Renovated Duplex with
For Sale
$429,000
1645 W Fountain Way, Fresno, CA 93705
Corner-lot property combines a three-bedroom main residence with a separate two-bedroom accessory dwelling unit.
Property Size1,838 SF
Price / SF$233.41
Days on Market109
Property Features for 1645 W Fountain Way
General Information
Standard status
Active
Size
1,838 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1947
Listing Agency:
All State Homes
(559) 250-8226
Listed By:
Rudy Alderette · License #01517470
(559) 250-8226
Source:
Exitrealty
Added: May 15
Changed: Aug 29
Last Checked: Aug 30 at 4:20PM
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 All State Homes
Investment Insights
Based on property information with market context.
Located at 1645 W Fountain Way in Fresno, this 1,838-square-foot duplex property includes a three-bedroom, two-bath main residence and a separate accessory dwelling unit with two bedrooms and one bathroom. The improvements were renovated throughout, with modern finishes in the primary residence and a new kitchen in the additional unit.
The ADU also includes washer and dryer hookups, along with an open dining and living area. The corner-lot setting adds a distinct site feature, while the two-unit configuration supports rental income, multigenerational living, or guest accommodations. Built in 1947, the property offers a combination of updated interiors and flexible residential use.
The ADU also includes washer and dryer hookups, along with an open dining and living area. The corner-lot setting adds a distinct site feature, while the two-unit configuration supports rental income, multigenerational living, or guest accommodations. Built in 1947, the property offers a combination of updated interiors and flexible residential use.
Key Highlights
- 1,838‑square‑foot duplex property on a corner lot
- Main residence includes 3 bedrooms and 2 bathrooms
- Separate ADU provides 2 bedrooms and 1 bathroom
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
$24,074
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
5.61%
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%
$481,480
$481.5K
Cap Rate 7%
$343,914
$343.9K
Cap Rate 9%
$267,489
$267.5K
Market Conditions
NOI Build-Up for 1,838 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
$36.4K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$34.4K $18.71/SF
− OpEx
−$10.3K −$5.61/SF
NOI
$24.1K $13.10/SF
Area
Fresno, CA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$481,480
Cap Rate 7%
$343,914
Cap Rate 9%
$267,489
Alternative Uses
Best Use
Multifamily LT 5
$343.9K
$300.9K – $401.2K
NOI $24,074 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$301.3K
$263.6K – $351.5K
NOI $21,089 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$541.6K
$473.9K – $631.9K
NOI $37,914 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 93705, CA
38,125
Population
13,408
Households
2.8
Avg Household Size
31
Median Age
16%
College-Educated
75%
High-School Grad
4.9 sq mi
ZIP Area
7,781
Density / Sq Mi
$55,152
Median Household Income
$35,979
Median Earnings
$1,254
Median Rent
$281,300
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?
Duplex - Corner-lot property combines a three-bedroom main residence with a separate two-bedroom accessory dwelling unit.
Where is this duplex located?
The property is located at 1645 W Fountain Way Fresno, CA.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 1,838‑square‑foot duplex property on a corner lot; Main residence includes 3 bedrooms and 2 bathrooms; Separate ADU provides 2 bedrooms and 1 bathroom
