L Street Multifamily
For Sale
Contact for pricing
922 L Street, Sanger, CA 93657
R3-zoned multifamily asset in Sanger with regional highway access and proximity to Fresno employment centers.
Property Size4,140 SF
Price / SF$229.47
Days on Market17
Property Features for 922 L Street
General Information
Standard status
Active
Size
4,140 SF
Class
C
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$70,018
Building Details
Year Built
1959
Buildings
6
Units
6
Tenancy
Multi
Listing Agency:
Visintainer Group
Listed By:
Brett Visintainer · License #CA 01792092
Source:
Crexi
Added: Jul 24
Changed: Aug 4
Last Checked: Aug 8 at 11:53AM
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 Visintainer Group
Investment Insights
Based on property information with market context.
L Street Apartments is a 4,140-square-foot multifamily property at 922 L Street in Sanger, California. Constructed in 1959, the property carries R3 zoning and is presented as a residential income asset. The available information does not identify unit count, unit mix, or interior layout.
Sanger is a Fresno County community of approximately 28,000 residents located about 13 miles southeast of Fresno. Highways 99 and 180 intersect in the area, providing regional connectivity. Fresno's employment base includes healthcare, education, government, agriculture, food processing, logistics, manufacturing, distribution, and retail. Fresno Yosemite International Airport is roughly 12 miles away, while Kings Canyon and Sequoia National Parks are about 40 miles east.
Sanger is a Fresno County community of approximately 28,000 residents located about 13 miles southeast of Fresno. Highways 99 and 180 intersect in the area, providing regional connectivity. Fresno's employment base includes healthcare, education, government, agriculture, food processing, logistics, manufacturing, distribution, and retail. Fresno Yosemite International Airport is roughly 12 miles away, while Kings Canyon and Sequoia National Parks are about 40 miles east.
Key Highlights
- 4,140‑square‑foot multifamily property at 922 L Street, Sanger, CA 93657
- R3 zoning supports the property’s multifamily classification
- Constructed in 1959
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
$52,353
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
5.51%
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%
$1,047,060
$1.0M
Cap Rate 7%
$747,900
$747.9K
Cap Rate 9%
$581,700
$581.7K
Market Conditions
NOI Build-Up for 4,140 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
$99.4K $24.00/SF
− Vacancy
−$4.2K −$1.01/SF
EGI
$95.2K $22.99/SF
− OpEx
−$42.8K −$10.35/SF
NOI
$52.4K $12.65/SF
Area
Fresno County, CA
Vacancy
4.20%
Lease Rate
$24.00 /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%
$1,047,060
Cap Rate 7%
$747,900
Cap Rate 9%
$581,700
Alternative Uses
Best Use
Apartment 5plus
$747.9K
$654.4K – $872.6K
NOI $52,353 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,137 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 93657, CA
37,464
Population
11,677
Households
3.2
Avg Household Size
34
Median Age
15%
College-Educated
76%
High-School Grad
225.8 sq mi
ZIP Area
166
Density / Sq Mi
$77,655
Median Household Income
$37,574
Median Earnings
$1,123
Median Rent
$382,700
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?
Multifamily property - R3-zoned multifamily asset in Sanger with regional highway access and proximity to Fresno employment centers.
Where is this multifamily property located?
The property is located at 922 L Street Sanger, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,140‑square‑foot multifamily property at 922 L Street, Sanger, CA 93657; R3 zoning supports the property’s multifamily classification; Constructed in 1959
