Five-Home Residential Income
For Sale
$1,400,000
2054 South 4th Street, Fresno, CA 93702
Five rental homes plus an adjacent vacant lot offer a flexible lot-line adjustment configuration.
Property Size7,090 SF
Price / SF$197.46
Days on Market271
Property Features for 2054 South 4th Street
General Information
Standard status
Active
Size
7,090 SF
Property subtype
Multi Family / 5 to 15 Units
Lease Type
Net
Additional Details
Multifamily Units
5
Amenities
All units
Central Heat/Cool
All Units
Sprinkler - Front
Composition
Stucco, Stone
Concrete Perimeter
Cul De Sac
Building Details
Year Built
1990
Listing Agency:
Guarantee Real Estate
Listed By:
Beverly Grabel · License #01216278
(559) 307-3994
Source:
Compass
Added: Dec 10, 2025
Changed: Aug 8
Last Checked: Jul 22 at 10:59PM
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 Guarantee Real Estate
Investment Insights
Based on property information with market context.
This offering includes five rental homes, each described as 5-bedroom with two bathrooms, along with an adjacent vacant lot. The property is also noted as being potentially separable via a lot-line adjustment into three groupings: two homes, two homes, and one home with a lot. Rents are described as decent.
The asset is located at 2054 South 4th Street in Fresno, California.
The configuration supports multiple ways to organize the homes and lot area, which may be useful for buyers seeking a divided presentation of the residential income component.
The asset is located at 2054 South 4th Street in Fresno, California.
The configuration supports multiple ways to organize the homes and lot area, which may be useful for buyers seeking a divided presentation of the residential income component.
Key Highlights
- 5 rental homes with 5 bedrooms and 2 baths each
- Adjacent vacant lot included for flexible lot‑line adjustment configuration
- Lot‑line adjustment can separate the property into 2 homes, 2 homes, and 1 home with a lot
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
$83,398
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
5.96%
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%
$1,667,960
$1.7M
Cap Rate 7%
$1,191,400
$1.2M
Cap Rate 9%
$926,644
$926.6K
Market Conditions
NOI Build-Up for 7,090 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
$160.0K $22.56/SF
− Vacancy
−$8.3K −$1.17/SF
EGI
$151.6K $21.39/SF
− OpEx
−$68.2K −$9.62/SF
NOI
$83.4K $11.76/SF
Area
ZIP 93702
Vacancy
5.20%
Lease Rate
$22.56 /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%
$1,667,960
Cap Rate 7%
$1,191,400
Cap Rate 9%
$926,644
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,398 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,113 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 93702, CA
45,741
Population
13,386
Households
3.4
Avg Household Size
29
Median Age
9%
College-Educated
57%
High-School Grad
5.2 sq mi
ZIP Area
8,796
Density / Sq Mi
$44,849
Median Household Income
$27,486
Median Earnings
$1,110
Median Rent
$211,900
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 - Five rental homes plus an adjacent vacant lot offer a flexible lot-line adjustment configuration.
Where is this apartment building located?
The property is located at 2054 South 4th Street Fresno, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 5 rental homes with 5 bedrooms and 2 baths each; Adjacent vacant lot included for flexible lot‑line adjustment configuration; Lot‑line adjustment can separate the property into 2 homes, 2 homes, and 1 home with a lot
