15-Unit Multifamily
For Sale
Contact for pricing
571 W Ashlan Avenue, Clovis, CA 93612
Fully occupied multifamily portfolio with recent HVAC installations, roof repairs, and renovated units.
Property Size14,349 SF
Price / SF$177.71
Days on Market9
Property Features for 571 W Ashlan Avenue
General Information
Standard status
Active
Size
14,349 SF
Class
B
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$152,330
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Additional Details
Multifamily Units
15
Building Details
Year Built
1979
Buildings
3
Units
15
Tenancy
Multi
Listing Agency:
IK Land and Investment Group
Listed By:
Kevin Evaro · License #02283325
(559) 296-8044
Source:
Crexi
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 2 at 7:33PM
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 IK Land and Investment Group
Investment Insights
Based on property information with market context.
This multifamily portfolio combines three five-plex buildings with 15 units and 14,349 square feet of building area. Constructed in 1979 and zoned R3, the properties are fully occupied with no reported vacancy. The buildings are located at 571, 581, and 591 Ashlan Avenue in Clovis.
Recent capital work includes two HVAC installations completed within the past 6 months, along with dry rot and roof repairs. Multiple units received renovations and upgrades during the last year, supporting the portfolio’s ongoing physical maintenance. In-place rents are reported at 21% below market, providing a defined rent-positioning consideration for ownership.
Recent capital work includes two HVAC installations completed within the past 6 months, along with dry rot and roof repairs. Multiple units received renovations and upgrades during the last year, supporting the portfolio’s ongoing physical maintenance. In-place rents are reported at 21% below market, providing a defined rent-positioning consideration for ownership.
Key Highlights
- Three five‑plex buildings totaling 15 units
- 14,349 square feet across properties built in 1979
- Fully occupied with zero vacancy
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
$187,939
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
7.37%
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%
$3,758,780
$3.8M
Cap Rate 7%
$2,684,843
$2.7M
Cap Rate 9%
$2,088,211
$2.1M
Market Conditions
NOI Build-Up for 14,349 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
$361.6K $25.20/SF
− Vacancy
−$19.9K −$1.39/SF
EGI
$341.7K $23.81/SF
− OpEx
−$153.8K −$10.72/SF
NOI
$187.9K $13.10/SF
Area
Clovis, CA
Vacancy
5.50%
Lease Rate
$25.20 /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%
$3,758,780
Cap Rate 7%
$2,684,843
Cap Rate 9%
$2,088,211
Alternative Uses
Best Use
Apartment 5plus
$2.68M
$2.35M – $3.13M
NOI $187,939 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.22M
NOI $253,047 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
Explore this area
Business Placement
Demographics for 93612, CA
37,368
Population
14,362
Households
2.6
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
5,577
Density / Sq Mi
$64,079
Median Household Income
$40,460
Median Earnings
$1,410
Median Rent
$311,700
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 - Fully occupied multifamily portfolio with recent HVAC installations, roof repairs, and renovated units.
Where is this apartment building located?
The property is located at 571 W Ashlan Avenue Clovis, CA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Three five‑plex buildings totaling 15 units; 14,349 square feet across properties built in 1979; Fully occupied with zero vacancy
