2118 Glenn Ave Fresno, CA 93704
- Apartment buildings
- 3,900 SF
- 0.17 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2118 Glenn Ave
- Year built
- 1966
- Construction
- WOOD
- Lot size
- 0.17 lot acres
- Property size
- 3,900 SF
- Zone code
- RM1
- Property type
- Apartment buildings
- APN
- 444-172-12
- APU
- 44417212
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $455,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $565,000
- 6.5%
- $545,000
- 7%
- $575,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $530,000
- Geo Method
- $615,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $605,000
- Retail
- $590,000
- Mixed-Use
- $600,000
- Hospitality
- $510,000
- Educational
- $520,000
- Residential Income
- $545,000
- Energy
- $530,000
- Income-Based Land
- $570,000
- Food Service
- $600,000
Location Insight
- Map
- Local Demand
- City
- Fresno
- County
- Fresno
- State
- California
- Longitude
- -119.793
- Latitude
- 36.7698
- CBSA code
- 23420
- CBSA name
- FRESNO, CA METROPOLITAN STATISTICAL AREA
