Well-maintained 10-unit multifamily investment opportunity in an established Merced location. Built in 1979, the property consists of two buildings with five units each, offering an attractive unit mix of all 2-bedroom, 1.5-bath, two-level townhome-style units. Features include newer HVAC units and a wrought-iron privacy gate providing controlled access to the property. The property has an excellent rental history and offers a desirable combination of functional floor plans, townhouse-style living, onsite laundry, storage units and established tenant demand. Conveniently located directly across from McNamara Community Park and soccer fields, and just minutes from the Merced County Fairgrounds, Highway 99 and Highway 59. An excellent opportunity for an investor seeking a well-located multifamily property with a proven rental history.
Gateways, located between I-99 and UC Merced, is a residential and campus-adjacent Merced neighborhood with newer subdivisions and wide arterial roads. The neighborhood’s character concentrates around the G Street corridor near downtown, where taquerias, coffee counters, and small storefronts set a steady, everyday pace. Architectural cues lean contemporary—stucco exteriors, planned streets, and pocket parks—paired with open views toward the valley’s flat horizon. A short drive away, the Merced Multicultural Arts Center adds a gallery-and-performance note to the local routine. The Merced County Courthouse Museum and the Mainzer Theater give downtown a classic civic-and-cinema backdrop. Lake Yosemite frames the area’s outdoor rhythm with shoreline paths and broad water views.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Two-level interior
All bedrooms located upstairs
Main entry on level 1
Bedrooms
Bedrooms are all on the upper level
Bathrooms
Each typical unit has 2 total bathrooms (1 full, 1 half)
Laundry & utility
Dedicated individual laundry room
Heating & cooling
Central cooling
Central furnace heating
Exterior features
Wood and wrought iron fencing
Rectangular lot shape
Park nearby
No pool
Home design
Attached property
Two stories
Entry on the first level
Parking
Assigned parking
Total of 12 parking spaces
Construction
Concrete slab foundation
Year built per assessor
Utilities
Public sewer
District / public water
HOA & community
Community has street lighting and sidewalks
Property is subject to rent control
Financial info
Total of 10 units
Building area reported as 8,640
Gross scheduled income approximately $128,668
Gross income approximately $128,668
Net operating income approximately $97,320
Operating expenses approximately $31,348 (includes water & sewer, electric, gardener, fuel)
Actual/total rent figures listed at approximately $125,763
Other
There are 2 buildings on the parcel
11 separate electric meters and 11 separate gas meters
1 separate water meter
Zoning: R-3-1.5
Number of leased units: 10
Electricity and solar
View estimated energy costs and solar savings for this home
The R-3 zoning district provides an area for a full range of residential uses, including single-family dwellings, duplex homes, multi-family dwellings, single room occupancy housing, and other land uses typically compatible with a medium density residential setting. The R-3 zoning district R-3-1.5 allowing for a range of permitted residential densities.
Permitted uses
Include but are not limited to:
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Other
Infrastructure
Office-Other
Climate risks
6/10 Flood Factor
Estimated 80%+ chance of a flood reaching the building in the next 30 years
4/10 Fire Factor
2% chance of being in a wildfire in next 30 years
7/10 Heat Factor
7 days above 105° expected this year, 17 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
34 unhealthy days expected this year, 35 days in 30 years
Provided by First Street
Historical weather
Merced, CA • 95341
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Sun exposure
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Provided by Shadowmap
Redfin Estimate for 940 K
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