10-Unit Apartment
For Sale
$1,700,000
1527 N Van Ness Avenue, Fresno, CA 93728
MULTI_FAMILY - Fresno, CA
Property Size6,700 SF
Lot Size0.14 Acres
Price / SF$253.73
Days on Market56
Property Features for 1527 N Van Ness Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 2, Bathroom 6, Bathroom 10, Bathroom 4, Bedroom 5, Bedroom 4, Bedroom 7, Bathroom 8, Bathroom 9, Bathroom 7, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 5, Bedroom 8, Bedroom 3, Bathroom 1
Exterior features
Stucco
High school district
Fresno Unified
Directions
From HWY41, head west on McKinley Ave. Turn south on Maroa Ave and the east on Home Ave. Head north on Van Ness Ave (One way road) and property will be on west side of street.
Subdivision
728
Standard status
Active
APN
45105116
Size
6,700 SF
Lot size
0.14 Acres
Building Details
Year built
1935
Floors in Building
2
Number of units
10
Roof type
Composition
Listing Agency:
eXp Realty of California, Inc.
(888) 584-9427
Listed By:
Ian Hall · License #02167144
(888) 584-9427 x119
Added: Jun 20
Changed: Aug 13
Last Checked: Aug 14 at 4:06AM
MLS# 650775
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 10-unit apartment property comprises two buildings totaling 6,700 square feet on 0.1412 acres. The first structure contains eight units, including two studios, while the second provides two larger units. Five garages and five storage spaces add supporting improvements. The property was built in 1935 and features stucco siding with a composition roof and a recently repainted exterior. All units are currently occupied.
The property is located in Fresno’s Historic District near Fresno City College, Fresno High School, and the Tower District. Highway 41 and Highway 180 provide access to Fresno and surrounding areas. The site’s two-building layout, unit mix, garages, and storage complement its established multifamily configuration.
The property is located in Fresno’s Historic District near Fresno City College, Fresno High School, and the Tower District. Highway 41 and Highway 180 provide access to Fresno and surrounding areas. The site’s two-building layout, unit mix, garages, and storage complement its established multifamily configuration.
Key Highlights
- 10 units currently occupied across two apartment buildings
- 6,700 square feet on a 0.1412‑acre site
- First building includes 8 units, including 2 studios
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
$76,876
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
4.52%
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%
$1,537,520
$1.5M
Cap Rate 7%
$1,098,229
$1.1M
Cap Rate 9%
$854,178
$854.2K
Market Conditions
NOI Build-Up for 6,700 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
$147.1K $21.96/SF
− Vacancy
−$7.4K −$1.10/SF
EGI
$139.8K $20.86/SF
− OpEx
−$62.9K −$9.39/SF
NOI
$76.9K $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%
$1,537,520
Cap Rate 7%
$1,098,229
Cap Rate 9%
$854,178
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.0K – $1.28M
NOI $76,876 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,208 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,423
Businesses Nearby
Explore this area
Business Placement
Demographics for 93728, CA
16,191
Population
6,878
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
5,397
Density / Sq Mi
$52,809
Median Household Income
$34,696
Median Earnings
$1,243
Median Rent
$239,700
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?
Apartment building - Two-building property with garages, storage areas, and a recently repainted stucco exterior.
Where is this apartment building located?
The property is located at 1527 N Van Ness Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10 units currently occupied across two apartment buildings; 6,700 square feet on a 0.1412‑acre site; First building includes 8 units, including 2 studios
