2702 E Hedges AVE new Save Request In-Person Tour Request Virtual Tour
Fresno,CA 93703
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,500 sqft
Price per Sqft $236
MLS Listing ID 628721
Bedrooms 20
Full Baths 10
HOA Y/N No
Year Built 1942
Lot Size 41600.000 Acres
Property Sub-Type Multi Family
Property Description
One-Time Opportunity - 10 Units + Entitled Lot | $93K NOI | 6.64% Cap | $1,299,000 This Week OnlyThis is a rare one-time offer to own a fully stabilized 10-unit multifamily property in Fresno with immediate income and major upside.Seller is offering this property at $1,299,000 for this week only after that, it comes off the table or gets developed.The property is currently producing $93,000 in annual NOI with a 6.64% cap rate. Included in the sale is a vacant lot with city-approved plans to build 5 additional units. Once developed, projected NOI climbs to $145,000+, delivering a pro forma cap rate of 10.3%+.Rents are currently under market units can be raised to $1,300 each to match current comps, increasing gross income to $13,000/month and pushing this deal over the 1% rent rule threshold.Highlights:10 turnkey units - fully rented$12,000 monthly gross income (room to raise)$93,000 annual NOICity-approved lot for 5 additional unitsProjected NOI: $145,000+Cap rate today: 6.64%Cap rate after buildout: 10.3%+Stable tenants, low maintenanceHigh-demand rental corridor in FresnoThis property is ideal for 1031 exchange buyers, value-add investors, or developers looking for cash flow now with scalable upside built in.Seller will honor the $1,299,000 price for one week only. After that, it's off the market or getting built out.Buy it. Build it. Bank it. Let's make a deal.
Location
State CA
County Fresno
Interior
Heating Floor or Wall Heat
Cooling Wall/Window Unit(s)
Fireplaces Type None
Appliance Washer/Dryer(s) Leased
Exterior
Parking Features Open
Garage Spaces 6.0
Utilities Available Public Utilities
Roof Type Composition
Building
Lot Description Urban
Story 1
Foundation Wood Subfloor
Sewer On,Public Sewer
Water Public
Schools
High Schools Fresno Unified