Turnkey Five-Unit Apartment
For Sale
$675,000
551 E 11th St, Hanford, CA 93230
Five 2-bedroom, 1-bath units with turnkey condition, roof replaced 2017, and on-site laundry.
Property Size4,320 SF
Price / SF$156.25
Days on Market122
Property Features for 551 E 11th St
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
5
Amenities
on-site laundry facility
Building Details
Year Built
1977
Tenancy
Multi
Listing Agency:
Fresno
Listed By:
Jeff Kim · License #01456017
Source:
Colliers
Added: May 8
Changed: Aug 25
Last Checked: Sep 5 at 3:35AM
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 Fresno
Investment Insights
Based on property information with market context.
551 E. 11th Street presents a five-unit multifamily property operating as East Wind Apartments. The building consists of a consistent unit mix of five 2-bedroom, 1-bathroom units, supporting straightforward management and broad tenant appeal. Built in 1977 and delivered in turnkey condition, the property has had recent compliance and capital items addressed, including completed mandatory SB 721 balcony and exterior elevated element inspections with all identified repairs permitted and finished. The roof was replaced in 2017.
The community includes an on-site laundry facility leased through WASH, generating supplemental income. Units are individually metered for Southern California Edison and paid by the tenant, while the landlord pays water, sewer, and trash. The property is located in the heart of Hanford, near Adventist Health Hanford and the downtown core.
The community includes an on-site laundry facility leased through WASH, generating supplemental income. Units are individually metered for Southern California Edison and paid by the tenant, while the landlord pays water, sewer, and trash. The property is located in the heart of Hanford, near Adventist Health Hanford and the downtown core.
Key Highlights
- Five‑unit multifamily asset totaling approx. 4,320 SF in Hanford, CA
- Consistent unit mix: five 2‑bedroom, 1‑bath units (East Wind Apartments)
- Built in 1977; roof replaced in 2017
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
$47,230
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
7.00%
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%
$944,600
$944.6K
Cap Rate 7%
$674,714
$674.7K
Cap Rate 9%
$524,778
$524.8K
Market Conditions
NOI Build-Up for 4,320 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
$90.2K $20.88/SF
− Vacancy
−$4.3K −$1.00/SF
EGI
$85.9K $19.88/SF
− OpEx
−$38.6K −$8.94/SF
NOI
$47.2K $10.93/SF
Area
Kings County, CA
Vacancy
4.80%
Lease Rate
$20.88 /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%
$944,600
Cap Rate 7%
$674,714
Cap Rate 9%
$524,778
Alternative Uses
Best Use
Apartment 5plus
$674.7K
$590.4K – $787.2K
NOI $47,230 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.36M
$1.19M – $1.59M
NOI $95,540 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 93230, CA
68,412
Population
23,149
Households
3
Avg Household Size
34
Median Age
17%
College-Educated
81%
High-School Grad
258.1 sq mi
ZIP Area
265
Density / Sq Mi
$73,558
Median Household Income
$44,074
Median Earnings
$1,208
Median Rent
$321,900
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 - Five 2-bedroom, 1-bath units with turnkey condition, roof replaced 2017, and on-site laundry.
Where is this apartment building located?
The property is located at 551 E 11th St Hanford, CA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Five‑unit multifamily asset totaling approx. 4,320 SF in Hanford, CA; Consistent unit mix: five 2‑bedroom, 1‑bath units (East Wind Apartments); Built in 1977; roof replaced in 2017
