Three-Level Apartment
For Sale
$2,600,000
1561 N Van Ness Avenue, Fresno, CA 93728
MULTI_FAMILY - Fresno, CA
Property Size11,668 SF
Lot Size0.14 Acres
Price / SF$222.83
Days on Market56
Property Features for 1561 N Van Ness Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 5, Bedroom 4, Bathroom 13, Bathroom 10, Bathroom 1, Bathroom 7, Bathroom 3, Bedroom 2, Bathroom 9, Bathroom 11, Bathroom 14, Bathroom 16, Bedroom 6, Bedroom 1, Bathroom 8, Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 15, Bedroom 7, Bathroom 12, Bathroom 5, Bedroom 8, Bedroom 3
Parking features
Garage
Exterior features
Stucco
High school district
Fresno Unified
Directions
McKinley to Van Ness.
Subdivision
728
Standard status
Active
APN
45105105
Size
11,668 SF
Lot size
0.14 Acres
Building Details
Year built
1928
Floors in Building
3
Number of units
16
Roof type
Tile, 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# 650776
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 16-unit apartment building contains 11,668 square feet across three levels. The first two floors feature one-bedroom, one-bath units, while the third floor includes 8 studio apartments. The property was built in 1928 and has stucco exterior construction, garage parking, and a recently installed roof.
The building is near Fresno City College, Fresno High School, and the Tower District, with access to dining, shopping, and entertainment in the surrounding area. Highway 41 and Highway 180 provide regional connectivity. The property occupies 0.1412 acres in Fresno, California.
The building is near Fresno City College, Fresno High School, and the Tower District, with access to dining, shopping, and entertainment in the surrounding area. Highway 41 and Highway 180 provide regional connectivity. The property occupies 0.1412 acres in Fresno, California.
Key Highlights
- 16‑unit apartment building with 11,668 square feet
- Three‑level layout with 8 studios on the third floor
- First two levels feature one‑bedroom, one‑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
$133,880
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
5.15%
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%
$2,677,600
$2.7M
Cap Rate 7%
$1,912,571
$1.9M
Cap Rate 9%
$1,487,556
$1.5M
Market Conditions
NOI Build-Up for 11,668 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
$256.2K $21.96/SF
− Vacancy
−$12.8K −$1.10/SF
EGI
$243.4K $20.86/SF
− OpEx
−$109.5K −$9.39/SF
NOI
$133.9K $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%
$2,677,600
Cap Rate 7%
$1,912,571
Cap Rate 9%
$1,487,556
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,880 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,688 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with studio and one-bedroom units, a garage, and a recently installed roof.
Where is this apartment building located?
The property is located at 1561 N Van Ness Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 16‑unit apartment building with 11,668 square feet; Three‑level layout with 8 studios on the third floor; First two levels feature one‑bedroom, one‑bath units
