R3 Apartment
For Sale
Contact for pricing
3420 N 1st Street, Fresno, CA 93726
Multifamily asset fronting First Street near Manchester Center, River Park, and Fashion Fair Mall.
Property Size39,700 SF
Price / SF$123.43
Days on Market96
Property Features for 3420 N 1st Street
General Information
Standard status
Active
Size
39,700 SF
Total Parking Spaces
50
Property subtype
Multifamily
Zoning
R3
Investment Type
Value Add
Net Operating Income
$132,978
Additional Details
Average Monthly Rent
$1,199
Road Access
Yes
Building Details
Year Built
1971
Buildings
2
Units
46
Tenancy
Multi
Listing Agency:
Northmarq
(952) 356-0100
Listed By:
Robin Kane · License ##00583537
Source:
Crexi
Added: May 28
Changed: Aug 30
Last Checked: Aug 30 at 5:40PM
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 Northmarq
Investment Insights
Based on property information with market context.
Las Flores Apartments is a 39,700-square-foot apartment property built in 1971 and zoned R3. The asset is identified as an apartment building and is located at 3420 N 1st Street in Fresno, California.
The property fronts First Street, providing direct exposure along a major Fresno arterial. Manchester Center, River Park, and Fashion Fair Mall are immediate neighbors, while the site also benefits from access to major thoroughfares. The surrounding area includes schools and major employers, with the property positioned within a residential corridor served by established retail and dining destinations.
The property fronts First Street, providing direct exposure along a major Fresno arterial. Manchester Center, River Park, and Fashion Fair Mall are immediate neighbors, while the site also benefits from access to major thoroughfares. The surrounding area includes schools and major employers, with the property positioned within a residential corridor served by established retail and dining destinations.
Key Highlights
- 39,700‑square‑foot apartment property built in 1971
- R3 zoning
- Fronts First Street in Fresno
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
$423,162
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
8.64%
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%
$8,463,240
$8.5M
Cap Rate 7%
$6,045,171
$6.0M
Cap Rate 9%
$4,701,800
$4.7M
Market Conditions
NOI Build-Up for 39,700 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
$809.9K $20.40/SF
− Vacancy
−$40.5K −$1.02/SF
EGI
$769.4K $19.38/SF
− OpEx
−$346.2K −$8.72/SF
NOI
$423.2K $10.66/SF
Area
ZIP 93726
Vacancy
5.00%
Lease Rate
$20.40 /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%
$8,463,240
Cap Rate 7%
$6,045,171
Cap Rate 9%
$4,701,800
Alternative Uses
Best Use
Apartment 5plus
$6.05M
$5.29M – $7.05M
NOI $423,162 @ 7.0% cap · market cap 8.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.23M
$7.20M – $9.60M
NOI $576,253 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 93726, CA
42,366
Population
15,744
Households
2.7
Avg Household Size
31
Median Age
17%
College-Educated
78%
High-School Grad
6.4 sq mi
ZIP Area
6,620
Density / Sq Mi
$51,913
Median Household Income
$31,697
Median Earnings
$1,254
Median Rent
$271,800
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?
Apartment building - Multifamily asset fronting First Street near Manchester Center, River Park, and Fashion Fair Mall.
Where is this apartment building located?
The property is located at 3420 N 1st Street Fresno, CA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 39,700‑square‑foot apartment property built in 1971; R3 zoning; Fronts First Street in Fresno
