www.crexi.com - The Commercial Real Estate Exchange
Subscribe to Intelligence for full access
Analyze more property details including ownership and financial history. Share advanced property insights with your clients and teams.
Subscribe to Intelligence for full access
Analyze more property details including ownership and financial history. Share advanced property insights with your clients and teams.
27841774
27841775

233 W I St, Los Banos, CA 93635

CT
CA CA 01993261
First Commercial Real Estate
Listed by First Commercial Real Estate
$2,700,000
261 days on market
Updated 60 days ago
Opportunity zone

Las Palmas at 233

Details
APN 027-072-003
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,200
Net Rentable (SqFt) 13,200
Cap Rate 7.58%
NOI $204,641
Pro-Forma Cap Rate 8.65%
Pro-Forma NOI $233,620
Price per SqFt $205
Year Built 1963
Year Renovated 2021
Buildings 4
Stories 2
Acreage 0.650
Zoning R2
Investment Type Stabilized

New Pricing | Renovated 16-Unit Complex in Los Banos | 7.58% CAP in Tight Rental Submarket

Marketing description

First Commercial is excited to present the Las Palmas at 233, a well-established 16 unit complex nestled in the burgeoning agricultural community of Los Banos, California. This property boasts a desirable mix of spacious two-bedroom units spread across four buildings, situated on approximately half an acre of land. Recently, the property has undergone extensive renovations, enhancing both its structural integrity and aesthetic appeal. Significant improvements include comprehensive dry rot repairs, new roof, and stucco enhancements across all buildings. Structural upgrades to decks and roof overhangs have been completed, adhering to engineers’ recommendations. Modern wrought railings have been installed to meet current safety codes, alongside upgraded security measures, including monitoring cameras and high-efficiency exterior LED lighting. Additional updates encompass extensive roof repairs on all carports and fresh paint for all structures.

Investment highlights

  • Prime Investment Opportunity: Well-established 16-unit complex in the growing community of Los Banos, a highly constrained rental market with a robust tenant base.

  • Spacious Two-Bedroom Units: All units are designed for comfort, featuring generous layouts that cater to a diverse range of tenants.

  • Extensive Renovations: Recent upgrades include major dry rot repairs, new roof, new asphalt at both entries, and comprehensive cosmetic enhancements across all buildings.

  • Structural Integrity Improvements: Engineered upgrades to decks and roof overhangs, along with new wrought railings, ensure safety and compliance with current codes.

  • Enhanced Security Features: Equipped with monitoring security cameras and high-efficiency exterior LED lighting for added tenant safety.

  • Ample Parking and Accessibility: Newly sealed and striped parking areas, along with extensive roof repairs on carports, provide convenience for residents.

Listing Contacts

CT
CA CA 01993261
First Commercial Real Estate
Listed by First Commercial Real Estate

Valuation Calculator

Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
$
$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$204,641.00
$17,053.42/mo

Valuation Metrics

0
DSCR
7.58%
Cap Rate
7.58%
ROI

Map

Zoning

Intelligence Badge
R-2 ResidentialMulti FamilyMedium Density Residential
View municipality zoning documents
Upgrade to see the zone description and what's allowed on this property
Upgrade to search and view land use codes
View all 25 uses
View all 25 uses
Last updated May 25, 2026 For deeper zoning details, reports are available at Zoneomics

Broker Selected Comps View More Comps

Property History

Intelligence Badge

Similar Properties

View All

Additional Information

Name
Colton Toste
License
CA 01993261
Brokerage
First Commercial Real Estate & Advisory Services
Title
Managing Partner
Brokerage Address
2920 Pacific Avenue
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
Is there information that looks off?
For assistance, reach out to our support team at [email protected] or call 888.273.0423 . For press inquiries, contact [email protected]
Equal Housing Opportunity
5510 Lincoln Blvd #400, Los Angeles, CA 90094Commercial Real Estate Exchange, Inc.Crexi Technologies, LLCCXTechnology, LLC
© 2026 Commercial Real Estate Exchange, Inc. All Rights Reserved. DRE #02086591