7-Unit Corner-Lot Apartment
New
For Sale
$699,950
642 N Thorne Ave, Fresno, CA 93728
Multifamily property with studio and two-bedroom residences near Fresno’s Tower District.
Property Size3,643 SF
Price / SF$192.14
Days on Market5
Property Features for 642 N Thorne Ave
General Information
Standard status
Active
Size
3,643 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 5 x studio
Multifamily Units
7
Listing Agency:
Fresno Income Properties
(559) 438-9410
Listed By:
Roy C. Cordova · License #01944933
(559) 319-0591
Source:
Exprealty
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 19 at 10:00AM
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 Fresno Income Properties
Investment Insights
Based on property information with market context.
This 7-unit apartment building at 642 N Thorne Ave includes 3,643 square feet of multifamily space on a corner lot. The unit mix consists of two 2-bedroom/1-bath residences and five studio units, providing a combination of larger and compact floor plans within one property.
The building is in Fresno, near the Tower District, where dining, shopping, and entertainment options are available. The property is offered for sale, and prospective visitors should coordinate with an agent before accessing the grounds because tenants are in place.
The building is in Fresno, near the Tower District, where dining, shopping, and entertainment options are available. The property is offered for sale, and prospective visitors should coordinate with an agent before accessing the grounds because tenants are in place.
Key Highlights
- 7‑unit apartment building with 3,643 square feet
- Unit mix includes two 2‑bedroom/1‑bath units and five studio units
- Situated on a corner lot
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
$41,800
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
5.97%
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%
$836,000
$836.0K
Cap Rate 7%
$597,143
$597.1K
Cap Rate 9%
$464,444
$464.4K
Market Conditions
NOI Build-Up for 3,643 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
$80.0K $21.96/SF
− Vacancy
−$4.0K −$1.10/SF
EGI
$76.0K $20.86/SF
− OpEx
−$34.2K −$9.39/SF
NOI
$41.8K $11.47/SF
Area
Fresno, CA
Vacancy
5.00%
Lease Rate
$21.96 /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%
$836,000
Cap Rate 7%
$597,143
Cap Rate 9%
$464,444
Alternative Uses
Best Use
Apartment 5plus
$597.1K
$522.5K – $696.7K
NOI $41,800 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$939.4K – $1.25M
NOI $75,148 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
Explore this area
Business Placement
Demographics for 93728, CA
16,191
Population
6,878
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
5,397
Density / Sq Mi
$52,809
Median Household Income
$34,696
Median Earnings
$1,243
Median Rent
$239,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with studio and two-bedroom residences near Fresno’s Tower District.
Where is this apartment building located?
The property is located at 642 N Thorne Ave Fresno, CA.
What is the asking price?
The asking price for this property is $699,950.
What are key features of this property?
This property features: 7‑unit apartment building with 3,643 square feet; Unit mix includes two 2‑bedroom/1‑bath units and five studio units; Situated on a corner lot
