4-Unit Multifamily
New
For Sale
$599,000
2311 E White Avenue, Fresno, CA 93701
Multi Family, Fresno, CA
Property Size3,304 SF
Lot Size0.17 Acres
Price / SF$181.30
Days on Market5
Property Features for 2311 E White Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 7, Bedroom 3, Bathroom 4, Bedroom 6, Bedroom 1, Bedroom 8
Exterior features
Wood
High school district
Fresno Unified
Directions
Please use GPS
Subdivision
701
Standard status
Active
APN
45231321
Size
3,304 SF
Lot size
0.17 Acres
Building Details
Year built
1979
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
Iron Key Real Estate
(559) 296-8044
Listed By:
Diego Hinojosa · License #02041380
(559) 917-5453
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 655744
Copyright © 2026 Fresno Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,304 square feet across four two-bedroom, one-bath residences. Three units have received interior updates, including flooring, paint, hardware, countertops, and lighting. Exterior work includes fresh paint and fascia. The building was constructed in 1979 and sits on a 0.1722-acre parcel.
The property is in Fresno, near Downtown Fresno and the Tower District.
The property is in Fresno, near Downtown Fresno and the Tower District.
Key Highlights
- Four units, each configured with 2 bedrooms and 1 bathroom
- 3,304 square feet on a 0.1722‑acre lot
- Interior updates in three units include flooring, paint, hardware, countertops, and lighting
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
7.22%
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 7.22%
Second Best
Apartment 5plus
$541.6K
$473.9K – $631.8K
NOI $37,910 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$973.6K
$851.9K – $1.14M
NOI $68,155 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Three residences have updated interiors, complemented by refreshed exterior paint and fascia.
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 $599,000.
What are key features of this property?
This property features: Four units, each configured with 2 bedrooms and 1 bathroom; 3,304 square feet on a 0.1722‑acre lot; Interior updates in three units include flooring, paint, hardware, countertops, and lighting
