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    2118 Glenn Ave Fresno, CA 93704

    Sponsored
    For Sale
    $595,000

    Five-unit apartment complex, high potential.

    Property size:
    3,900 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional value-add multifamily investment opportunity presents a 5-unit apartment building situated on a 0.17-acre lot in Fresno, CA (APN: 444-172-12). The property, built in 1966 and renovated in 2021, comprises a single two-story building totaling 3,900 square feet of net rentable space. Each of the five units features two bedrooms and one bathroom, boasting approximately 760 square feet each. All units include private entrances, separately metered gas and electricity, and access to on-site laundry facilities. Currently operating at 100% occupancy with one-year month-to-month leases, the property generates a current Net Operating Income (NOI) of $37,435, representing a 6.29% cap rate based on the asking price of $595,000. However, a significant value-add opportunity exists through rent increases to market rates, projected to boost the NOI to $65,395 and the pro-forma cap rate to 10.99%. The property's strategic location near Fresno City College ensures a consistent tenant pool. Additional features include private parking on-site, convenient access to Highway CA-41, and ample street parking. The asking price per unit is $119,000, and the property is zoned for residential use. This presents a compelling investment opportunity with substantial upside potential in a strong rental market.

    Property Features for 2118 Glenn Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,900 SF
    Lot Size
    7,449 SF

    Building Details

    Year Built/Renovated
    1966/2021
    Buildings
    1
    Stories
    2
    Units
    5

    HighLights

    • Value‑add, 5‑unit apartment complex with individual utility meters.
    • Significant upside potential: increase NOI by $27,960 to $65,395, boosting cap rate to 10.99%.
    • 100% occupied; five 2‑bed/1‑bath units; rent‑ready.
    • On‑site private parking, laundry facilities, and corner lot.
    • Easy freeway access via CA‑41.
    • Additional side and ample street parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dormitories

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fresno
    County
    Fresno
    State
    California
    Longitude
    -119.79333452749
    Latitude
    36.769522452635

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    FAQs

    What type of property is this?
    Multifamily property - Five-unit apartment complex, high potential.
    Where is this multifamily property located?
    The property is located at 2118 Glenn Ave Fresno, CA.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Value-add, 5-unit apartment complex with individual utility meters.; Significant upside potential: increase NOI by $27,960 to $65,395, boosting cap rate to 10.99%.; 100% occupied; five 2-bed/1-bath units; rent-ready.
    Request Owner's contact information
    2118 Glenn Ave Fresno, CA 93704
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    Fresno, CA 93704
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2118 Glenn Ave Fresno, CA 93704
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