2118 N Glenn Avenue Pending Save Request In-Person Tour Request Virtual Tour
Fresno,CA 93704
Key Details
Property Type Multi-Family
Sub Type 5 to 15 Units
Listing Status Pending
Purchase Type For Sale
Square Footage 3,900 sqft
Price per Sqft $152
MLS Listing ID 618976
Bedrooms 10
Year Built 1966
Lot Size 7,426 Sqft
Property Description
100% occupied 5 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.
Location
State CA
County Fresno
Area 704
Interior
Heating Central Heat/Cool
Cooling Central Heat/Cool
Flooring Concrete Perimeter
Fireplaces Type None
Exterior
Exterior Feature Stucco
Garage Carport
Roof Type Composition
Building
Story Two
Sewer Public Water,Public Sewer
Water Public Water,Public Sewer
Schools
Elementary Schools Heaton
Middle Schools Fort Miller
High Schools Fresno
School District Fresno Unified
Others
Acceptable Financing Conventional,Cash,Submit
Listing Terms Conventional,Cash,Submit