Las Flores Apartments 3420 N 1st St 46 Unit Apartment Building $4,900,000 ($106,522/Unit) Fresno, CA 93726

Las Flores Apartments presents a rare, well-located value-add opportunity in one of Fresno's strongest residential corridors. With significant embedded rent upside, a proven renovation playbook, and compelling market tailwinds, this asset is positioned to deliver strong risk-adjusted returns for investors.
COMPELLING VALUE-ADD OPPORTUNITY
Current in-place rents average $1,199 per month — meaningfully below market rates of $1,458 for 2/1 units and $1,720 for 2/2 units. This gap represents a clear, executable path to revenue growth through interior renovations and operational improvements. Pro forma projections demonstrate strong rent growth and systematic recapture of loss-to-lease over the hold period, creating a compelling return profile from day one.
PRIME NORTHEAST FRESNO LOCATION
Situated in one of Fresno's most sought-after residential corridors, Las Flores places residents at the center of the city's premier retail, dining, and lifestyle destinations. Immediate neighbors include Manchester Center, River Park, and Fashion Fair Mall. Strong proximity to top schools and major employers drives consistent leasing demand and supports long-term occupancy stability.
EXCELLENT CURB APPEAL & VISIBILITY
Fronting First Street, Las Flores commands high visibility along one of Fresno's key arterials. Easy access to major thoroughfares reduces friction for prospective residents and supports strong leasing velocity — a critical advantage in competitive lease-up scenarios and value-add repositioning.
DYNAMIC FRESNO MARKET FUNDAMENTALS
Fresno is a vibrant, diversifying economy with sustained population growth and increasing household formation. The median household income within five miles of the property stands at $62,021, reflecting a renter base with solid purchasing power. Fresno's ongoing infrastructure investments — headlined by the transformative high-speed rail station — are poised to catalyze further economic expansion, job creation, and in-migration, all of which translate directly to multifamily demand and rent growth.