Vista Del Loma Apartments 475 N Manila Ave 37 Unit Apartment Building $6,250,000 ($168,919/Unit) 6.48% Cap Rate Fresno, CA 93727

VISTA DEL LOMA APARTMENTS - 37 UNITS ON THREE PARCELS
Offered at $6,250,000, or $168,919 per unit and $185 per square foot across 33,744 square feet of gross building area.
SCOPE OF THE OFFERING: CoStar carries this address as a 21-unit building. The offering is the entire 37-unit assemblage - 415, 431 and 475 N Manila Avenue - three contiguous parcels sold together in one transaction. Please do not price this listing off the 21-unit record.
2025 OPERATING RESULTS (owner's statement)
Rental income collected: $547,368
Operating expenses: $142,628
Net operating income: $404,740, a 6.48% return at the asking price.
BUYER-UNDERWRITTEN VIEW: reset property taxes under Proposition 13 to 1.2317% of the purchase price, add professional management at 4% of collections, and reserve $250 per unit, and net operating income is $349,094 - a 5.59% cap rate. That is the number an appraiser and a lender will use, so it is stated up front rather than buried.
DUE DILIGENCE NOTE: the owner's statement shows no water and sewer expense line. Verify utility responsibility before underwriting. All income and expense figures are the owner's representations and have not been independently audited. Buyer to verify.
HIGHLIGHTS
- Clovis Unified School District, a leasing advantage over surrounding Fresno Unified addresses.
- $63,632 of capital already deployed by ownership on unit renovation.
- Thirty-five two-bedroom units plus one three-bedroom and one studio across three separately parceled buildings.
- Mix of month-to-month and fixed-term tenancies. California has no vacancy control, so rents reset to market on turnover.
- Three of the 37 units are vacant at listing - immediate lease-up upside at market rents.
- Built 1973 to 1975. Zoned RM-1 per county records.
Rent roll, the 2025 operating statement and the full offering brochure are available on request.
Mark Chu, Broker - California DRE #01827763.