Renovated 4-Unit
For Sale
$725,000
2311 E White Avenue, Fresno, CA 93701
Fully occupied units include recent interior and exterior improvements.
Property Size3,304 SF
Price / SF$219.43
Days on Market118
Property Features for 2311 E White Avenue
General Information
Standard status
Active
Size
3,304 SF
Property subtype
Multi Family
Building Details
Year Built
1979
Listing Agency:
Iron Key Real Estate
(559) 917-5453
Listed By:
Diego M. Hinojosa · License #02041380
(559) 917-5453
Source:
Exitrealty
Added: May 6
Changed: Aug 30
Last Checked: Aug 30 at 8:13PM
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 Iron Key Real Estate
Investment Insights
Based on property information with market context.
This 3,304-square-foot quadplex, built in 1979, contains four 2-bedroom, 1-bath residences. Three units have received recent interior updates, including wood-style flooring, new paint, updated lighting and hardware, subway tile backsplashes, and granite kitchen counters. The exterior was also repainted, with new fascia added. An unfinished downstairs area provides laundry and storage space.
All four residences are occupied under month-to-month agreements, and one unit is currently leased below market rent under applicable California rent guidelines. The property is located in Fresno’s 93701 ZIP code, near Downtown Fresno, the Fulton Street corridor, the courthouse district, and the Tower District. Its address is 2311 E White Avenue, Fresno, CA 93701.
All four residences are occupied under month-to-month agreements, and one unit is currently leased below market rent under applicable California rent guidelines. The property is located in Fresno’s 93701 ZIP code, near Downtown Fresno, the Fulton Street corridor, the courthouse district, and the Tower District. Its address is 2311 E White Avenue, Fresno, CA 93701.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a 3,304‑square‑foot quadplex
- Built in 1979; all four units are tenant occupied
- Three units recently updated with flooring, paint, lighting, hardware, backsplashes, and granite counters
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
$43,275
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
5.97%
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%
$865,500
$865.5K
Cap Rate 7%
$618,214
$618.2K
Cap Rate 9%
$480,833
$480.8K
Market Conditions
NOI Build-Up for 3,304 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
$65.4K $19.80/SF
− Vacancy
−$3.6K −$1.09/SF
EGI
$61.8K $18.71/SF
− OpEx
−$18.5K −$5.61/SF
NOI
$43.3K $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%
$865,500
Cap Rate 7%
$618,214
Cap Rate 9%
$480,833
Alternative Uses
Best Use
Multifamily LT 5
$618.2K
$540.9K – $721.3K
NOI $43,275 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$541.6K
$473.9K – $631.8K
NOI $37,910 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$973.6K
$851.9K – $1.14M
NOI $68,155 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,342
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?
Quadplex - Fully occupied units include recent interior and exterior improvements.
Where is this quadplex located?
The property is located at 2311 E White Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a 3,304‑square‑foot quadplex; Built in 1979; all four units are tenant occupied; Three units recently updated with flooring, paint, lighting, hardware, backsplashes, and granite counters
