7-Unit Apartment
New
For Sale
$699,950
642 N Thorne Avenue, Fresno, CA 93728
Multi Family, Fresno, CA
Property Size3,643 SF
Lot Size0.15 Acres
Price / SF$192.14
Days on Market2
Property Features for 642 N Thorne Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 8, Bathroom 5, Bedroom 9, Bathroom 6, Bedroom 7, Bathroom 2, Bathroom 3, Bathroom 7
Parking features
Covered
Exterior features
Stucco
High school district
Fresno Unified
Directions
West on Belmont Ave, right on Farris, Left on Thomas
Subdivision
728
Standard status
Active
APN
45027101
Size
3,643 SF
Lot size
0.15 Acres
Building Details
Year built
1927
Floors in Building
2
Number of units
7
Roof type
Composition
Listing Agency:
Fresno Income Properties
(559) 438-9410
Listed By:
Roy Cordova · License #01944933
(559) 319-0591
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 17 at 7:06PM
MLS# 655375
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 7-unit apartment property at 642 N Thorne Avenue includes 3,643 square feet on a 0.1492-acre corner lot. The configuration comprises two 2-bedroom/1-bath units and five studio units, providing a mix of larger and compact floor plans. The 1927 building features stucco exteriors, a composition roof, and covered parking.
The property is located in Fresno, near the Tower District, where dining, shopping, and entertainment options are available. The asset is offered for sale and is identified as an apartment building within a multifamily property classification.
The property is located in Fresno, near the Tower District, where dining, shopping, and entertainment options are available. The asset is offered for sale and is identified as an apartment building within a multifamily property classification.
Key Highlights
- 7‑unit apartment property on a 0.1492‑acre corner lot
- Unit mix includes two 2‑bedroom/1‑bath units and five studios
- 3,643 square feet of property size
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 - Corner-lot multifamily property near Fresno’s Tower District with covered parking and a varied unit mix.
Where is this apartment building located?
The property is located at 642 N Thorne Avenue 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 property on a 0.1492‑acre corner lot; Unit mix includes two 2‑bedroom/1‑bath units and five studios; 3,643 square feet of property size
