Duplex with Attached
For Sale
$450,000
Pending
2009 North Ferger Avenue, Fresno, CA 93704
Two units feature private laundry, updated bathrooms, newer HVAC systems, and fenced semi-private yards.
Property Size2,227 SF
Days on Market194
Property Features for 2009 North Ferger Avenue
General Information
Standard status
Pending
Size
2,227 SF
Total Parking Spaces
2
Property subtype
Multi Family / Duplex
Lease Type
Net
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
inside laundry room
semi-private yards
All units
One Unit
Central Heat/Cool
Sprinkler - Front, Sprinkler - Back, Sprinkler - Manual, Fenced
Composition
Stucco
Wood Subfloor
Corner
Building Details
Year Built
1940
Listing Agency:
C-21 C Watson Real Estate Inc.
(559) 284-6075
Listed By:
Gary R Lundin · License #01479185
(559) 284-6075
Source:
Compass
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 31 at 1:42AM
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 C-21 C Watson Real Estate Inc.
Investment Insights
Based on property information with market context.
This 2,227-square-foot duplex, built in 1940, includes two residential units with a 2-bedroom, 1-bath layout in each. Both units have inside laundry rooms, central heat and cooling, and 1-car attached garages. Recent improvements include updated tub and shower enclosures and newer HVAC systems. Each residence also has a fenced semi-private yard with front and rear manual sprinklers.
The property occupies a corner location at 2009 North Ferger Avenue in Fresno, California, within the Fresno High neighborhood. Parks, schools, shopping, and restaurants are located nearby. Stucco exteriors, composition roofing, and wood subfloors are among the recorded property features.
The property occupies a corner location at 2009 North Ferger Avenue in Fresno, California, within the Fresno High neighborhood. Parks, schools, shopping, and restaurants are located nearby. Stucco exteriors, composition roofing, and wood subfloors are among the recorded property features.
Key Highlights
- Duplex with 2 units, each offering 2 bedrooms and 1 bath
- 1‑car attached garage serving each unit
- Inside laundry rooms in both residences
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
$29,169
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
6.48%
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%
$583,380
$583.4K
Cap Rate 7%
$416,700
$416.7K
Cap Rate 9%
$324,100
$324.1K
Market Conditions
NOI Build-Up for 2,227 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
$44.1K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.7K $18.71/SF
− OpEx
−$12.5K −$5.61/SF
NOI
$29.2K $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%
$583,380
Cap Rate 7%
$416,700
Cap Rate 9%
$324,100
Alternative Uses
Best Use
Multifamily LT 5
$416.7K
$364.6K – $486.2K
NOI $29,169 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$365.0K
$319.4K – $425.9K
NOI $25,553 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$656.3K
$574.2K – $765.7K
NOI $45,939 @ 7.0% cap · market cap 10.21%
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
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 93704, CA
28,573
Population
12,165
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
90%
High-School Grad
5.4 sq mi
ZIP Area
5,291
Density / Sq Mi
$69,659
Median Household Income
$45,965
Median Earnings
$1,392
Median Rent
$366,000
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 - Two units feature private laundry, updated bathrooms, newer HVAC systems, and fenced semi-private yards.
Where is this duplex located?
The property is located at 2009 North Ferger Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex with 2 units, each offering 2 bedrooms and 1 bath; 1‑car attached garage serving each unit; Inside laundry rooms in both residences
