Eight-Unit Multifamily Investment
For Sale
$1,175,000
3940 E Burns, Fresno, CA 93725
Stabilized income property with modern upgrades and strong rental demand.
Property Size5,400 SF
Price / SF$217.59
Days on Market140
Property Features for 3940 E Burns
General Information
Standard status
Active
Size
5,400 SF
Building Details
Year Built
1963
Listing Agency:
Universal Realty Services, Inc
Listed By:
Gautam Atri · License #02050505
(559) 917-1113
Source:
Myfabuloushome
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 9 at 11:02PM
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 Universal Realty Services, Inc
Investment Insights
Based on property information with market context.
This eight-unit multifamily property presents an investment opportunity with stabilized income. The property features a consistently high-demand layout of two-bedroom, one-bath configurations. Each residence has been updated with new interior paint within the last year, providing a clean and uniform appearance throughout. The building showcases ongoing care, including a mix of upgraded interiors and modernized kitchens and baths. Strong in-place rents indicate a stabilized, income-producing asset with potential for increased value through continued modernization of existing units. A brand new roof has been installed. The property's walk score is 29, indicating that it is car-dependent. The transit score is 33, suggesting some transit options are available.
Key Highlights
- Stabilized income for reliable returns.
- Strong rental demand makes this a sound investment.
- Enjoy modern upgrades throughout the property.
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
$61,960
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
5.27%
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%
$1,239,200
$1.2M
Cap Rate 7%
$885,143
$885.1K
Cap Rate 9%
$688,444
$688.4K
Market Conditions
NOI Build-Up for 5,400 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
$118.6K $21.96/SF
− Vacancy
−$5.9K −$1.10/SF
EGI
$112.7K $20.86/SF
− OpEx
−$50.7K −$9.39/SF
NOI
$62.0K $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%
$1,239,200
Cap Rate 7%
$885,143
Cap Rate 9%
$688,444
Alternative Uses
Best Use
Apartment 5plus
$885.1K
$774.5K – $1.03M
NOI $61,960 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,391 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 93725, CA
26,162
Population
6,998
Households
3.7
Avg Household Size
30
Median Age
13%
College-Educated
68%
High-School Grad
67.0 sq mi
ZIP Area
390
Density / Sq Mi
$71,099
Median Household Income
$34,943
Median Earnings
$1,222
Median Rent
$262,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Stabilized income property with modern upgrades and strong rental demand.
Where is this apartment building located?
The property is located at 3940 E Burns Fresno, CA.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Stabilized income for reliable returns.; Strong rental demand makes this a sound investment.; Enjoy modern upgrades throughout the property.
