NOT LISTED FOR SALE

603 Rio Grande Ave Modesto, CA 95351

Estimated Value: $492,000 - $524,372

-- Bed
2 Baths
-- Sq Ft
0.41 Acres

Last Sold November 15, 2023

Last sale price $480,000

Est. 6% increase in value since last sale

Current estimated payment $3,218/month

54 Days on Market

Highlights

  • Corner Lot
  • Covered Patio or Porch
  • Video Cameras
  • No HOA
  • Fenced Yard
  • Tile Flooring

About This Home

As of November 2023

Welcome to an exceptional investment opportunity in the heart of Modesto. This remarkable property offers a strategic location, impressive financial potential, and a diverse range of possibilities for savvy investors. With 2 parcels of land, 6 buildings, and a total of 7 units, this gem is poised to deliver excellent returns on your investment. There are 1 3-bedroom/2-bathroom unit, 1 2-bedroom/2-bathroom unit, 2 2-bedroom/1-bathroom units, and 3 1-bedroom/1-bathroom units (2 units on the same lot have 1bed/1bath additions without permits, but permits can be pulled with ease). 3 units will be delivered vacant so you can bring them to market rents of $1400-1800, bringing in a total gross of $8000+/monthly and lots of room for growth with yearly increases.

Last Agent to Sell the Property

Yusuf Nafey

eXp Realty of California Inc. License #02121822 Listed on: 07/29/2023

eXp Realty of California Inc.

Last Buyer's Agent

Jaime Bedoy

HomeSmart PV & Associates License #01452493

HomeSmart PV & Associates

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $13,800

Year Built

  • Built in 1953 | Remodeled

Lot Details

  • 0.41 Acre Lot
  • Fenced Yard
  • Landscaped
  • Corner Lot
  • Level Lot

Home Design

  • Slab Foundation
  • Frame Construction
  • Composition Roof
  • Stucco

Interior Spaces

  • 1-Story Property
  • Ceiling Fan

Kitchen

  • Free-Standing Gas Oven
  • Free-Standing Gas Range

Flooring

  • Carpet
  • Laminate
  • Tile

Home Security

  • Security Lights
  • Video Cameras
  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Parking

  • 5 Parking Spaces
  • On-Street Parking

Outdoor Features

  • Covered Patio or Porch

Utilities

  • Central Heating and Cooling System
  • Window Unit Cooling System
  • Separate Meters
  • Natural Gas Connected
  • ENERGY STAR Qualified Water Heater
  • Gas Water Heater
  • Septic System

Listing and Financial Details

  • Tenant pays for electricity
  • Assessor Parcel Number 038-038-042-000

Community Details

Overview

  • No Home Owners Association
  • 6 Buildings
  • 7 Units

Building Details

  • 5 Leased Units
  • 2 Vacant Units
  • 5 Units Leased Month-To-Month
  • Insurance Expense $3,300
  • Net Operating Income $70,080

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$13,800

Year Built

Built in 1953 | Remodeled

Lot Details

0

Listing Details

  • Property Type: ResidentialIncome
  • Subtype Description: Apartments,House(s)
  • Property Subtype 1: 5 or More Units
  • Stories: 1
  • Year Built: 1953
  • Number of One Bedroom Units: 3
  • Number of Two Bedroom Units: 4
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Free Standing Gas Oven, Free Standing Gas Range, Gas Water Heater
  • Flooring: Carpet, Tile, Laminate, Varies by Unit
  • Price Per Square Foot: 114.07

Exterior Features

  • Construction Materials: Stucco, Frame, Wood
  • Exterior Features: Fenced Yard, Yard Space
  • Foundation: Slab
  • Listing Price: 999000.00
  • Lot Features: Corner, Sidewalk, Landscape Front
  • Patio And Porch Features: Covered Patio, Varies by Unit
  • Property Condition: Updated/Remodeled, Varies by Unit
  • Roof: Composition
  • Topography: Level

Garage/Parking

  • Parking Features: Street, Varies by Unit
  • Total Parking Spaces: 5.00

Utilities

  • Security: Carbon Mon Detector, Double Strapped Water Heater, Smoke Detector, Video System, Varies By Unit, Security Lights
  • Sewer: Septic System
  • Utilities: Natural Gas Connected, City, Electric
  • Cooling: Ceiling Fan(s), Central, Window Unit(s), Varies by Unit
  • Heating: Central, Varies by Unit
  • Laundry Features: Varies by Unit
  • Water Source: Public
  • Utilities Expenses: 5580
  • Separate Meters: Electricity

Condo/Co-op/Association

  • Association: No

Schools

  • Senior High School District: Modesto City

Lot Info

  • Zoning Description: Multi Family Dwelling
  • Irrigation: Irrigation District, Meter on Site
  • Lot Size Acres: 0.4106
  • Lot Size Sq Ft: 17886.00

