140 W San Jose Ave

$180,000/unit

Earnest Money  Deposit: $4,222,000 min.

Fortune Associates is excited to present Chateau San Jose Apartments in Fresno, CA. Built in 1986, the complex consists of (47) units. The property sits on 2.97 acres and has a very attractive unit mix: (16) two-bedroom/two-bathroom downstairs units, (16) two-bedroom/ two-bathroom upstairs units, and (15) two-bedroom/two-bathroom single-level units. All units are approximately 915 square feet and are separately metered for gas and electric. Chateau San Jose attracts tenants because of its centrally located, secluded pocket of Fresno. Each unit has washer/dryer hookups, a fireplace, and large private enclosed patios or balconies. Additionally, all units have access to their very own detached single-car garage. The classic interior units (32) have carpet in the living rooms and bedrooms and vinyl plank flooring or ceramic tile in the kitchens and bathrooms. The renovated interior units (15) have vinyl plank flooring throughout the unit, granite countertops, updated lighting, fresh light-grey painted cabinets, stainless steel appliances, and two-tone painted walls/ceilings.

Chateau San Jose is conveniently located on San Jose Avenue with easy access on and off Highway 41. There are many restaurants and retail stores nearby: Fig Garden Shopping Center (Whole Foods, Chipotle, Lululemon, Elbow Room, Patrick James, CVS, Starbucks, etc.), Riverpark Shopping Center (Ruth’s Chris Steak House, Regal Fresno, REI, Macy’s, Sam’s Club, Sprouts, etc.), and Fashion Fair Mall (Flemings, Cheesecake Factory, BJ’s Restaurant and Brewhouse, JCPenney, etc.). There are many schools nearby: Baird Middle School (0.5mi), Bullard High School (0.9mi) Bullard Talent K-8 (0.9mi), Saint Anthony’s School (0.6mi), and Gibson Elementary School (1.2mi). Priced at a 5.80% cap rate on current income & YR1 proforma expenses, the subject property represents a value-add opportunity through continued interior upgrades on turnover. You can also implement RUBS for additional income like the other competitors in the area.

Roofs have been replaced within the last 7 years

All electrical sub panels are insurance approved (General Electric)

All plumbing is copper plumbing

Attractive unit mix: (16) two-bedroom/two-bathroom downstairs units, (16) two-bedroom/two-bathroom upstairs units, and (15) two-bedroom/two-bathroom single-level units

Located in a centrally located secluded pocket of Fresno

Value-add opportunity to continue the current renovation program: vinyl plank flooring throughout the unit, granite countertops, updated lighting, fresh light-grey painted cabinets, stainless steel appliances, and two-tone painted walls/ceilings.

Implement RUBS program to increase cashflow

Attractively priced at 5.80% cap rate on current income & YR1 proforma expenses

Located in a very strong, low vacancy rental market

No delinquency

Each unit has washer/dryer connections & a detached single-car garage