamily property 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 renovated 4-unit apartment complex in downtown North Fork, CA.; High upside potential: 9.48% pro forma cap rate and $81,000 in potential annual rent.; 100% occupancy with a mix of long-term and short-term rentals.
    Request Owner's contact information
    32989 Weatherly Ln North Fork, CA 93643
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    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
    32989 Weatherly Ln North Fork, CA 93643
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    We can help!
    Listing Contact
    Jared Ennis
    Jared Ennis
    Real Estate License ID: CA
    Learn more
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