Four-Unit Three-Bedroom
For Sale
$760,000
321 N San Pablo Avenue, Fresno, CA 93701
Multi Family, Fresno, CA
Property Size3,940 SF
Lot Size0.14 Acres
Price / SF$192.89
Days on Market178
Property Features for 321 N San Pablo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 9, Bathroom 2, Bedroom 12, Bathroom 4, Bedroom 2, Bedroom 7, Bedroom 10, Bedroom 4, Bedroom 5, Bedroom 11, Bedroom 8, Bedroom 6, Bedroom 1, Bathroom 3
Parking features
Carport
Exterior features
Stucco
High school district
Fresno Unified
Directions
from Belmont and Blackstone, west on Belmont,south on San Pablo to 321, on the right before Mckenzie
Subdivision
701
Standard status
Active
APN
45914509
Size
3,940 SF
Lot size
0.14 Acres
Amenities
washer and dryer in each unit
granite countertops
tile floors
Building Details
Year built
1985
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
HomeSmart PV and Associates · HomeSmart International
(559) 473-2555
Listed By:
William Boganwright
(209) 602-6147
Added: Mar 6
Changed: Aug 31
Last Checked: Aug 31 at 4:06PM
MLS# 644943
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 quadplex contains four three-bedroom, one-bath residences within a 3,940-square-foot property. The interiors were extensively remodeled approximately 12 years ago, with granite countertops and tile floors added during the renovation. Every unit includes its own washer and dryer, and the property also features stucco construction, a composition roof, and carport parking. Built in 1985, the asset occupies 0.1435 acres.
The property is positioned in Fresno’s historic Lowell District, between the Brewery District and Tower District. Chuckchansi Park is nearby, along with dining and entertainment venues, and Highway 180 is readily accessible.
The property is positioned in Fresno’s historic Lowell District, between the Brewery District and Tower District. Chuckchansi Park is nearby, along with dining and entertainment venues, and Highway 180 is readily accessible.
Key Highlights
- Four three‑bedroom, one‑bath units
- 3,940 square feet on 0.1435 acres
- In‑unit washer and dryer in every residence
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
$51,605
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
6.79%
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%
$1,032,100
$1.0M
Cap Rate 7%
$737,214
$737.2K
Cap Rate 9%
$573,389
$573.4K
Market Conditions
NOI Build-Up for 3,940 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
$78.0K $19.80/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$73.7K $18.71/SF
− OpEx
−$22.1K −$5.61/SF
NOI
$51.6K $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%
$1,032,100
Cap Rate 7%
$737,214
Cap Rate 9%
$573,389
Alternative Uses
Best Use
Multifamily LT 5
$737.2K
$645.1K – $860.1K
NOI $51,605 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$645.8K
$565.1K – $753.5K
NOI $45,208 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,274 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,112
Businesses Nearby
Explore this area
Business Placement
Demographics for 93701, CA
12,037
Population
3,836
Households
3.1
Avg Household Size
28
Median Age
7%
College-Educated
48%
High-School Grad
1.5 sq mi
ZIP Area
8,025
Density / Sq Mi
$32,192
Median Household Income
$26,875
Median Earnings
$926
Median Rent
$207,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence offers in-unit laundry alongside granite counters and tile flooring.
Where is this quadplex located?
The property is located at 321 N San Pablo Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Four three‑bedroom, one‑bath units; 3,940 square feet on 0.1435 acres; In‑unit washer and dryer in every residence
