Value Add Multi-Family Apartment Units In Fresno, CA

This multi-family complex is situated on the Southwest corner of Glenn Ave & Cambridge Ave. Located just off Fresno's main retail corridor, Blackstone Ave, which is connected to the major Freeways of CA-99, CA-180, CA-41, and CA-168. Fresno is the county seat of Fresno County and the largest city in the greater Central Valley region. Located within minutes of Downtown Fresno which hosts a dense, diverse, thriving neighborhood with farmer’s markets, schools, grocery stores, music festivals, happy hour spots, breweries, bicycle facilities, a monthly ArtHop, food trucks, and world-class murals and public art. This area is considered the fastest growing region in California to proudly serve all of Central California including cities such as Fresno (972,297 metro), Clovis (102,189), Madera (154,998), Visalia (130,753), Tulare (61,170), Hanford (55,840), Lemoore (26,199), Merced (81,743), Sanger (24,270), Selma (23,219), Kingsburg (11,382), and more!100% occupied 6 Unit Multi-Family Apartment complex on ±0.17 Acres of land. Property consists of one two story building with (5) separately-metered units that totals ±3,900 SF. All (5) units include 2 Bed/1 Bath (±760 SF), private entrances, separately metered for gas/electricity, and has access to on-site laundry. Each lease term is 1-year and is month to month, noting tenants to pay their own utility & hot water, separate gas & electric meter. With Fresno City College less than a mile away, this property offers a prime opportunity to attract college students as tenants, ensuring a steady stream of potential renters. The value-add opportunity consists of addressing the under-market rent of the (5) tenants, extending lease length over the next 6-12 months. Value-add opportunity with actual rents of $53,400/year collected plus upside potential. After addressing the slightly under-market rents, the realistic stabilized gross annual income is $91,800. Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units. Once stabilized, the deal offers a 8.72% CAP rate.