Listed by Northmarq
$11,620,000
Garden Square Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 76,443
Net Rentable (SqFt) 76,443
Units 83
Occupancy 96%
Year Built 1963
Buildings 12
Acreage 5.040
Zoning PD
Investment Type Value Add
Multifamily | 83 Units
Marketing description
Garden Square Apartments presents a compelling value-add opportunity, with in-place rents averaging $1.31 per square foot, while comparable properties in the submarket achieve average rents of $1.52 per square foot. This gap offers significant upside potential through targeted interior and exterior renovations, allowing new ownership to capture higher market rents and drive immediate income growth.
Strategically located at 202 W. Dakota Avenue in the Old Fig Garden submarket, Garden Square benefits from Fresno’s robust and diverse economy, proximity to major employment centers, and the transformative impact of the High-Speed Rail project, which is set to enhance regional connectivity and fuel long-term economic expansion.
Residents enjoy outstanding walkability and convenience to a wide array of retail, dining, and entertainment options, including River Park Shopping Center, Fashion Fair, Fig Garden Village, and numerous national retailers and restaurants. The property’s location provides easy access to daily necessities and lifestyle amenities, enhancing resident satisfaction and demand.
Garden Square features an attractive garden-style design with 83 spacious units across 12 buildings on 5.04 acres. The community offers a mix of one-, two-, and three-bedroom floor plans, with amenities such as a swimming pool, on-site laundry facilities, covered parking, patios/balconies, and a separate manager’s office, all set within a well-maintained, park-like environment.
The property’s unit mix—ranging from one-bedroom to three-bedroom layouts—caters to a broad tenant base, including families and professionals, and aligns with the high demand for quality, affordable housing in Fresno’s growing rental market.
With current occupancy at 96% and a strong tenant base, Garden Square generates stable cash flow. New ownership can further enhance returns through value-add strategies such as interior upgrades, rent optimization, and operational efficiencies.
Fresno’s multifamily market is characterized by limited new construction, a growing employment base, and the city’s role as a key agricultural and economic hub in the Central Valley. These fundamentals position Garden Square for continued appreciation and rental growth, making it an attractive long-term investment.
Investment highlights
- Submarket: Old Fig Garden
Listing Contacts
Listed by Northmarq
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