642 Thorne AveFresno, CA 93728

Property Details for 642 Thorne Ave

Year built

1927

Construction

WOOD

Lot size

0.15 AC

Property size (Sq ft)

3,643 SF

Zone code

RS5

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

450-271-01

APU

45027101

Description

This exceptional 7-unit apartment building in Fresno, CA, presents a compelling investment opportunity. Located at 642 N Thorne Ave, this property boasts 3,643 square feet of net rentable space, spread across a two-story building on a 6,500 square foot lot. Built in 1927 and renovated in 2015 and 2024, the property is currently 100% occupied, generating a substantial net operating income (NOI) of $51,026, representing a 7% cap rate. The asking price is $740,000, translating to $105,714.29 per unit and $203.13 per square foot. The property is zoned R-3 and features separate electric meters for each unit. All tenants are current on rent, minimizing risk. Its convenient location, approximately 2-3 miles from Fresno City College, UEi College, and the VA Hospital, and 4-5 miles from Walmart and Home Depot, ensures high demand and occupancy. The property's proximity to Fresno University and the Tower District provides residents with easy access to shopping, dining, and entertainment. The upcoming California High Speed Rail is anticipated to further boost Fresno's growth and rental demand, enhancing the long-term investment potential. A comparative market analysis (CMA) of income is available upon request. This is a Class C property, ideal for owner-users seeking a strong return on investment in a thriving market. The sale is structured for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $640,404

  6.5%

  $591,142

  7%

  $548,918

• Comparable approach

  Method

  Valuation

  Relative Method

  $749,820

  Geo Method

  $1,574,907

• Alternative Use

  Use

  Valuation

  Residential

  $591,142

  Hospitality

  $541,483

  Educational

  $450,507

  Medical

  $466,001

  Retail

  $700,789

Location Insight

City

Fresno

County

Fresno

State

California

Latitude

36.752

Longitude

-119.813

CBSA code

23420

CBSA name

FRESNO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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