Remodeled Quadplex with
For Sale
$545,000
Pending
408 S Woodrow Avenue, Fresno, CA 93702
Three residences were updated within the past year, with tenant parking provided by a covered carport.
Property Size2,408 SF
Days on Market182
Property Features for 408 S Woodrow Avenue
General Information
Standard status
Pending
Size
2,408 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1965
Listing Agency:
HomeSmart PV and Associates
(559) 274-7025
Listed By:
Puneet Bhargava · License #01859500
(559) 274-7025
Source:
Exitrealty
Added: Mar 2
Changed: Aug 30
Last Checked: Aug 31 at 3:52PM
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 HomeSmart PV and Associates
Investment Insights
Based on property information with market context.
This quadplex contains four units within a 2,408-square-foot property built in 1965. Three units received remodeling work within the past year, and the building includes spacious layouts along with a four-car carport for off-street tenant parking. Interior conditions may vary, as current interior photography is not available while the property is occupied.
Three tenants participate in the Section 8 program, and some leases are month-to-month. The property is located at 408 S Woodrow Avenue in Fresno, California, within walking distance of grocery stores, shopping centers, and other essential amenities.
Three tenants participate in the Section 8 program, and some leases are month-to-month. The property is located at 408 S Woodrow Avenue in Fresno, California, within walking distance of grocery stores, shopping centers, and other essential amenities.
Key Highlights
- Four‑unit property totaling 2,408 SF
- 3 of 4 units remodeled within the past year
- 3 Section 8 tenants
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
$31,539
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
5.79%
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%
$630,780
$630.8K
Cap Rate 7%
$450,557
$450.6K
Cap Rate 9%
$350,433
$350.4K
Market Conditions
NOI Build-Up for 2,408 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
$47.7K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$45.1K $18.71/SF
− OpEx
−$13.5K −$5.61/SF
NOI
$31.5K $13.10/SF
Area
ZIP 93702
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%
$630,780
Cap Rate 7%
$450,557
Cap Rate 9%
$350,433
Alternative Uses
Best Use
Multifamily LT 5
$450.6K
$394.2K – $525.7K
NOI $31,539 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$404.6K
$354.1K – $472.1K
NOI $28,325 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$587.6K
$514.2K – $685.6K
NOI $41,134 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Explore this area
Business Placement
Demographics for 93702, CA
45,741
Population
13,386
Households
3.4
Avg Household Size
29
Median Age
9%
College-Educated
57%
High-School Grad
5.2 sq mi
ZIP Area
8,796
Density / Sq Mi
$44,849
Median Household Income
$27,486
Median Earnings
$1,110
Median Rent
$211,900
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?
Quadplex - Three residences were updated within the past year, with tenant parking provided by a covered carport.
Where is this quadplex located?
The property is located at 408 S Woodrow Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Four‑unit property totaling 2,408 SF; 3 of 4 units remodeled within the past year; 3 Section 8 tenants
