Gated Multifamily Apartment
For Sale
$1,950,000
1348 E San Bruno Avenue, Fresno, CA 93710
Two-story garden-style community with covered parking and on-site laundry near Fresno State University and Fashion Fair Mall.
Property Size11,040 SF
Lot Size0.37 Acres
Price / SF$176.63
Days on Market110
Property Features for 1348 E San Bruno Avenue
General Information
Standard status
Active
Size
11,040 SF
Lot size
0.37 Acres
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
15
Amenities
gated access
covered parking
on-site laundry
Building Details
Year Built
1966
Stories
2
Construction
garden-style
Listing Agency:
CenCal Realty
(330) 600-1221
Listed By:
Anthony M. Fraser GRI · License #DRE #01355047
(330) 600-1221
Source:
Exitrealty
Added: May 13
Changed: Aug 29
Last Checked: Aug 29 at 2:52PM
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 CenCal Realty
Investment Insights
Based on property information with market context.
Built in 1966, this two-story garden-style apartment property contains 15 units within approximately 11,040 square feet of improvements on a 16,000-square-foot lot. The site includes gated access, covered parking, and on-site laundry. Historically reported floor plans include one-bedroom/one-bath, two-bedroom/one-bath, and four-bedroom/two-bath units.
The property is located at 1348 E San Bruno Avenue in Fresno, approximately one mile from Fresno State University and Fashion Fair Mall. The surrounding area includes employment, retail, dining, major arterials, and public transit, and the property is within the Fresno Unified School District.
The property is located at 1348 E San Bruno Avenue in Fresno, approximately one mile from Fresno State University and Fashion Fair Mall. The surrounding area includes employment, retail, dining, major arterials, and public transit, and the property is within the Fresno Unified School District.
Key Highlights
- 15‑unit apartment property built in 1966
- Approximately 11,040 square feet of improvements on a 16,000‑square‑foot lot
- Historically reported mix of 1‑bedroom/1‑bath, 2‑bedroom/1‑bath, and 4‑bedroom/2‑bath units
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
$126,674
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
6.50%
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%
$2,533,480
$2.5M
Cap Rate 7%
$1,809,629
$1.8M
Cap Rate 9%
$1,407,489
$1.4M
Market Conditions
NOI Build-Up for 11,040 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
$242.4K $21.96/SF
− Vacancy
−$12.1K −$1.10/SF
EGI
$230.3K $20.86/SF
− OpEx
−$103.6K −$9.39/SF
NOI
$126.7K $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%
$2,533,480
Cap Rate 7%
$1,809,629
Cap Rate 9%
$1,407,489
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,674 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.85M – $3.80M
NOI $227,733 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,560
Businesses Nearby
Explore this area
Business Placement
Demographics for 93710, CA
30,552
Population
12,581
Households
2.4
Avg Household Size
32
Median Age
30%
College-Educated
89%
High-School Grad
6.2 sq mi
ZIP Area
4,928
Density / Sq Mi
$62,294
Median Household Income
$32,232
Median Earnings
$1,337
Median Rent
$348,600
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?
Apartment building - Two-story garden-style community with covered parking and on-site laundry near Fresno State University and Fashion Fair Mall.
Where is this apartment building located?
The property is located at 1348 E San Bruno Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 15‑unit apartment property built in 1966; Approximately 11,040 square feet of improvements on a 16,000‑square‑foot lot; Historically reported mix of 1‑bedroom/1‑bath, 2‑bedroom/1‑bath, and 4‑bedroom/2‑bath units
