37-Unit Apartment
For Sale
$6,250,000
475 N Manila Avenue, Fresno, CA 93727
The residential mix includes two-bedroom, three-bedroom, and studio apartments alongside shared amenities.
Property Size33,744 SF
Lot Size1.56 Acres
Price / SF$185.22
Days on Market18
Property Features for 475 N Manila Avenue
General Information
Standard status
Active
Size
33,744 SF
Net Rentable
33,744 SF
Total Parking Spaces
22
Lot size
1.56 Acres
Property subtype
Multifamily
Zoning
RM1
Net Operating Income
$404,740
Site & Location
Neighborhood
Roosevelt
Units
Unit Mix
35 x 2BR/1BA, 1 x 3BR, 1 x studio
Multifamily Units
37
Additional Details
Gross Income
$547,368
Amenities
on-site laundry
pool
private patios
Building Details
Year Built
1975
Stories
2
Listing Agency:
HomeSmart PV and Associates
Listed By:
listing agent
(559) 389-7777
Source:
Goxander
Added: Oct 20
Changed: Oct 25
Last Checked: Nov 6 at 7:40AM
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
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Investment Insights
Based on property information with market context.
This 37-unit apartment property comprises 33,744 rentable square feet across three parcels totaling 1.56 acres. The unit mix includes 35 two-bedroom, one-bath apartments, one three-bedroom apartment, and one studio. Construction dates range from 1972 to 1975, and the property is zoned RM1.
Residents have access to two pools, 22 garage spaces, on-site laundry, and private patios. The property is within Clovis Unified School District and is located at 475 N Manila Avenue in Fresno.
Residents have access to two pools, 22 garage spaces, on-site laundry, and private patios. The property is within Clovis Unified School District and is located at 475 N Manila Avenue in Fresno.
Key Highlights
- 37 apartments across three Fresno County parcels
- 33,744 rentable square feet on 1.56 acres
- Unit mix: 35 two‑bedroom/one‑bath apartments, one three‑bedroom, and one studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$362,328
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,246,560
$7.2M
Cap Rate 7%
$5,176,114
$5.2M
Cap Rate 9%
$4,025,867
$4.0M
Market Conditions
NOI Build-Up for 33,744 SF
Gross rent
$688.4K $20.40/SF
− Vacancy
−$29.6K −$0.88/SF
EGI
$658.8K $19.52/SF
− OpEx
−$296.4K −$8.79/SF
NOI
$362.3K $10.74/SF
Area
ZIP 93727
Vacancy
4.30%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,246,560
Cap Rate 7%
$5,176,114
Cap Rate 9%
$4,025,867
Alternative Uses
Best Use
Apartment 5plus
$5.18M
$4.53M – $6.04M
NOI $362,328 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.56M
$8.37M – $11.16M
NOI $669,472 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
37
Residential units
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
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Business Placement
Demographics for 93727, CA
83,212
Population
25,919
Households
3.2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
22.0 sq mi
ZIP Area
3,782
Density / Sq Mi
$82,247
Median Household Income
$42,002
Median Earnings
$1,277
Median Rent
$370,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The residential mix includes two-bedroom, three-bedroom, and studio apartments alongside shared amenities.
Where is this apartment building located?
The property is located at 475 N Manila Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: 37 apartments across three Fresno County parcels; 33,744 rentable square feet on 1.56 acres; Unit mix: 35 two‑bedroom/one‑bath apartments, one three‑bedroom, and one studio
