Listed by Northmarq
$4,400,000
Villa Capri
Details
APN 494-152-23
Property Type Multifamily
Sub Type Apartment Building, Villa
Net Rentable (SqFt) 23,925
Units 28
NOI $307,320
Pro-Forma Cap Rate 6.98%
Price per SqFt $184
Year Built 1971
Buildings 2
Acreage 0.930
Zoning R-50
Multifamily | 28 Units | $157,143/unit
Marketing description
Villa Capri presents a significant opportunity for investors to capture immediate upside through a comprehensive interior modernization program. Current average rents of $1,318 per unit are substantially below the pro forma market rents of $1,501+, representing a nearly 14% gap. With several nearby competitors achieving rents as high as $1,695 for similar unit types, a strategic renovation of kitchens, bathrooms, and flooring will allow a new owner to reposition the asset and significantly increase the Net Operating Income (NOI).
Prime Fresno location near major economic anchors: The property is strategically located at 1985 N Winery Ave, placing it within the immediate sphere of Fresno’s most vital educational and retail hubs. It is situated just minutes from California State University, Fresno (25,000+ students) and Fresno City College, providing a consistent pool of student and faculty renters.
Resilient multifamily market with strong growth forecasts: The Fresno multifamily market continues to show robust performance. Asking rents in the Central Valley grew by 1.8% annually, and forecasts indicate continued appreciation through 2026. With vacancy rates remaining exceptionally tight—reaching as low as 2.5% in neighboring counties—Villa Capri is well-positioned to benefit from the region’s chronic undersupply of quality rental housing.
Dynamic regional employment and economic expansion: Fresno serves as the economic heart of the Central Valley, recently adding 7,600 new jobs—the largest net gain in the region. The local economy is supported by a diverse array of industries, including healthcare, education, and a massive logistics sector anchored by Amazon, Target, and Walmart. The recent $150 million expansion of the Fresno Yosemite International Airport (FAT) further solidifies the area as a growing hub for commerce and travel, driving sustained household formation and rental demand.
Desirable unit mix and operational efficiency: Villa Capri features a highly efficient unit mix, with 92% of the property comprised of spacious two-bedroom floor plans (split evenly between
2BD/1BA and 2BD/2BA). This configuration is the most sought-after in the Fresno market, appealing to a wide range of renters from small
families to roommates. The two-building, garden-style layout on a 0.93-acre site offers a manageable scale for investors, while the uniform
floor plans help minimize ongoing maintenance and turnover expenses.
Compelling yield profile and favorable financing: Offered at $4,400,000 ($157,143/unit), Villa Capri provides an attractive entry point with a projected Pro Forma Cap Rate of 6.98% and a
Cash-on-Cash return of 7.30%. These metrics compare favorably to recent regional sales, offering a superior yield for a well-located asset.
Investors can leverage proposed financing at 65% LTV with a 5.50% interest rate, creating a stable and lucrative investment vehicle for both
immediate cash flow and long-term capital appreciation.
Investment highlights
Listing Contacts
Listed by Northmarq
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$307,320.00
$25,610.00/mo
Valuation Metrics
0
DSCR
6.98%
Cap Rate
6.98%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Brokerage Phone
Is there information that looks off?
