203 Jones Street, Modesto, CA 95354, Modesto, 95354 - 2 bed, 2 bath
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203 Jones Street
Modesto, CA 95354
ACTIVE
CONDITION: POOR
2Beds
2Baths
5,348Sq Ft
11,542Lot Size
Property Price
LIST PRICE$1,200,000
EST. MARKET VALUE
$1,164,024
3% AboveMARKET VALUE
SUMMARY
This 8-unit apartment building represents a High-Potential Investment Opportunity, listed at a List Price of $1,200,000. With a Fair Market Value of $1,164,024, the property is priced at market stability. Featuring a Condition Rating of 5, the asset requires a full interior and systems rehab, yet offers immediate cash flow from full occupancy. The inclusion of city-approved Development Potential for four additional units provides a significant value-add path. This is an ideal acquisition for Buy-and-Hold Investors or Commercial Developers seeking long-term density growth.
Estimated Market Value
$1,164,024
Based on Realkey algorithm analyzing recent comparable sales in Modesto.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 203 Jones Street Subject | $1,200,000* List Price | 2 | 2 | 5,348 | $218 | - |
A 203 Jones Street Active | $1,174,000 List Price | 2 | 2 | 5,348 | $220 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1920 (104 years old) with no evidence of recent renovations. The bathroom is significantly dated with 30+ year old tiling and fixtures. The presence of multiple window AC units indicates a lack of modern central HVAC systems, and the property likely requires a full interior and systems rehab.
PROSSTRENGTHS & OPPORTUNITIES
- Attractive Owner Financing
The seller offers a 6.25% interest rate for 30 years, providing a stable and potentially more accessible financing route compared to current traditional market rates.
- Development Potential
The property includes city approval to construct an additional four-unit apartment building on the lot, offering a significant value-add opportunity to increase density and ROI.
- Immediate Cash Flow
The existing 8-unit building is fully occupied, ensuring immediate rental income for the investor from day one without the need for initial tenant placement.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =11542, other record lot size in square feet = 11325.
- Century-Old Construction
Built in 1920, the property may require significant ongoing maintenance or costly upgrades to aging systems such as plumbing and electrical to remain competitive.
- High Down Payment Requirement
The owner-carry terms require a $425,000 down payment (approximately 35%), which represents a high initial capital barrier for many residential income investors.
About 203 Jones Street
Owner carry 6.25% 30 years payments $4,628.96 425K down 8 unit apartment building all one bedroom one bathroom you can build another apartment building up to four units approved by city. Fully occupied.
Property Details
Public Facts
- Property Type
- Residential Income
- Year Built
- 1920
- Lot Size
- 11,542 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.6 |
| Baths | 2.0 | 1.9 |
| Square foot | 5,348 | 1,797.75 |
| Lot Size | 11,542 | 6,283.25 |
| Price | $1.20M | $500.0K |
| Price per sq ft | $224 | $270 |
| Built year | 1920 | 1970 |
| HOA | $0 | $0 |
| Days on market | 117 | 70 |
Pricing History
Listed for Sale
May 15, 2026
$1,200,000
Initial Listing
Sold
Nov 27, 2024
$1,074,000
Public Record