Duplex with Updated
New
For Sale
$339,500
961 N Palm Avenue, Fresno, CA 93728
Multi Family, Fresno, CA
Property Size1,150 SF
Lot Size0.15 Acres
Price / SF$295.22
Days on Market3
Property Features for 961 N Palm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Exterior features
Stucco
High school district
Fresno Unified
Directions
41S exit McKinley go West to Palm and left on Palm , property is on the right
Subdivision
728
Standard status
Active
APN
45023429
Size
1,150 SF
Lot size
0.15 Acres
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Realty Concepts, Ltd. - Fresno
Listed By:
Nhung Nguyen
(559) 490-1500
Added: Sep 25
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 655873
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.
Built in 1948, this 1,150-square-foot duplex sits on a 0.1492-acre lot. The exterior is stucco, and the composition roof was recently replaced. Recent work also includes exterior painting and new swamp coolers.
The property is in Fresno, with freeway access and shopping and dining options noted nearby. Both units have Section 8 tenants. The property may also suit an owner occupant who lives in one unit while renting the other.
The property is in Fresno, with freeway access and shopping and dining options noted nearby. Both units have Section 8 tenants. The property may also suit an owner occupant who lives in one unit while renting the other.
Key Highlights
- 1,150 square feet on a 0.1492‑acre lot
- Duplex built in 1948
- Recently replaced composition roof, exterior paint, and swamp coolers
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
$15,062
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
4.44%
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%
$301,240
$301.2K
Cap Rate 7%
$215,171
$215.2K
Cap Rate 9%
$167,356
$167.4K
Market Conditions
NOI Build-Up for 1,150 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
$22.8K $19.80/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$21.5K $18.71/SF
− OpEx
−$6.5K −$5.61/SF
NOI
$15.1K $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%
$301,240
Cap Rate 7%
$215,171
Cap Rate 9%
$167,356
Alternative Uses
Best Use
Multifamily LT 5
$215.2K
$188.3K – $251.0K
NOI $15,062 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$188.5K
$164.9K – $219.9K
NOI $13,195 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$338.9K
$296.5K – $395.4K
NOI $23,722 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,105
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both units have Section 8 tenants, with rental use and owner occupancy among the stated options.
Where is this duplex located?
The property is located at 961 N Palm Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $339,500.
What are key features of this property?
This property features: 1,150 square feet on a 0.1492‑acre lot; Duplex built in 1948; Recently replaced composition roof, exterior paint, and swamp coolers
