Listing Agency: Landmark Properties l***@gmail.com Show Phone

Listed By: Ryan M. Perkins Show Phone

Source: Exprealty

Added: Oct 9 Changed: Oct 15 Last Checked: Oct 15 at 2:36AM

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Investment Insights

Based on property information with market context.

This 13-unit Fresno apartment property contains ten 1-bedroom/1-bathroom residences and three 2-bedroom/1-bathroom residences. Twelve units are occupied. Renovations to 12 apartments include work to kitchens, bathrooms, cabinetry, countertops, flooring, lighting, fixtures, plumbing, electrical components, and paint. The roof was refurbished in 2023, and the pool resurfacing is dated 2026. Shared features include a gated pool, mature landscaping, wrought iron gates with keypad entry, surveillance, and dedicated parking.

The property is near schools, shopping, restaurants, freeways, and the Tower District. Units have individual PG&E meters, and two utility rooms are present. A City of Fresno zoning inquiry letter identifies senior housing or residential care as potential uses, subject to applicable approvals and licensing.

Key Highlights

• 13 apartments: ten 1BR/1BA and three 2BR/1BA
• 12 of 13 units occupied
• 5.99% actual cap rate based on current rents and operating expenses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$75,477

Cap Rate

3.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,509,540 $1.5M

Cap Rate 7%

$1,078,243 $1.1M

Cap Rate 9%

$838,633 $838.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,578 SF

Gross rent

$144.5K $21.96/SF

− Vacancy

−$7.2K −$1.10/SF

EGI

$137.2K $20.86/SF

− OpEx

−$61.8K −$9.39/SF

NOI

$75.5K $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 Rate 5%

$1,509,540

Cap Rate 7%

$1,078,243

Cap Rate 9%

$838,633

Alternative Uses

Best Use

Apartment 5plus

$1.08M

$943.5K – $1.26M (±1% cap)

NOI $75,477 @ 7.0% cap · market cap 3.06%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.94M

$1.70M – $2.26M (±1% cap)

NOI $135,691 @ 7.0% cap · market cap 5.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Spa & Massage Center Skin Care Clinic Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

486

Businesses Nearby

Explore this area Business Placement

Demographics for 93705, CA

38,125

Population

13,408

Households

2.8

Avg Household Size

31

Median Age

16%

College-Educated

75%

High-School Grad

4.9 sq mi

ZIP Area

7,781

Density / Sq Mi

$55,152

Median Household Income

$35,979

Median Earnings

$1,254

Median Rent

$281,300

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - The unit mix comprises ten one-bedroom apartments and three two-bedroom apartments.

Where is this apartment building located?

The property is located at 2833 N West Ave Fresno, CA.

What is the asking price?

The asking price for this property is $2,465,000.

What are key features of this property?

This property features: 13 apartments: ten 1BR/1BA and three 2BR/1BA; 12 of 13 units occupied; 5.99% actual cap rate based on current rents and operating expenses