150 Gateway Ct · Stockton, CA 95207

$4,635,000

1457 bd · 961.0 ba · 25,812 sqft · MultiFamily public records · 1 Days on market

Built 1968 1.03 ac lot

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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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +3.2/5.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 31 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

The Gateway Apartments are a 31-unit multifamily asset located at 150 Gateway Court in North Stockton. This well-positioned property offers a strong investment opportunity in a high-demand area just minutes from major retail centers, employment hubs, and top colleges. The unit mix consists entirely of spacious 2- and 3-bedroom layouts across six unique floor plans, complemented by gated parking, secure entries, onsite laundry, and generous common areas. The Gateway Apartments, a 31-unit multifamily asset located at 150 Gateway Court in North Stockton. This well-positioned property offers a strong investment opportunity in a high-demand area just minutes from major retail centers, employment

Key facts

• 1.03 acre lot
• 31 parking spots
• Built 1968

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Ample parking (total 31 parking spaces)
• Utilities: Cable connected; Natural gas connected; Water and sewer: see remarks; Irrigation source: see remarks
• Home design: Apartments (5+ units); Residential income property; Built in 1968; Address: 150 Gateway Ct, Stockton, CA 95207
• Construction: Built in 1968
• Exterior features: Lot is approximately 1.03 acres; Lot features: None specified

Interior

• Bedrooms: Typical unit has 2 bedrooms
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: Typical unit has 1 full bathroom
• Heating & cooling: Wall furnaces; Ceiling fans; Wall-mounted cooling units
• Interior features: Two-story building
• Laundry & utility: Shared laundry in common area

What this means for you Summary

Snapshot

• This is a 15×2bd/?ba + 16×3bd/?ba units multifamily listed at $4.63M.

Deal economics

• At list price, monthly cash flow is $11k ($138k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($51k rent vs $4.63M).
• Cap rate 9.3% 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: Rents rising (+2.7%/yr); 171 active listings in the ZIP; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• At $50,691/mo this rent would consume 876% of the median local household income ($69k/yr) (locally 3292% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $32k of loan paydown is wiped out by about $139k of value loss. Plan a longer hold.
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago; this cycle's ask is 343233% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.95M; list at $4.63M implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,635,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.63%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.69% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-36,166
• Equity at exit: $691,094

10-year hold

• IRR: 8.6%
• Equity multiple: 1.65×
• Total profit: $841,268
• Equity at exit: $400,750

Cash invested: $1,297,800 (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 95207

• Rents YoY: 2.7%
• Active inventory: 171
• Price-to-rent: 246.2×

Monthly cashflow live

• Estimated rent: $50,691 high
• Mortgage (P&I): −$24,306
• Tax from tax record: −$2,314 /mo · $27,774/yr
• Insurance: −$1,931
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,645
• Net cashflow: $11,494

Break-even live

Break-even rent $36,142

Max offer price $4,635,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 15× units	2	0	$23,535
▸ 16× units	3	0	$27,168
Total (31 units)			$50,691

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: $1,158,750
• Closing costs: $139,050
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2024-03-14
   historical $1,350
2. 2024-01-18
   historical $1,350
3. 2024-01-18
   listed $1,350
4. 2024-01-04
   listed $1,500
5. 2023-07-28
   historical
6. 2017-12-22
   soldstatus $1,950,000
7. 2003-06-30
   soldstatus $2,300,000
8. 2000-11-22
   soldstatus $800,000
9. 1986-12-31
   soldstatus $166,000

ⓘ 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: $27,774 · $2,314/mo
• Projected year-2 tax: $35,226 · $2,936/mo
• Expected delta: +$7,452/yr (+$621/mo · 26.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥102°F today · 15 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: $608,292
• − Mortgage interest: −$259,632
• − Property taxes: −$27,774
• − Insurance: −$23,175
• − Repairs & maintenance: −$48,663
• − Management: −$48,663
• − Depreciation: −$134,836
• Taxable income: $65,548
• Est. tax owed @ 24.0%: −$15,731
• After-tax cash flow: $122,193/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): 52,414
• Household income: $69,455
• Rent vs Own: 58.4% rent · 41.6% own
• Severe rent burden: 3292.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Hispanic / Latino 43% Two or more races 24% White 23% Black 14% Asian 13%
• Hispanic origin (detail): Mexican 38%
• Common ancestry: Russian 1% Italian 1% Lithuanian 1%
• Foreign-born: 18% · Canada, China, Vietnam
• Languages at home: 66% English-only · Spanish 22% Other Asian/Pacific 4% Tagalog/Filipino 2%

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: ▼ -454.91%
• Current HPI: 358.6024
• Rent YoY: ▲ 2.69%
• 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

-99.2% since first listed

9 events — show timeline

• 2024-03-14 Rental Removed $1,350 APPFOLIO
• 2024-01-18 Rental Removed $1,350 APPFOLIO
• 2024-01-18 Listed for Rent $1,350 APPFOLIO
• 2024-01-04 Listed for Rent $1,500 APPFOLIO
• 2023-07-28 Rental Removed — APPFOLIO
• 2017-12-22 Sold (Public Records) $1,950,000 Public Records
• 2003-06-30 Sold (Public Records) $2,300,000 Public Records
• 2000-11-22 Sold (Public Records) $800,000 Public Records
• 1986-12-31 Sold (Public Records) $166,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $27,774 · +1.6% YoY. Source: county tax records.