Turnkey 10-Unit Apartment
For Sale
$1,399,000
Pending
2702 E Hedges Avenue, Fresno, CA 93703
Turnkey 10-unit multifamily property featuring 2 bed/1 bath units built in 1942 and totaling approximately 5,180 square feet.
Property Size5,182 SF
Days on Market209
Property Features for 2702 E Hedges Avenue
General Information
Standard status
Pending
Size
5,182 SF
Property subtype
Multi Family
Building Details
Year Built
1942
Listing Agency:
The JKRE Investment Group
(559) 212-4489
Listed By:
Jin Kim · License #DRE #01456017
(559) 212-4489
Source:
Exitrealty
Added: Feb 5
Changed: Sep 1
Last Checked: Sep 1 at 6:26PM
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 The JKRE Investment Group
Investment Insights
Based on property information with market context.
Colliers | Fresno presents a turnkey 10-unit apartment building for sale in Fresno, California. The property totals approximately 5,180 square feet and includes units configured as 2 bedrooms and 1 bathroom, with each unit described as approximately 518 square feet. The building was built in 1942.
The property is centrally located near the intersection of First Street and Olive Avenue and is in close proximity to Freeways 41 and 180. The site is approximately 41,600 square feet and is zoned RM1.
This offering is presented as turnkey and is suited for buyers seeking an income-producing residential income property with consistent unit layouts throughout the building.
The property is centrally located near the intersection of First Street and Olive Avenue and is in close proximity to Freeways 41 and 180. The site is approximately 41,600 square feet and is zoned RM1.
This offering is presented as turnkey and is suited for buyers seeking an income-producing residential income property with consistent unit layouts throughout the building.
Key Highlights
- 10‑unit multifamily property at 2705 E. Hedges Avenue in Fresno, CA
- Approx. 5,180 SF building with 10 units; each unit is approx. 518 SF
- All units feature 2 bedrooms 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
$59,459
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
4.25%
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%
$1,189,180
$1.2M
Cap Rate 7%
$849,414
$849.4K
Cap Rate 9%
$660,656
$660.7K
Market Conditions
NOI Build-Up for 5,182 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
$113.8K $21.96/SF
− Vacancy
−$5.7K −$1.10/SF
EGI
$108.1K $20.86/SF
− OpEx
−$48.6K −$9.39/SF
NOI
$59.5K $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%
$1,189,180
Cap Rate 7%
$849,414
Cap Rate 9%
$660,656
Alternative Uses
Best Use
Apartment 5plus
$849.4K
$743.2K – $991.0K
NOI $59,459 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,894 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
820
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 - Turnkey 10-unit multifamily property featuring 2 bed/1 bath units built in 1942 and totaling approximately 5,180 square feet.
Where is this apartment building located?
The property is located at 2702 E Hedges Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 10‑unit multifamily property at 2705 E. Hedges Avenue in Fresno, CA; Approx. 5,180 SF building with 10 units; each unit is approx. 518 SF; All units feature 2 bedrooms and 1 bathroom
