Fresno Multifamily Investment
For Sale
$2,850,000
1223 North Sylmar Avenue, Fresno, CA 93727
Value-add potential with renovated units in a thriving market.
Property Size12,220 SF
Price / SF$233.22
Days on Market458
Property Features for 1223 North Sylmar Avenue
General Information
Standard status
Active
Size
12,220 SF
Property subtype
Multi Family / 5 to 15 Units
Lease Type
Net
Amenities
Central Heat/Cool
Composition
Stucco
Concrete Perimeter
Building Details
Year Built
1971
Listing Agency:
Brendan Kane Real Estate
(559) 289-0698
Listed By:
Brendan L Kane · License #01976828
(559) 289-0698
Source:
Compass
Added: May 31, 2025
Changed: Aug 27
Last Checked: Aug 30 at 11:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brendan Kane Real Estate
Investment Insights
Based on property information with market context.
Sylmar Apartments, located at 1223 N Sylmar Ave, Fresno, California 93727, presents an investment opportunity with value-add potential. All units are renovated and ready for increased rents. The property features spacious 2-bedroom, 1-bath units, each offering 940 sq ft of living space and private patios or balconies. Recent updates include new fencing and exterior paint. Situated in a desirable in-fill location, this property offers upgraded income potential. The multifamily market is thriving, with rent growth surpassing state and national averages. Common amenities include covered parking and a pool. This property is an appealing asset for investors looking to capitalize on market trends.
Key Highlights
- Value‑add potential with renovated units ready for increased rents.
- Desirable in‑fill location.
- Spacious 2‑bedroom, 1‑bath units with 940 sq ft of living space.
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
$131,213
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
4.60%
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%
$2,624,260
$2.6M
Cap Rate 7%
$1,874,471
$1.9M
Cap Rate 9%
$1,457,922
$1.5M
Market Conditions
NOI Build-Up for 12,220 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
$249.3K $20.40/SF
− Vacancy
−$10.7K −$0.88/SF
EGI
$238.6K $19.52/SF
− OpEx
−$107.4K −$8.79/SF
NOI
$131.2K $10.74/SF
Area
ZIP 93727
Vacancy
4.30%
Lease Rate
$20.40 /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%
$2,624,260
Cap Rate 7%
$1,874,471
Cap Rate 9%
$1,457,922
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,213 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,442 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 93727, CA
83,212
Population
25,919
Households
3.2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
22.0 sq mi
ZIP Area
3,782
Density / Sq Mi
$82,247
Median Household Income
$42,002
Median Earnings
$1,277
Median Rent
$370,300
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 - Value-add potential with renovated units in a thriving market.
Where is this apartment building located?
The property is located at 1223 North Sylmar Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Value‑add potential with renovated units ready for increased rents.; Desirable in‑fill location.; Spacious 2‑bedroom, 1‑bath units with 940 sq ft of living space.
