Fully Occupied Fresno
For Sale
$498,500
4524 E Thomas AVE, Fresno, CA 93702
Three three-bedroom units offer private outdoor areas and a balcony within a month-to-month rental configuration.
Property Size2,730 SF
Price / SF$182.60
Days on Market8
Property Features for 4524 E Thomas AVE
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Average Monthly Rent
$900
Amenities
private backyard
balcony
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
LPT Realty, Inc
(559) 250-3442
Listed By:
Robert Aaron Mitchell · License #DRE #01338677
(559) 250-3442
Source:
Exitrealty
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 7:49AM
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 LPT Realty, Inc
Investment Insights
Based on property information with market context.
Located at 4524 E Thomas Avenue in Fresno, this 1985 triplex contains 2,730 square feet arranged as three three-bedroom, one-bath residences. All units are occupied by long-term tenants, and each tenancy is structured on a month-to-month basis.
The two ground-level residences each have a large private backyard, while the upper unit includes a dedicated balcony. The property is being offered subject to interior inspection, and tenant privacy is requested during the sale process.
The two ground-level residences each have a large private backyard, while the upper unit includes a dedicated balcony. The property is being offered subject to interior inspection, and tenant privacy is requested during the sale process.
Key Highlights
- Three units, each with 3 bedrooms and 1 bath
- 2,730‑square‑foot triplex built in 1985
- All units currently occupied by long‑term 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
$35,757
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
7.17%
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%
$715,140
$715.1K
Cap Rate 7%
$510,814
$510.8K
Cap Rate 9%
$397,300
$397.3K
Market Conditions
NOI Build-Up for 2,730 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
$54.1K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.1K $18.71/SF
− OpEx
−$15.3K −$5.61/SF
NOI
$35.8K $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%
$715,140
Cap Rate 7%
$510,814
Cap Rate 9%
$397,300
Alternative Uses
Best Use
Multifamily LT 5
$510.8K
$447.0K – $596.0K
NOI $35,757 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$458.7K
$401.4K – $535.2K
NOI $32,112 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$666.2K
$582.9K – $777.3K
NOI $46,635 @ 7.0% cap · market cap 9.36%
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
564
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?
Triplex - Three three-bedroom units offer private outdoor areas and a balcony within a month-to-month rental configuration.
Where is this triplex located?
The property is located at 4524 E Thomas AVE Fresno, CA.
What is the asking price?
The asking price for this property is $498,500.
What are key features of this property?
This property features: Three units, each with 3 bedrooms and 1 bath; 2,730‑square‑foot triplex built in 1985; All units currently occupied by long‑term tenants
