Five-Unit Apartment Building with
For Sale
$424,900
2263 E Thomas Avenue, Fresno, CA 93701
MULTI_FAMILY - Fresno, CA
Property Size2,942 SF
Lot Size0.45 Acres
Price / SF$144.43
Days on Market115
Property Features for 2263 E Thomas Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS5
Parking features
Carport
Directions
N Thesta St to E Thomas or N Clark St to E Thomas
Subdivision
Fresno
Standard status
Active
APN
45223525
Size
2,942 SF
Lot size
0.45 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Floors in Building
1
Listing Agency:
eXp Realty of Greater Los Angeles, Inc.
(888) 652-1314
Listed By:
Marie Meza · License #01772801
(559) 246-4905
Added: May 1
Changed: Jul 31
Last Checked: Aug 23 at 12:06AM
MLS# 234126
Copyright © 2026 Kings County Board 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.
Apartment buildings: 2263 E Thomas Avenue offers five well-positioned units in an income-producing, multi-unit configuration. The property includes central heating, a carport parking feature, and is connected to public water and public sewer.
The property sits on a 0.4545-acre lot and totals 2,942 square feet. It is zoned RS5.
For an operator or owner seeking a small, multi-unit residential asset, the combination of five units, central heating, and utilities tied to public water and public sewer provides a straightforward foundation for ongoing residential use.
The property sits on a 0.4545-acre lot and totals 2,942 square feet. It is zoned RS5.
For an operator or owner seeking a small, multi-unit residential asset, the combination of five units, central heating, and utilities tied to public water and public sewer provides a straightforward foundation for ongoing residential use.
Key Highlights
- Five‑unit apartment building
- 0.4545‑acre lot
- 2,942 SF total building size
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
$33,757
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
7.94%
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%
$675,140
$675.1K
Cap Rate 7%
$482,243
$482.2K
Cap Rate 9%
$375,078
$375.1K
Market Conditions
NOI Build-Up for 2,942 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
$64.6K $21.96/SF
− Vacancy
−$3.2K −$1.10/SF
EGI
$61.4K $20.86/SF
− OpEx
−$27.6K −$9.39/SF
NOI
$33.8K $11.47/SF
Area
Fresno, CA
Vacancy
5.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$675,140
Cap Rate 7%
$482,243
Cap Rate 9%
$375,078
Alternative Uses
Best Use
Apartment 5plus
$482.2K
$422.0K – $562.6K
NOI $33,757 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$867.0K
$758.6K – $1.01M
NOI $60,688 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 93701, CA
12,037
Population
3,836
Households
3.1
Avg Household Size
28
Median Age
7%
College-Educated
48%
High-School Grad
1.5 sq mi
ZIP Area
8,025
Density / Sq Mi
$32,192
Median Household Income
$26,875
Median Earnings
$926
Median Rent
$207,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building on a public water and public sewer system, zoned RS5 and served by central heating and carport parking.
Where is this apartment building located?
The property is located at 2263 E Thomas Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: Five‑unit apartment building; 0.4545‑acre lot; 2,942 SF total building size
