3468 S Frank Avenue, Fresno, California 93725, Fresno, - bed, bath
ACTIVE$525,000
3468 S Frank Avenue, Fresno, California 93725
0Bed
0Bath
2,340Sqft
15,000Lot
Year Built
1958
Close
-
List price
$525K
Original List price
$525K
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81927269
Home ConditionFair
Features
View-
About this home
Great opportunity to own 5 individual rental properties! These individual houses are located on a 15,000 sqft corner lot, minutes away from FWY 99. Each property is approximately 468sqft, each with 1 bedroom & 1 bath. Potential rent income from Section 8 is $1272 per house, totaling $6360 per month, $76,320 per year. Current rents are below market rate. Also near Malaga Community Park & Recreation Center which has pool, soccer field and play ground. Make a contingency offer subject to inspection.
Price History
Date
Event
Price
05/05/23
Listing
$525,000
Condition Rating
Fair
The property was built in 1958, making it over 60 years old. While the exterior appears to be maintained with fresh paint, the presence of multiple window AC units indicates an older cooling system and likely no central HVAC. Without interior photos, a detailed assessment of kitchens, bathrooms, flooring, and appliances is not possible. However, given the age and the exterior condition, it's highly probable that the interiors are dated and would require minor updates or repairs to meet current standards and command higher rental rates, as suggested by the listing description. The structures appear functional but show signs of age and lack modern renovations.
Pros & Cons
Pros
Multi-Unit Investment: The property comprises 5 individual rental houses on a single lot, offering diversified income streams and reduced vacancy risk compared to a single-unit investment.
Significant Income Upside: With potential Section 8 income of $1,272 per house ($6,360 total per month) and current rents below market rate, there is substantial opportunity to increase cash flow and maximize return on investment.
Large Corner Lot: Situated on a generous 15,000 sqft corner lot, the property offers ample space, enhanced privacy, and potential for future development or landscaping improvements (subject to local zoning).
Strategic Location: The property's location minutes away from FWY 99 provides excellent accessibility for tenants, facilitating commutes and attracting a broader pool of renters.
Proximity to Amenities: Being near Malaga Community Park & Recreation Center, which includes a pool, soccer field, and playground, adds significant appeal for tenants seeking recreational facilities.
Cons
Property Age & Potential Maintenance: Built in 1958, the properties are over 60 years old, which may indicate a need for significant deferred maintenance, updated systems, and potentially higher ongoing repair costs.
Small Unit Size: Each unit is approximately 468 sqft with 1 bedroom and 1 bath, limiting the target tenant demographic to individuals or couples and potentially leading to higher tenant turnover rates.
Implied 'As-Is' Condition: The suggestion to 'Make a contingency offer subject to inspection' implies the seller may not be willing to undertake repairs, potentially placing the burden of necessary upgrades or fixes on the buyer.