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Normandy Village 840 E Brown Ave 17 Unit Apartment Building $2,300,000 ($135,294/Unit) 6.54% Cap Rate Fresno, CA 93704
Investment Highlights
- Iconic Historic Multifamily Asset
- Landscaped Courtyard Layout with six buildings opening onto shared interior courtyards, fostering a strong sense of community and excellent curb appea
- Recent Capital Improvements including paint and dry-rot repairs completed while preserving the property’s historic characte
- 17 Units 16-Unit plus adjacent 2/1 home Courtyard Apartment Community
- Prime Location Near the Tower District, within walking distance to dining, entertainment, and cultural amenities—one of Fresno’s most desirable rental
- True Landmark Asset admired for nearly a century, appealing to tenants seeking character, walkability, and an authentic residential experience
Executive Summary
Normandy Village Apartments – Historic Asset with Strong In-Place Yield
840–852 E. Brown Ave & 2617–2645 N. Maroa Ave, Fresno, CA
Includes: 826 E. Brown Ave (2BD house) | APN 443-244-04
Built circa 1935 and listed on Fresno’s Local Register of Historic Resources (H.P. #209), this 16-unit “storybook” courtyard property features unique architecture, wrought iron details, and charming shared courtyards across six buildings.
Recent exterior paint and dry-rot repairs enhance curb appeal while preserving its historic character.
Offered at a 6.54% cap rate on in-place rents (adjusted expenses), the property is nearly fully occupied with only one vacant unit, providing immediate cash flow with modest upside through lease optimization.
Located near the Tower District, the property benefits from strong tenant appeal and may support a boutique furnished rental strategy (buyer to verify).
Potential eligibility for the Mills Act Program may offer property tax savings and preservation incentives (buyer to verify).
Rare opportunity to acquire a stabilized, historically significant asset with strong income and long-term upside.
840–852 E. Brown Ave & 2617–2645 N. Maroa Ave, Fresno, CA
Includes: 826 E. Brown Ave (2BD house) | APN 443-244-04
Built circa 1935 and listed on Fresno’s Local Register of Historic Resources (H.P. #209), this 16-unit “storybook” courtyard property features unique architecture, wrought iron details, and charming shared courtyards across six buildings.
Recent exterior paint and dry-rot repairs enhance curb appeal while preserving its historic character.
Offered at a 6.54% cap rate on in-place rents (adjusted expenses), the property is nearly fully occupied with only one vacant unit, providing immediate cash flow with modest upside through lease optimization.
Located near the Tower District, the property benefits from strong tenant appeal and may support a boutique furnished rental strategy (buyer to verify).
Potential eligibility for the Mills Act Program may offer property tax savings and preservation incentives (buyer to verify).
Rare opportunity to acquire a stabilized, historically significant asset with strong income and long-term upside.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $135,294 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.90 AC |
| Cap Rate | 6.54% | Building Size | 12,349 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 93% |
| Gross Rent Multiplier | 8.98 | No. Stories | 88 |
| No. Units | 17 | Year Built/Renovated | 1948/2017 |
| Property Type | Multifamily | Parking Ratio | 1.38/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RS5 | ||
| Price | $2,300,000 |
| Price Per Unit | $135,294 |
| Sale Type | Investment |
| Cap Rate | 6.54% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.98 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 12,349 SF |
| Average Occupancy | 93% |
| No. Stories | 88 |
| Year Built/Renovated | 1948/2017 |
| Parking Ratio | 1.38/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RS5 |
Amenities
Unit Amenities
- Fireplace
- Heating
- Kitchen
- Refrigerator
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | 732 |
| 1+1 | 16 | - | 772 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,191,692 (2025) | |
| Land Assessment | $185,323 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,006,369 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$185,323 (2025)
Improvements Assessment
$1,006,369 (2025)
Total Assessment
$1,191,692 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Normandy Village | 840 E Brown Ave
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