37-Unit Apartment
New
For Sale
$6,250,000
475 N Manila Avenue, Fresno, CA 93727
MULTI_FAMILY - Fresno, CA
Property Size33,744 SF
Lot Size1.56 Acres
Price / SF$185.22
Days on Market2
Property Features for 475 N Manila Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
73
Bathrooms
37
Full bathrooms
37
Rooms
Bedroom 26, Bedroom 22, Bathroom 4, Bedroom 54, Bedroom 44, Bedroom 43, Bedroom 21, Bathroom 6, Bathroom 27, Bedroom 38, Bathroom 15, Bathroom 10, Bedroom 37, Bedroom 42, Bedroom 57, Bedroom 39, Bedroom 9, Bedroom 23, Bathroom 14, Bathroom 2, Bedroom 55, Bedroom 36, Bedroom 70, Bathroom 34, Bedroom 13, Bathroom 21, Bedroom 17, Bedroom 34, Bedroom 46, Bathroom 3, Bathroom 20, Bedroom 8, Bedroom 71, Bathroom 25, Bedroom 18, Bathroom 8, Bedroom 49, Bathroom 36, Bedroom 29, Bedroom 31, Bedroom 2, Bedroom 47, Bathroom 5, Bathroom 31, Bedroom 5, Bedroom 27, Bedroom 69, Bedroom 7, Bedroom 67, Bedroom 16, Bedroom 4, Bedroom 11, Bathroom 17, Bathroom 7, Bathroom 11, Bathroom 16, Bathroom 18, Bathroom 24, Bathroom 1, Bedroom 6, Bathroom 13, Bedroom 10, Bedroom 25, Bedroom 68, Bathroom 12, Bedroom 58, Bathroom 23, Bathroom 33, Bathroom 29, Bedroom 19, Bedroom 33, Bedroom 50, Bedroom 28, Bedroom 40, Bedroom 61, Bedroom 35, Bathroom 28, Bedroom 24, Bedroom 59, Bathroom 30, Bedroom 62, Bathroom 22, Bathroom 9, Bedroom 32, Bedroom 73, Bedroom 48, Bedroom 66, Bedroom 72, Bathroom 26, Bedroom 41, Bedroom 1, Bedroom 15, Bathroom 37, Bedroom 3, Bedroom 63, Bathroom 35, Bedroom 14, Bedroom 65, Bedroom 30, Bedroom 12, Bedroom 51, Bedroom 53, Bathroom 32, Bathroom 19, Bedroom 45, Bedroom 20, Bedroom 52, Bedroom 56, Bedroom 60, Bedroom 64
Parking features
Carport, Covered
Exterior features
Stucco
High school district
Clovis Unified
Directions
From CA-180 (Kings Canyon Rd) exit N Peach Ave, north on N Peach to E Belmont Ave, east on E Belmont to N Manila Ave, then north on N Manila. Subject parcels are at 415, 431 and 475 N Manila Ave on the east side of the street.
Subdivision
727
Standard status
Active
APN
31329109
Size
33,744 SF
Lot size
1.56 Acres
Amenities
two pools
on-site laundry
private patios
Building Details
Year built
1975
Floors in Building
2
Number of units
37
Roof type
Composition
Listing Agency:
HomeSmart PV and Associates · HomeSmart International
(559) 473-2555
Listed By:
Mark Chu
(209) 602-6147
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 5:06PM
MLS# 653650
Copyright © 2026 Fresno Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 37-unit apartment property at 475 N Manila Avenue comprises 33,744 rentable square feet across 1.56 acres. The unit mix includes 35 two-bedroom, one-bath residences, along with one three-bedroom unit and one studio. Built in 1975, the property features stucco exteriors, composition roofing, private patios, two swimming pools, on-site laundry, and 22 covered garage spaces.
The asset is situated in Fresno, California, within Clovis Unified School District. RM1 zoning is identified for the property. Ownership completed $63,632 in unit renovation work during 2025. The three parcels may be financed in tranches or separated individually, providing documented disposition flexibility. A 6.48% return is reported using the current tax assessment, with a 5.59% return indicated after reassessment at the purchase price.
The asset is situated in Fresno, California, within Clovis Unified School District. RM1 zoning is identified for the property. Ownership completed $63,632 in unit renovation work during 2025. The three parcels may be financed in tranches or separated individually, providing documented disposition flexibility. A 6.48% return is reported using the current tax assessment, with a 5.59% return indicated after reassessment at the purchase price.
Key Highlights
- 37 units across three Fresno County parcels
- 33,744 rentable SF on 1.56 acres
- Unit mix includes 35 two‑bedroom/one‑bath units, one three‑bedroom unit, and one studio
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
$362,328
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
5.80%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
37
Residential units
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
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
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 improvements include pools, covered parking, and on-site laundry.
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 units across three Fresno County parcels; 33,744 rentable SF on 1.56 acres; Unit mix includes 35 two‑bedroom/one‑bath units, one three‑bedroom unit, and one studio
