Restored Eight-Unit Apartment
For Sale
Contact for pricing
950 E Divisadero, Fresno, CA 93721
Historic multifamily property with cottage-style residences and a central Fresno location.
Property Size5,456 SF
Price / SF$224.52
Days on Market13
Property Features for 950 E Divisadero
General Information
Standard status
Active
Size
5,456 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
Mural District
Occupancy
100%
Net Operating Income
$92,726
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 2BR/1BA, 2 x 2BR/1BA
Multifamily Units
8
Building Details
Year Built
1922
Year Renovated
2012
Buildings
7
Stories
2
Units
8
Tenancy
Multi
Construction
wood frame
Listing Agency:
Northmarq
(952) 356-0100
Listed By:
Robin Kane · License ##00583537
Source:
Crexi
Added: Aug 1
Changed: Aug 13
Last Checked: Aug 12 at 5:11AM
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 Northmarq
Investment Insights
Based on property information with market context.
This eight-unit apartment property dates to 1922 and underwent restoration in 2012. The community includes five buildings with improved wood-frame construction and two additional buildings constructed from the ground up. The unit mix comprises six two-bedroom, one-bath cottages measuring 672 SF and two two-bedroom, one-bath units measuring 683 SF. The property is identified within the Mural District zoning area.
Located at 950 E. Divisadero in downtown Fresno, the property is near the Lowell Neighborhood and the city’s cultural center. State Routes 41, 99, and 180 provide access across the Fresno metro area, while nearby services include restaurants, shopping centers, recreation facilities, and employment hubs. A nearby Fresno Area Express bus stop serves the area, and the future Fresno Station High Speed Rail location is within a five-minute drive.
Located at 950 E. Divisadero in downtown Fresno, the property is near the Lowell Neighborhood and the city’s cultural center. State Routes 41, 99, and 180 provide access across the Fresno metro area, while nearby services include restaurants, shopping centers, recreation facilities, and employment hubs. A nearby Fresno Area Express bus stop serves the area, and the future Fresno Station High Speed Rail location is within a five-minute drive.
Key Highlights
- Eight‑unit apartment community at 950 E. Divisadero, Fresno, CA 93721
- Built in 1922 and restored in 2012
- Unit mix includes 6 two‑bedroom, one‑bath cottages at 672 SF
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
$62,603
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
5.11%
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%
$1,252,060
$1.3M
Cap Rate 7%
$894,329
$894.3K
Cap Rate 9%
$695,589
$695.6K
Market Conditions
NOI Build-Up for 5,456 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
$119.8K $21.96/SF
− Vacancy
−$6.0K −$1.10/SF
EGI
$113.8K $20.86/SF
− OpEx
−$51.2K −$9.39/SF
NOI
$62.6K $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%
$1,252,060
Cap Rate 7%
$894,329
Cap Rate 9%
$695,589
Alternative Uses
Best Use
Apartment 5plus
$894.3K
$782.5K – $1.04M
NOI $62,603 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,546 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,299
Businesses Nearby
Explore this area
Business Placement
Demographics for 93721, CA
7,899
Population
2,621
Households
3
Avg Household Size
35
Median Age
12%
College-Educated
69%
High-School Grad
2.0 sq mi
ZIP Area
3,950
Density / Sq Mi
$32,602
Median Household Income
$26,746
Median Earnings
$915
Median Rent
$219,000
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?
Apartment building - Historic multifamily property with cottage-style residences and a central Fresno location.
Where is this apartment building located?
The property is located at 950 E Divisadero Fresno, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Eight‑unit apartment community at 950 E. Divisadero, Fresno, CA 93721; Built in 1922 and restored in 2012; Unit mix includes 6 two‑bedroom, one‑bath cottages at 672 SF
