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$ 2,465,000
Est. payment | /mo
16 Beds
13 Baths
6,578 SqFt
$ 2,465,000
Est. payment | /mo
16 Beds
13 Baths
6,578 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,578 sqft
Price per Sqft $374
MLS Listing ID 644352
Bedrooms 16
Full Baths 13
HOA Y/N No
Year Built 1958
Lot Size 0.475 Acres
Property Sub-Type Multi Family
Property Description
THE WEST LANAI APARTMENTS | 13 UNITS | 5.99% ACTUAL CAP RATE | EXTENSIVELY RENOVATED! Exceptional opportunity to acquire a distinctive mid-century modern multifamily community in Central Fresno! Offered at $2,465,000, this income-producing property features ten 1BR/1BA and three 2BR/1BA apartments, with 12 of 13 units currently occupied. Twelve apartments have undergone extensive permitted renovations, including updated kitchens, bathrooms, cabinetry, countertops, flooring, lighting, fixtures, plumbing, electrical components, and paint. Significant property improvements include a refurbished roof (2023) and resurfaced swimming pool (2026). Residents enjoy mature landscaping, gated pool, wrought iron gates with keypad entry, surveillance system, and dedicated parking. Individually metered for PG&E, with two utility rooms offering potential additional income opportunities. The reported 5.99% cap rate is based on current rents and operating expenses, not projected market rents! Additional upside exists through below-market rents. A zoning inquiry letter from the City of Fresno also identifies potential senior housing or residential care uses, subject to applicable approvals and licensing. The apartment complex is conveniently located near schools, shopping, restaurants, freeways, and Fresno's popular Tower District. A compelling investment combining established cash flow, extensive improvements, architectural character, and future growth potential. Please do not disturb tenants. Offers subject to inspection. Buyer to verify all information.
Location
State CA
County Fresno
Interior
Cooling Central Heat/Cool, Wall/Window Unit(s)
Fireplaces Type None
Appliance Refrigerator: All Units, Disposal: All units, Stove: All units
Exterior
Parking Features Carport
Fence Fenced
Community Features Pool, Utility Room
Utilities Available Public Utilities
Roof Type Other
Building
Lot Description Urban, Sprinkler - Manual, Mature Landcsape
Story 1
Foundation Concrete Perimeter
Water Public
Schools
High Schools Fresno Unified
Listed by Landmark Properties
NEARBY SCHOOL & BUSINESS