Maintained Triplex with Private Outdoor
For Sale
$850,000
284 W Lexington Avenue, Fresno, CA 93711
Multi Family, Fresno, CA
Property Size3,216 SF
Lot Size0.22 Acres
Price / SF$264.30
Days on Market59
Property Features for 284 W Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 3, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 6, Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Parking features
Covered, Carport, Garage
Exterior features
Stucco, Wood
Lot features
Corner
High school district
Clovis Unified
Directions
From the light at Nees and Poplar, go north 1 block. Property is on N/E corner of Lexington and Poplar.
Subdivision
711
Standard status
Active
APN
40208408
Size
3,216 SF
Lot size
0.22 Acres
Amenities
fireplaces
vaulted ceilings
walk-in closets
laundry hookups
private patios
common green space
private backyard
Building Details
Year built
1981
Floors in Building
1
Number of units
3
Roof type
Tile
Listing Agency:
Realty Concepts, Ltd. - Fresno
(559) 490-1500
Listed By:
Tom Schlegel · License #01291015
(559) 213-9099
Added: Jul 6
Changed: Sep 1
Last Checked: Sep 2 at 9:06AM
MLS# 651505
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 3,216-square-foot triplex, built in 1981, contains two two-bedroom, two-bath residences and one three-bedroom, two-bath residence. Each unit includes living and dining areas, a fireplace, walk-in closets, and a kitchen with an electric stove/oven, disposal, microwave hood, pantry space, and cabinetry. Laundry rooms or closets provide hookups for full-size washers and dryers. Two residences have vaulted ceilings.
Parking includes two attached two-car garages, one one-car garage, and a covered carport. Outdoor areas include two private patios for the front residence, shared green space adjoining the middle residence, and a private backyard serving the rear residence. The property features a tile roof, stucco and wood exterior elements, and mature landscaping. It is located within the Clovis Unified School District.
Reported tenant occupancy durations are more than 10 years, 7 years, and 2 years. The lot measures 0.2244 acres.
Parking includes two attached two-car garages, one one-car garage, and a covered carport. Outdoor areas include two private patios for the front residence, shared green space adjoining the middle residence, and a private backyard serving the rear residence. The property features a tile roof, stucco and wood exterior elements, and mature landscaping. It is located within the Clovis Unified School District.
Reported tenant occupancy durations are more than 10 years, 7 years, and 2 years. The lot measures 0.2244 acres.
Key Highlights
- 3,216‑square‑foot triplex built in 1981
- Unit mix includes two 2‑bedroom/2‑bath residences and one 3‑bedroom/2‑bath residence
- Parking includes two attached two‑car garages, one one‑car garage, and a covered carport
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
$42,122
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
4.96%
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%
$842,440
$842.4K
Cap Rate 7%
$601,743
$601.7K
Cap Rate 9%
$468,022
$468.0K
Market Conditions
NOI Build-Up for 3,216 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
$63.7K $19.80/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$60.2K $18.71/SF
− OpEx
−$18.1K −$5.61/SF
NOI
$42.1K $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%
$842,440
Cap Rate 7%
$601,743
Cap Rate 9%
$468,022
Alternative Uses
Best Use
Multifamily LT 5
$601.7K
$526.5K – $702.0K
NOI $42,122 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$527.2K
$461.3K – $615.0K
NOI $36,901 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$947.7K
$829.3K – $1.11M
NOI $66,340 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 93711, CA
37,901
Population
16,643
Households
2.3
Avg Household Size
43
Median Age
46%
College-Educated
93%
High-School Grad
11.2 sq mi
ZIP Area
3,384
Density / Sq Mi
$97,492
Median Household Income
$53,122
Median Earnings
$1,561
Median Rent
$469,800
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?
Triplex - Three residences offer varied garage access, dedicated laundry provisions, fireplaces, and landscaped outdoor spaces.
Where is this triplex located?
The property is located at 284 W Lexington Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,216‑square‑foot triplex built in 1981; Unit mix includes two 2‑bedroom/2‑bath residences and one 3‑bedroom/2‑bath residence; Parking includes two attached two‑car garages, one one‑car garage, and a covered carport
