Upgraded 14-Unit Apartment
New
For Sale
$1,990,000
2337 E Shaw Avenue, Fresno, CA 93710
Across from Fresno State, the property offers onsite laundry and covered parking behind a security gate.
Property Size9,296 SF
Price / SF$214.07
Days on Market3
Property Features for 2337 E Shaw Avenue
General Information
Standard status
Active
Size
9,296 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA, 9 x 1BR/1BA
Multifamily Units
14
Additional Details
Highway Access
Yes
Amenities
onsite laundry
covered carport parking with security gate
Building Details
Year Built
1959
Listing Agency:
3D Realty
(559) 224-7867
Listed By:
Katherine Davenport · License #DRE #01953409
(559) 400-2823
Source:
Exitrealty
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 1:55PM
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 3D Realty
Investment Insights
Based on property information with market context.
This 14-unit apartment property includes five two-bedroom, one-bath units and nine one-bedroom, one-bath units. The building is fully occupied and includes two onsite laundry rooms, covered carport parking, and a security gate. Improvements include upgraded units, replacement AC units, windows, roofs, sewer lines, and electrical panels, along with a repaved parking lot. The roofs, windows, AC units, and parking lot were replaced in 2013. The exterior and wrought-iron perimeter fence have been freshly painted.
Located at 2337 E Shaw Avenue in Fresno, the property is across from Fresno State and near Campus Pointe, shopping, entertainment, and the Save Mart Center. The site also offers convenient freeway access. Its location and unit mix support student housing or short-term rental use, subject to applicable requirements.
Located at 2337 E Shaw Avenue in Fresno, the property is across from Fresno State and near Campus Pointe, shopping, entertainment, and the Save Mart Center. The site also offers convenient freeway access. Its location and unit mix support student housing or short-term rental use, subject to applicable requirements.
Key Highlights
- 14 units: 5 two‑bedroom/1‑bath and 9 one‑bedroom/1‑bath apartments
- Fully occupied property with 2 onsite laundry rooms
- AC units, windows, roofs, and parking lot replaced in 2013
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
$106,663
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
5.36%
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%
$2,133,260
$2.1M
Cap Rate 7%
$1,523,757
$1.5M
Cap Rate 9%
$1,185,144
$1.2M
Market Conditions
NOI Build-Up for 9,296 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
$204.1K $21.96/SF
− Vacancy
−$10.2K −$1.10/SF
EGI
$193.9K $20.86/SF
− OpEx
−$87.3K −$9.39/SF
NOI
$106.7K $11.47/SF
Area
Fresno, CA
Vacancy
5.00%
Lease Rate
$21.96 /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%
$2,133,260
Cap Rate 7%
$1,523,757
Cap Rate 9%
$1,185,144
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,663 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,758 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
Explore this area
Business Placement
Demographics for 93710, CA
30,552
Population
12,581
Households
2.4
Avg Household Size
32
Median Age
30%
College-Educated
89%
High-School Grad
6.2 sq mi
ZIP Area
4,928
Density / Sq Mi
$62,294
Median Household Income
$32,232
Median Earnings
$1,337
Median Rent
$348,600
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?
Apartment building - Across from Fresno State, the property offers onsite laundry and covered parking behind a security gate.
Where is this apartment building located?
The property is located at 2337 E Shaw Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: 14 units: 5 two‑bedroom/1‑bath and 9 one‑bedroom/1‑bath apartments; Fully occupied property with 2 onsite laundry rooms; AC units, windows, roofs, and parking lot replaced in 2013
