Four-Unit Apartment
For Sale
$650,000
3378 W Shields Avenue, Fresno, CA 93722
Multi Family, Fresno, CA
Property Size4,328 SF
Lot Size0.07 Acres
Price / SF$150.18
Days on Market147
Property Features for 3378 W Shields Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 8, Bathroom 5, Bedroom 1, Bedroom 10, Bedroom 5, Bedroom 7, Bathroom 2, Bathroom 7, Bathroom 8, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 6, Bedroom 9, Bathroom 3
Exterior features
Wood
High school district
Central Unified
Directions
Shields off of 99
Subdivision
722
Standard status
Active
APN
43350031
Size
4,328 SF
Lot size
0.07 Acres
Amenities
washer/dryer hookups
garage
patio
Building Details
Year built
1990
Floors in Building
2
Number of units
4
Roof type
Shake
Listing Agency:
Fresno Income Properties
(559) 438-9410
Listed By:
Paul Gestic · License #01376488
(559) 438-9410
Added: Apr 2
Changed: Aug 25
Last Checked: Aug 26 at 3:06AM
MLS# 646449
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 four-unit apartment property at 3378 W Shields Avenue contains 4,328 square feet and was built in 1990. The unit mix includes two three-bedroom, two-bath residences and two two-bedroom, two-bath residences. Each unit is described as slightly larger than 1,000 square feet and includes washer and dryer hookups, a garage, and a patio.
The property has wood exterior construction and a shake roof. Located in Fresno, California, the asset is configured as a compact multifamily property with four separately arranged residences and consistent two-bathroom layouts throughout.
The property has wood exterior construction and a shake roof. Located in Fresno, California, the asset is configured as a compact multifamily property with four separately arranged residences and consistent two-bathroom layouts throughout.
Key Highlights
- Four‑unit property with a 4,328‑square‑foot building
- Unit mix includes two 3‑bedroom/2‑bath units and two 2‑bedroom/2‑bath units
- Each unit is just over 1,000 sq ft
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
$50,343
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
7.75%
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%
$1,006,860
$1.0M
Cap Rate 7%
$719,186
$719.2K
Cap Rate 9%
$559,367
$559.4K
Market Conditions
NOI Build-Up for 4,328 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
$75.3K $17.40/SF
− Vacancy
−$3.4K −$0.78/SF
EGI
$71.9K $16.62/SF
− OpEx
−$21.6K −$4.99/SF
NOI
$50.3K $11.63/SF
Area
ZIP 93722
Vacancy
4.50%
Lease Rate
$17.40 /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%
$1,006,860
Cap Rate 7%
$719,186
Cap Rate 9%
$559,367
Alternative Uses
Best Use
Multifamily LT 5
$719.2K
$629.3K – $839.1K
NOI $50,343 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$645.0K
$564.4K – $752.5K
NOI $45,152 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$922.4K
$807.1K – $1.08M
NOI $64,567 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 93722, CA
87,364
Population
27,615
Households
3.2
Avg Household Size
32
Median Age
23%
College-Educated
83%
High-School Grad
19.3 sq mi
ZIP Area
4,527
Density / Sq Mi
$77,335
Median Household Income
$41,364
Median Earnings
$1,529
Median Rent
$350,700
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?
Quadplex - The four residences combine two three-bedroom layouts with two two-bedroom layouts, all offering two bathrooms.
Where is this quadplex located?
The property is located at 3378 W Shields Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit property with a 4,328‑square‑foot building; Unit mix includes two 3‑bedroom/2‑bath units and two 2‑bedroom/2‑bath units; Each unit is just over 1,000 sq ft
