5-Unit Multifamily
New
For Sale
$849,999
591 W Ashlan Avenue, Clovis, CA 93612
Multi Family, Clovis, CA
Property Size4,783 SF
Lot Size0.24 Acres
Price / SF$177.71
Days on Market6
Property Features for 591 W Ashlan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bedroom 9, Bedroom 10, Bathroom 6, Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 8, Bedroom 7, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 5, Bedroom 6, Bathroom 2
Parking features
Covered
Exterior features
Stucco
High school district
Fresno Unified
Directions
East on Ashland
Subdivision
612
Standard status
Active
APN
43063226
Size
4,783 SF
Lot size
0.24 Acres
Building Details
Year built
1979
Floors in Building
2
Number of units
5
Roof type
Composition
Listing Agency:
Iron Key Real Estate
(559) 296-8044
Listed By:
Kevin Evaro · License #02283325
(559) 296-8044
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
MLS# 654334
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 5-unit multifamily property contains 4,783 square feet on a 0.2369-acre lot. The unit mix includes one two-bedroom, two-bath apartment and four two-bedroom, one-bath apartments. Each unit has attached parking, with covered parking listed among the property features. The building was constructed in 1979 and includes stucco exterior walls and a composition roof.
The property is located at 591 W Ashlan Avenue in Clovis, California, within Fresno County. All units are occupied, and current rents are approximately 21% below market. Interior upgrades and maintenance work were completed in 2025, supporting the property's updated operating profile.
The property is located at 591 W Ashlan Avenue in Clovis, California, within Fresno County. All units are occupied, and current rents are approximately 21% below market. Interior upgrades and maintenance work were completed in 2025, supporting the property's updated operating profile.
Key Highlights
- 5‑unit property with 4,783 square feet of building area
- Unit mix includes one 2BD/2BA and four 2BD/1BA apartments
- 0.2369‑acre lot at 591 W Ashlan Avenue, Clovis, CA 93612
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
$62,646
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%
$1,252,920
$1.3M
Cap Rate 7%
$894,943
$894.9K
Cap Rate 9%
$696,067
$696.1K
Market Conditions
NOI Build-Up for 4,783 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
$120.5K $25.20/SF
− Vacancy
−$6.6K −$1.39/SF
EGI
$113.9K $23.81/SF
− OpEx
−$51.3K −$10.72/SF
NOI
$62.6K $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%
$1,252,920
Cap Rate 7%
$894,943
Cap Rate 9%
$696,067
Alternative Uses
Best Use
Apartment 5plus
$894.9K
$783.1K – $1.04M
NOI $62,646 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,349 @ 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
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
608
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Unit mix includes two-bedroom apartments with one- and two-bath layouts plus covered parking.
Where is this apartment building located?
The property is located at 591 W Ashlan Avenue Clovis, CA.
What is the asking price?
The asking price for this property is $849,999.
What are key features of this property?
This property features: 5‑unit property with 4,783 square feet of building area; Unit mix includes one 2BD/2BA and four 2BD/1BA apartments; 0.2369‑acre lot at 591 W Ashlan Avenue, Clovis, CA 93612