Green Features

  • Energy Efficient: Water Heater

Rental Info

  • Tenant Pays: Electricity
  • Lease Term: Month To Month
  • Total # Leasable: 2

Multi Family

  • Income Includes: Rent Only
  • Existing Lease Type: See Remarks
  • Insurance Expense: 3300
  • Number of Leased Units: 5
  • Number of Month to Month Units: 5
  • Number of Units: 7
  • Number of Vacant Units: 2
  • One Bedrooms Occupied: 2
  • Two Bedrooms Occupied: 3

Tax Info

  • Assessor Parcel Number: 038-038-042-000
  • Current RE Taxes: 13800
  • Bonds/Assessments/Taxes: Unknown

MLS Schools

  • School District (County): Stanislaus

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 29, 2023
Closed on
Nov 14, 2023
Sold by
Dea Frances Y and Alsumeri Fahmi
Bought by
Naranjo Dayren Alejandra Ba
Seller's Agent
Yusuf Nafey
eXp Realty of California Inc.
Buyer's Agent
Jaime Bedoy
HomeSmart PV & Associates
List Price
$1,099,000
Sold Price
$480,000
Premium/Discount to List
-$619,000
-56.32%
Views
162
Current Estimated Value
$508,186

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$28,186
Avg. Annual Appreciation
3.18%
Original Mortgage
$329,000
Interest Rate
7.49%
Mortgage Type
New Conventional

Purchase Details

Listed on
Jul 1, 2013
Closed on
Jul 24, 2013
Sold by
Wall Andrew Joe
Bought by
Dea Frances Y and Al Sumeri Fahmi
Seller's Agent
Pamela Haile
Berkshire Hathaway HomeServices-Drysdale Properties
Buyer's Agent
Ricardo Gil
Gil's Real Estate
List Price
$220,000
Sold Price
$190,000
Premium/Discount to List
-$30,000
-13.64%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
9.41%

Purchase Details

Closed on
May 30, 2007
Sold by
Wall Charles P
Bought by
The Charles Phillip Wall 2007 Revocable
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Naranjo Dayren Alejandra Ba $480,000 First American Title
Dea Frances Y -- First American Title
Alsumeri Fahmi -- First American Title
Dea Frances Y $190,000 First American Title Company
The Charles Phillip Wall 2007 Revocable -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Naranjo Dayren Alejandra Ba $310,000
Closed Naranjo Dayren Alejandra Ba $329,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
01/30/2024 01/30/24 Off Market $480,000 -- --
11/15/2023 11/15/23 Sold $480,000 -52.0% --
09/21/2023 09/21/23 Pending -- -- --
08/06/2023 08/06/23 Price Changed $999,000 -9.1% --
07/29/2023 07/29/23 For Sale $1,099,000 +478.4% --
07/26/2013 07/26/13 Sold $190,000 -13.6% $258 / Sq Ft
07/12/2013 07/12/13 Pending -- -- --
07/01/2013 07/01/13 For Sale $220,000 -- $299 / Sq Ft
Source: MetroList

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $5,640 $480,000 $170,000 $310,000
2023 $1,383 $106,034 $17,669 $88,365
2022 $1,353 $103,956 $17,323 $86,633
2021 $1,282 $101,919 $16,984 $84,935
2020 $1,290 $100,875 $16,810 $84,065
2019 $1,268 $98,898 $16,481 $82,417
2018 $1,216 $96,959 $16,158 $80,801
2017 $1,178 $95,059 $15,842 $79,217
2016 $1,151 $93,196 $15,532 $77,664
2015 $1,161 $91,797 $15,299 $76,498
2014 $1,139 $90,000 $15,000 $75,000
Source: Public Records

Agents Affiliated with this Home

  • Y

    Seller's Agent in 2023

    Yusuf Nafey

    eXp Realty of California Inc.

    Section Image
  • Jaime Bedoy

    Buyer's Agent in 2023

    Jaime Bedoy

    HomeSmart PV & Associates

    (209) 622-6053

    66 Total Sales

    Jaime Bedoy
    Section Image

  • P

    Seller's Agent in 2013

    Pamela Haile

    BHHS Drysdale

    Section Image
  • Ricardo Gil

    Buyer's Agent in 2013

    Ricardo Gil

    Gil's Real Estate

    (209) 910-4457

    52 Total Sales

    Ricardo Gil
    Section Image
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Map

Source: MetroList

MLS Number: 223071701

MetroList

APN: 038-38-42

California Stanislaus County Modesto 95351

603 Rio Grande Ave, Modesto, CA

This home is located at 603 Rio Grande Ave, Modesto, CA 95351 since 29 July 2023 and is currently estimated at $508,186. This property was built in 1953. 603 Rio Grande Ave is a home located in Stanislaus County with nearby schools including Shackelford Elementary School, Evelyn Hanshaw Middle School, and Thomas Downey High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

MetroList IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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