Remodeled Four-Unit Multifamily Investment
For Sale
Contact for pricing
32989 Weatherly Ln, North Fork, CA 93643
Fully remodeled, 100% occupied four-unit multifamily property on 0.11 acres.
Property Size3,428 SF
Lot Size0.11 Acres
Price / SF$179.40
Days on Market1086
Property Features for 32989 Weatherly Ln
General Information
Standard status
Active
Size
3,428 SF
Lot size
0.11 Acres
Property subtype
Multifamily
Zoning
CUM (Commercial, Urban, Median District)
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$41,904
Building Details
Year Built
1976
Year Renovated
2023
Buildings
1
Stories
1
Units
4
Listing Agency:
C21 Commercial
(559) 359-4035
Listed By:
Jared Ennis · License #CA
Source:
Crexi
Added: Sep 13, 2023
Changed: Aug 8
Last Checked: Sep 1 at 1:59AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$37,782
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
6.14%
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%
$755,640
$755.6K
Cap Rate 7%
$539,743
$539.7K
Cap Rate 9%
$419,800
$419.8K
Market Conditions
NOI Build-Up for 3,428 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
$58.4K $17.04/SF
− Vacancy
−$4.4K −$1.30/SF
EGI
$54.0K $15.74/SF
− OpEx
−$16.2K −$4.72/SF
NOI
$37.8K $11.02/SF
Area
Madera County, CA
Vacancy
7.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$755,640
Cap Rate 7%
$539,743
Cap Rate 9%
$419,800
Alternative Uses
Best Use
Multifamily LT 5
$539.7K
$472.3K – $629.7K
NOI $37,782 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$499.6K
$437.1K – $582.8K
NOI $34,969 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,863 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 93643, CA
3,130
Population
1,630
Households
1.9
Avg Household Size
51
Median Age
20%
College-Educated
92%
High-School Grad
152.5 sq mi
ZIP Area
21
Density / Sq Mi
$67,612
Median Household Income
$28,929
Median Earnings
$1,293
Median Rent
$339,300
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?
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.
