Two-Bedroom Duplex with Covered
For Sale
$200,000
Pending
1405 E Patterson, Fresno, CA 93728
Multi Family, Fresno, CA
Property Size1,170 SF
Lot Size0.06 Acres
Days on Market54
Property Features for 1405 E Patterson
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Parking features
Covered
Exterior features
Wood
Lot features
Corner
High school district
Fresno Unified
Directions
From Insterstate 180 Exit at Vaness then go right at Belmont to San Pablo then head North to Property
Subdivision
728
Standard status
Pending
APN
45205117
Size
1,170 SF
Lot size
0.06 Acres
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Roof type
Shake
Listing Agency:
RE/MAX Gold - Clovis · RE/MAX International
(559) 472-5115
Listed By:
Gregory Holmes
(916) 218-6700
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 29 at 3:06PM
MLS# 651581
Copyright © 2026 Fresno Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,170 square feet with two bedrooms and two bathrooms. Built in 1925, the property has wood exterior construction, a shake roof, and covered parking. Its compact 0.0574-acre lot supports the existing residential configuration.
The property is located in Fresno’s Tower District at 1405 E Patterson, Fresno, CA 93728. The surrounding area provides access to freeways 99, 41, and 180, along with Highway 168. The central Fresno setting and established improvements define the asset’s current physical profile.
The property is located in Fresno’s Tower District at 1405 E Patterson, Fresno, CA 93728. The surrounding area provides access to freeways 99, 41, and 180, along with Highway 168. The central Fresno setting and established improvements define the asset’s current physical profile.
Key Highlights
- Duplex with 1,170 square feet of building area
- Two bedrooms and two bathrooms
- Built in 1925
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,324
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$306,480
$306.5K
Cap Rate 7%
$218,914
$218.9K
Cap Rate 9%
$170,267
$170.3K
Market Conditions
NOI Build-Up for 1,170 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.2K $19.80/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$21.9K $18.71/SF
− OpEx
−$6.6K −$5.61/SF
NOI
$15.3K $13.10/SF
Area
Fresno, CA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$306,480
Cap Rate 7%
$218,914
Cap Rate 9%
$170,267
Alternative Uses
Best Use
Multifamily LT 5
$218.9K
$191.6K – $255.4K
NOI $15,324 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$191.8K
$167.8K – $223.8K
NOI $13,425 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$344.8K
$301.7K – $402.3K
NOI $24,135 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 93728, CA
16,191
Population
6,878
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
5,397
Density / Sq Mi
$52,809
Median Household Income
$34,696
Median Earnings
$1,243
Median Rent
$239,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Wood exterior, covered parking, and a compact footprint characterize this residential income property.
Where is this duplex located?
The property is located at 1405 E Patterson Fresno, CA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Duplex with 1,170 square feet of building area; Two bedrooms and two bathrooms; Built in 1925
