9-Unit Apartment
For Sale
$920,000
2414 North First Street, Fresno, CA 93703
Unit mix includes one two-bedroom, seven one-bedroom, and one studio residences with shared laundry.
Property Size5,415 SF
Price / SF$169.90
Days on Market450
Property Features for 2414 North First Street
General Information
Standard status
Active
Size
5,415 SF
Total Parking Spaces
8
Property subtype
Multi Family / 5 to 15 Units
Lease Type
Net
Units
Unit Mix
1 x 2BR, 7 x 1BR, 1 x studio
Multifamily Units
9
Amenities
shared on-site laundry room
One Unit
Evaporative, Floor or Wall Heat
Sprinkler - Front, Mature Landcsape
Composition
Stucco, Wood
Both
Building Details
Year Built
1951
Listing Agency:
Realty Concepts, Ltd.
Listed By:
Flor Gonzalez Espinoza · License #02115283
(559) 722-5777
Source:
Compass
Added: Jun 10, 2025
Changed: Sep 2
Last Checked: Aug 30 at 10:40PM
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 Realty Concepts, Ltd.
Investment Insights
Based on property information with market context.
Built in 1951, this 5,415-square-foot apartment property contains nine units comprising one two-bedroom, seven one-bedroom, and one studio residence. Each unit has a private garage except the studio, and residents share an on-site laundry room. Interior systems include evaporative cooling and floor or wall heat, while exterior materials include stucco, wood, and composition elements. The grounds feature front sprinklers and mature landscaping.
The property is located at 2414 North First Street in Fresno, California, directly across from Sam's Italian Deli. Its unit configuration, garage allocation, and common laundry area define the primary operating features of the asset.
The property is located at 2414 North First Street in Fresno, California, directly across from Sam's Italian Deli. Its unit configuration, garage allocation, and common laundry area define the primary operating features of the asset.
Key Highlights
- Nine‑unit apartment property totaling 5,415 square feet
- Unit mix: one 2‑bedroom, seven 1‑bedroom, and one studio
- Private garage for every unit except the studio
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
$62,132
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
6.75%
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%
$1,242,640
$1.2M
Cap Rate 7%
$887,600
$887.6K
Cap Rate 9%
$690,356
$690.4K
Market Conditions
NOI Build-Up for 5,415 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
$118.9K $21.96/SF
− Vacancy
−$5.9K −$1.10/SF
EGI
$113.0K $20.86/SF
− OpEx
−$50.8K −$9.39/SF
NOI
$62.1K $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%
$1,242,640
Cap Rate 7%
$887,600
Cap Rate 9%
$690,356
Alternative Uses
Best Use
Apartment 5plus
$887.6K
$776.7K – $1.04M
NOI $62,132 @ 7.0% cap · market cap 6.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,701 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Explore this area
Business Placement
Demographics for 93703, CA
34,840
Population
11,155
Households
3.1
Avg Household Size
31
Median Age
9%
College-Educated
72%
High-School Grad
4.8 sq mi
ZIP Area
7,258
Density / Sq Mi
$43,236
Median Household Income
$30,359
Median Earnings
$1,204
Median Rent
$250,200
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 - Unit mix includes one two-bedroom, seven one-bedroom, and one studio residences with shared laundry.
Where is this apartment building located?
The property is located at 2414 North First Street Fresno, CA.
What is the asking price?
The asking price for this property is $920,000.
What are key features of this property?
This property features: Nine‑unit apartment property totaling 5,415 square feet; Unit mix: one 2‑bedroom, seven 1‑bedroom, and one studio; Private garage for every unit except the studio
