1107 N Commerce St · Stockton, CA 95202

$699,900

12 bd · 36.0 ba · 3,385 sqft · MultiFamily public records · 35 Days on market

Built 1900 10,001 sqft lot $207/sqft · 43% above area Est $488k · 43% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Appreciation +5.4/10.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Immaculately updated and ideally located in the heart of Stockton, this turnkey 6-unit apartment building is a standout investment opportunity. Unit Mix: 3 Studios 2 Spacious 1-Bedrooms 1 Large 2-Bedroom Unit Property Highlights: Full Renovation - Modern upgrades throughout, inside and out State-of-the-Art Amenities - New flooring, lighting, fixtures, granite countertops & updated kitchens Stylish Bathrooms - Fully remodeled with sleek, contemporary finishes Energy-Efficient - Dual-pane windows enhance comfort and reduce utility costs Prime Location - Strong rental demand in a desirable area Assumable Loan - Take over a low 4.5% APR loan (inquire for details) Perf

Key facts

• Full renovation
• Energy-efficient
• Prime location

Tags

• FULL RENOVATION
• STATE-OF-THE-ART AMENITIES
• ENERGY-EFFICIENT
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/4.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $510/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $700k).
• Recommended offer: $679k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.6% in Stockton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 57/100 on livability (#734 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, health & safety A, amenities A-; Watch: employment C-, schools D-, crime F.
• Stockton Unified (urban): math 23% / reading 46% proficiency, ranked #295 of 517 in CA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 24 active listings in the ZIP; lower-income renter base — watch delinquency; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• At $9,396/mo this rent would consume 363% of the median local household income ($31k/yr) (locally 837% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($5k loan paydown + $5k appreciation (0.7% local appreciation)).
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $196k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $375k; list at $700k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $678,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 11.54%
• Cash-on-cash: 18.72%
• DSCR: 1.83
• GRM: 6.2

CMA / ARV

• ARV (median comp): $488,206
• List price: $699,900
• Delta: 43.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

0.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.01×
• Total profit: $197,625
• Equity at exit: $228,215

10-year hold

• IRR: 23.5%
• Equity multiple: 3.76×
• Total profit: $541,452
• Equity at exit: $295,155

Cash invested: $195,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95202

• Home prices YoY: 0.2%
• Active inventory: 24
• Price-to-rent: 37.2×

Monthly cashflow live

• Estimated rent: $9,396 medium
• Mortgage (P&I): −$3,670
• Tax from tax record: −$403 /mo · $4,835/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,973
• Net cashflow: $3,058

Break-even live

Break-even rent $5,525

Max offer price $699,900

Occupancy floor 62%

Sensitivity live

Price	-10% $3,454	-5% $3,256	+0% $3,058	+5% $2,860	+10% $2,662
Rent	-10% $2,316	-5% $2,687	+0% $3,058	+5% $3,429	+10% $3,800
Rate	-1.0pp $3,410	-0.5pp $3,236	base $3,058	+0.5pp $2,877	+1.0pp $2,692

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	4	4	$9,396
Total (6 units)			$9,396

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2023-09-18
   soldstatus $375,000
2. 2003-08-28
   soldstatus $340,000
3. 2002-01-10
   soldstatus $185,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $4,835 · $403/mo
• Projected year-2 tax: $5,319 · $443/mo
• Expected delta: +$484/yr (+$40/mo · 10.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 30 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $112,752
• − Mortgage interest: −$39,205
• − Property taxes: −$4,835
• − Insurance: −$3,500
• − Repairs & maintenance: −$9,020
• − Management: −$9,020
• − Depreciation: −$20,361
• Taxable income: $26,811
• Est. tax owed @ 24.0%: −$6,435
• After-tax cash flow: $30,260/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Stockton Unified
• NCES district ID: 0638010
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 46% ▲ 16.00%
• Median HH income: $37,563
• Composite: 28.65/100
• National rank: #6701
• State rank: #295 of 517 in CA

Livability — Stockton

• Score: 57/100
• State rank: #734
• US rank: #21638

Category grades

Amenities A- Commute F Cost of living F Crime F Employment C- Housing A+ Health & safety A User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stockton, CA
• County: San Joaquin County · 729,570 people
• City population: 332,006
• Metro: Stockton, CA
• Population (ZIP): 7,066
• Household income: $31,020
• Rent vs Own: 91.1% rent · 8.9% own
• Severe rent burden: 837.0

Population outlook (San Joaquin County) Hauer SSP2

• Today (2025): 796,965 people
• By 2030: 828,849 · +4.0%
• By 2040: 885,611 · +11.1%
• By 2050: 929,798 · +16.7%
• By 2075: 994,578 · +24.8%
• By 2100: 971,291 · +21.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 50% Black 23% Two or more races 21% White 14% Asian 6%
• Hispanic origin (detail): Mexican 39%
• Common ancestry: Russian 2% Danish 1% Portuguese 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 69% English-only · Spanish 27% Other Asian/Pacific 2% Tagalog/Filipino 1%

Political lean MEDSL · San Joaquin

• 2024 margin: Toss-up / Even · D 48.0% · R 48.9% · Other 3.0%
• 2008→2024 swing: -11.6pp toward R · 2008: 10.7pp · 2024: -0.9pp
• All cycles: 2024: R+0.9 2020: D+13.9 2016: D+12.9 2012: D+8.9 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.70%
• Current HPI: 315.9916
• Rent YoY: —
• Metro: Stockton, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+102.7% since first listed

3 events — show timeline

• 2023-09-18 Sold (Public Records) $375,000 Public Records
• 2003-08-28 Sold (Public Records) $340,000 Public Records
• 2002-01-10 Sold (Public Records) $185,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $4,835 · +1.6% YoY. Source: county tax records.