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Property profile & analytics
OFF-MARKET
Estimated value
$675,000
Apartment buildings
511 Ashlan Ave Clovis, CA 93612-4906
Individually Owned
1-yr Hold
Free & Clear
Property ID
US09-5470481
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1978
Construction
WOOD
Total area
4,783 SF
Lot
0.21 ac (9,240 SF)
Zoning code
R3
APN
430-632-34
UPID
US09-5470481
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$675k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$851k
Blend (final)
Blend
$675k
Owner & transaction history
Zheng Chen · 1 yrs held
Zheng Chen
since 2024
Last sale
$675,000
7 recorded transactions
Zoning & alternative use
R3 · Clovis, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$965,000
+53.6%
Medical building
$935,000
+48.6%
Retail stores
$930,000
+47.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Clovis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Clovis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$675,000
ML approach
$675,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$630,000
Current use
OFFICE BUILDING
$965,000
Change: +54% · Conversion: Moderate
MEDICAL BUILDING
$935,000
Change: +49% · Conversion: Moderate
RETAIL STORES
$930,000
Change: +48% · Conversion: Difficult
AUTO REPAIR, GARAGE
$700,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$675k
Range $608k – $743k · ±10% · vs last sale $675k (Dec 20 2024)
Last sale anchor
$675k
Dec 20 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$141 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,571
Tax year 2023
Assessed value
$688,500
Assessed 2023
Previous assessed
$688,500
+0.0% YoY
Effective rate
1.24%
On assessed value
Assessed land
$56,100
Assessed improvement
$632,400
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1978
Construction
WOOD
Heating
NONE
Cooling
REFRIGERATOR
Stories
2
Units
5
Bathrooms
6
Total area
4,783 SF
Lot
0.21 ac (9,240 SF)
Zoning code
R3
APN
430-632-34
UPID
US09-5470481
Jurisdiction
FRESNO
Zoning & alternative use
R3 · Clovis, CAZoning R3 · permitted uses
R3 · Clovis, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$630,000
OFFICE BUILDING
Est. value
$965,000
MEDICAL BUILDING
Est. value
$935,000
RETAIL STORES
Est. value
$930,000
AUTO REPAIR, GARAGE
Est. value
$700,000
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
MEDICAL BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1978
Construction
WOOD
Heating
NONE
Cooling
Yes
Stories
2
Units
5
Bathrooms
6
Lot
0.21 ac
Current owner
From public records · entity-resolved
Zheng Chen
Individual
Free & Clear · 1 yrs held
Mailing address
2878 E OMAHA AVE, FRESNO, CA 93720-4962
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 20, 2024
$675,000
Zheng Chen
Lz Investment LLC
Grant Deed
—
Oct 1, 2021
$675,000
Lz Investment LLC
Jesus Ramirez
Grant Deed
—
Oct 1, 2021
—
Carlos R Ramirez
Martha S Ramirez
Intrafamily Transfer
related
—
Jul 17, 2008
—
Jesus Ramirez
Ramirez,carlos SR
Quit Claim Deed
related
—
Feb 15, 2008
—
Carlos Ramirez SR.
Ramirez,martha S
Quit Claim Deed
related
—
Jan 30, 2006
—
Ramirez Jesus & Ana M Trust
Ramirez,jesus R & Ana M G
Quit Claim Deed
related
—
Nov 15, 2002
$120,000
Carlos R Ramirez
Swenson,tr
Grant Deed
$178,000 · Monterey Bay Bank
Dec 5, 2001
—
Reynolds Trust
Reynolds,charles H
Quit Claim Deed
related
—
Apr 10, 2001
—
Swenson Trust
Swenson,gary A & Laura
Quit Claim Deed
related
—
Apr 1, 1999
—
Reynolds Trust
Reynolds,charles H
Quit Claim Deed
related
—
Dec 16, 1988
$162,500
Gary A Swenson
Unknown
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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