$650,000
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2118 N Glenn Avenue Fresno, CA 93704
Multi-Family
Residence
10
Beds
5
Baths
3,900
Sq. Ft.
0.17
Acre
Lot
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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 now month to month, requiring tenants to pay their own utility & hot water, separate gas & electric meter. With Fresno City College across the street, 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 $59,400/year collected plus upside potential. After remodeling the units and 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.
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MLS#
618976
Property Type
Multi-Family
Bedrooms
10
Bathrooms
Year Built
1966
Square Feet
3,900
sq. ft
Price per Sq. Ft.
$166.67
Lot Size
0.17
Sewer
Public Sewer
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