Two-Home Duplex
For Sale
$284,000
230 North Calaveras Street, Fresno, CA 93701
Two separate residences share a fenced, gated lot near Fresno’s Tower District.
Property Size1,800 SF
Price / SF$157.78
Days on Market300
Property Features for 230 North Calaveras Street
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi Family / Duplex
Lease Type
Net
Units
Unit Mix
2BR/1BA, 1BR/1BA
Multifamily Units
2
Amenities
gated yard
Evaporative, Floor or Wall Heat
Fenced
Composition
Wood
Wood Subfloor
Building Details
Year Built
1923
Buildings
2
Listing Agency:
eXp Realty of California, Inc.
(559) 250-3442
Listed By:
Robert A Mitchell · License #01338677
(559) 250-3442
Source:
Compass
Added: Nov 4, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:00PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This duplex property contains two separate homes on one parcel. The front residence includes two bedrooms and one bathroom, while the rear home offers one bedroom and one bathroom. Both residences are occupied under month-to-month arrangements. The property includes a fenced and gated yard, parking, composition roofing, wood exterior elements, and wood subfloor construction. Interior systems include evaporative cooling and floor or wall heat.
Located at 230 North Calaveras Street in Fresno, the property sits on the fringe of the Tower District, with cafés, restaurants, nightlife, and art destinations identified nearby. Built in 1923, the two-home configuration provides separate residential spaces within a single duplex asset.
Located at 230 North Calaveras Street in Fresno, the property sits on the fringe of the Tower District, with cafés, restaurants, nightlife, and art destinations identified nearby. Built in 1923, the two-home configuration provides separate residential spaces within a single duplex asset.
Key Highlights
- Two separate homes on one lot
- Front home offers 2 bedrooms and 1 bathroom
- Rear home offers 1 bedroom 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
$23,576
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
8.30%
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%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$33.7K $18.71/SF
− OpEx
−$10.1K −$5.61/SF
NOI
$23.6K $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%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$295.0K
$258.2K – $344.2K
NOI $20,653 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$530.4K
$464.1K – $618.8K
NOI $37,130 @ 7.0% cap · market cap 13.07%
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
3,684
Businesses Nearby
Explore this area
Business Placement
Demographics for 93701, CA
12,037
Population
3,836
Households
3.1
Avg Household Size
28
Median Age
7%
College-Educated
48%
High-School Grad
1.5 sq mi
ZIP Area
8,025
Density / Sq Mi
$32,192
Median Household Income
$26,875
Median Earnings
$926
Median Rent
$207,600
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 separate residences share a fenced, gated lot near Fresno’s Tower District.
Where is this duplex located?
The property is located at 230 North Calaveras Street Fresno, CA.
What is the asking price?
The asking price for this property is $284,000.
What are key features of this property?
This property features: Two separate homes on one lot; Front home offers 2 bedrooms and 1 bathroom; Rear home offers 1 bedroom and 1 bathroom
