Two-Unit Duplex on One
For Sale
$314,900
Pending
728 N Palm AVE, Fresno, CA 93728
Fully occupied duplex with separate laundry hookups and HVAC in the front home.
Property Size1,544 SF
Days on Market67
Property Features for 728 N Palm AVE
General Information
Standard status
Pending
Size
1,544 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1941
Listing Agency:
eXp Realty of Greater Los Angeles, inc.
(559) 246-4905
Listed By:
Marie Meza · License #01772801
(559) 246-4905
Source:
Exitrealty
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 23 at 5:15AM
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 eXp Realty of Greater Los Angeles, inc.
Investment Insights
Based on property information with market context.
This for-sale duplex offers two separate homes on one lot, with both units currently occupied. The front home features approximately 928 square feet with two bedrooms and one bathroom, including updated kitchen cabinetry and granite countertops. It also has an HVAC system and private laundry hookups.
The rear home provides approximately 616 square feet with one bedroom and one bathroom, with granite surfaces and LVP flooring. The rear unit is cooled with evaporative cooling and also includes its own private laundry hookups.
For buyers seeking a residential income property, the layout supports separate living arrangements while keeping both units under one ownership structure. With both homes leased and available lease and expense documentation for review, the property may fit an owner-operator or investor looking for an occupied two-unit setup. Both units have private laundry connections, which can simplify tenant day-to-day functionality.
The rear home provides approximately 616 square feet with one bedroom and one bathroom, with granite surfaces and LVP flooring. The rear unit is cooled with evaporative cooling and also includes its own private laundry hookups.
For buyers seeking a residential income property, the layout supports separate living arrangements while keeping both units under one ownership structure. With both homes leased and available lease and expense documentation for review, the property may fit an owner-operator or investor looking for an occupied two-unit setup. Both units have private laundry connections, which can simplify tenant day-to-day functionality.
Key Highlights
- Two homes on one lot, both currently occupied and leased
- Front home: approx. 928 SF, 2 bed/1 bath, updated kitchen cabinetry and granite countertops, with HVAC
- Rear home: approx. 616 SF, 1 bed/1 bath, granite surfaces, LVP flooring, and evaporative cooling
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
$20,223
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
6.42%
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%
$404,460
$404.5K
Cap Rate 7%
$288,900
$288.9K
Cap Rate 9%
$224,700
$224.7K
Market Conditions
NOI Build-Up for 1,544 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
$30.6K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$28.9K $18.71/SF
− OpEx
−$8.7K −$5.61/SF
NOI
$20.2K $13.10/SF
Area
Fresno, CA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$404,460
Cap Rate 7%
$288,900
Cap Rate 9%
$224,700
Alternative Uses
Best Use
Multifamily LT 5
$288.9K
$252.8K – $337.1K
NOI $20,223 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$253.1K
$221.5K – $295.3K
NOI $17,716 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$455.0K
$398.1K – $530.8K
NOI $31,850 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,100
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with separate laundry hookups and HVAC in the front home.
Where is this duplex located?
The property is located at 728 N Palm AVE Fresno, CA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Two homes on one lot, both currently occupied and leased; Front home: approx. 928 SF, 2 bed/1 bath, updated kitchen cabinetry and granite countertops, with HVAC; Rear home: approx. 616 SF, 1 bed/1 bath, granite surfaces, LVP flooring, and evaporative cooling
