840 E Brown Ave · Fresno, CA 93710

$2,300,000

16 bd · 16.0 ba · 11,617 sqft · MultiFamily public records · 219 Days on market

Built 1930 0.62 ac lot $198/sqft · 47% above area Est $1662k · 38% over

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.0/30.0
• DSCR +6.0/10.0
• 1% rule +4.2/10.0
• Rent growth +3.8/5.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Step into the timeless appeal of Normandy Village Apartments, one of Fresno's most iconic and architecturally significant multifamily properties. Built circa 1935 and listed on the City of Fresno's Local Register of Historic Resources (H.P. #209), this 16-unit courtyard community features whimsical Storybook architecture, hand-wrought iron details, decorative brickwork, and distinctive facades. The 2 bedroom house, 826 E. Brown Ave., Fresno, CA 93704 to be included in this sale. It is a 2 bedroom / 1 bath house.Recent paint and dry-rot repairs have refreshed the property while maintaining its original character. The off-site owner has not actively filled vacancies, offering immediate upside for a hands-on investor. Two units are currently vacant only two need to be leased to meet the pro forma income, with full occupancy pushing returns even higher.Located just blocks from the Tower District, residents enjoy walkable access to dining, entertainment, and cultural amenities. The property's charm and layout also make it ideal for a boutique Airbnb or short-term rental concept, appealing to tenants and guests seeking a unique living experience.Each of the six buildings opens onto landscaped courtyards that foster community and add curb appeal. The colorful accents and asymmetrical design make Normandy Village a true local landmark admired for nearly a century.As a designated historic property, Normandy Village may qualify for Mills Act property tax reductions and other preservation incentives, helping boost long-term returns while supporting ongoing restoration.

Key facts

• Courtyard community
• Distinctive facades
• Decorative brickwork

Tags

• COURTYARD COMMUNITY
• STORYBOOK ARCHITECTURE
• HAND-WROUGHT IRON DETAILS
• DECORATIVE BRICKWORK
• DISTINCTIVE FACADES
• LANDSCAPED COURTYARDS

What this means for you Summary

Snapshot

• This is a 16 × 2-bed/1-bath units multifamily listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.11M (8.4% below list).
• Recommended offer: $2.02M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.7% in Fresno — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 62/100 on livability (#469 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+; Watch: amenities D+, employment D+, schools D.
• Fresno Unified (urban): math 18% / reading 47% proficiency, ranked #327 of 517 in CA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.0%/yr); 59 active listings in the ZIP; 2,426 units permitted in Fresno County in 2024 (296 in 5+ unit buildings).
• At $21,057/mo this rent would consume 384% of the median local household income ($66k/yr) (locally 1910% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $69k of value loss. Plan a longer hold.
• Fresno County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($2.02M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask is 10% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.10M; list at $2.30M implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,024,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.49%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (median comp): $1,662,478
• List price: $2,300,000
• Delta: 38.35%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.01% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-176,429
• Equity at exit: $342,937

10-year hold

• IRR: 4.5%
• Equity multiple: 1.35×
• Total profit: $226,925
• Equity at exit: $198,862

Cash invested: $644,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 93710

• Rents YoY: 5.0%
• Active inventory: 59
• Price-to-rent: 145.6×

Monthly cashflow live

• Estimated rent: $21,057 high
• Mortgage (P&I): −$12,061
• Tax from tax record: −$1,205 /mo · $14,454/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,422
• Net cashflow: $2,411

Break-even live

Break-even rent $18,005

Max offer price $2,300,000

Occupancy floor 84%

Sensitivity live

Price	-10% $3,713	-5% $3,062	+0% $2,411	+5% $1,760	+10% $1,109
Rent	-10% $747	-5% $1,579	+0% $2,411	+5% $3,242	+10% $4,074
Rate	-1.0pp $3,569	-0.5pp $2,996	base $2,411	+0.5pp $1,815	+1.0pp $1,208

16-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 16× units	2	1	$21,056
Total (16 units)			$21,057

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $575,000
• Closing costs: $69,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-03
   days on market $2,300,000 Active 219 DOM
2. 2026-06-02
   days on market $2,300,000 Active 218 DOM
3. 2026-06-01
   days on market $2,300,000 Active 217 DOM
4. 2026-05-31
   days on market $2,300,000 Active 216 DOM
5. 2025-11-18
   price $2,300,000 1584-char remark

   Show marketing remark (1584 chars)

   Step into the timeless appeal of Normandy Village Apartments, one of Fresno's most iconic and architecturally significant multifamily properties. Built circa 1935 and listed on the City of Fresno's Local Register of Historic Resources (H.P. #209), this 16-unit courtyard community features whimsical Storybook architecture, hand-wrought iron details, decorative brickwork, and distinctive facades. The 2 bedroom house, 826 E. Brown Ave., Fresno, CA 93704 to be included in this sale. It is a 2 bedroom / 1 bath house.Recent paint and dry-rot repairs have refreshed the property while maintaining its original character. The off-site owner has not actively filled vacancies, offering immediate upside for a hands-on investor. Two units are currently vacant only two need to be leased to meet the pro forma income, with full occupancy pushing returns even higher.Located just blocks from the Tower District, residents enjoy walkable access to dining, entertainment, and cultural amenities. The property's charm and layout also make it ideal for a boutique Airbnb or short-term rental concept, appealing to tenants and guests seeking a unique living experience.Each of the six buildings opens onto landscaped courtyards that foster community and add curb appeal. The colorful accents and asymmetrical design make Normandy Village a true local landmark admired for nearly a century.As a designated historic property, Normandy Village may qualify for Mills Act property tax reductions and other preservation incentives, helping boost long-term returns while supporting ongoing restoration.

6. 2025-10-27
   listed $2,100,000 Active 1584-char remark

   Show marketing remark (1584 chars)

   Step into the timeless appeal of Normandy Village Apartments, one of Fresno's most iconic and architecturally significant multifamily properties. Built circa 1935 and listed on the City of Fresno's Local Register of Historic Resources (H.P. #209), this 16-unit courtyard community features whimsical Storybook architecture, hand-wrought iron details, decorative brickwork, and distinctive facades. The 2 bedroom house, 826 E. Brown Ave., Fresno, CA 93704 to be included in this sale. It is a 2 bedroom / 1 bath house.Recent paint and dry-rot repairs have refreshed the property while maintaining its original character. The off-site owner has not actively filled vacancies, offering immediate upside for a hands-on investor. Two units are currently vacant only two need to be leased to meet the pro forma income, with full occupancy pushing returns even higher.Located just blocks from the Tower District, residents enjoy walkable access to dining, entertainment, and cultural amenities. The property's charm and layout also make it ideal for a boutique Airbnb or short-term rental concept, appealing to tenants and guests seeking a unique living experience.Each of the six buildings opens onto landscaped courtyards that foster community and add curb appeal. The colorful accents and asymmetrical design make Normandy Village a true local landmark admired for nearly a century.As a designated historic property, Normandy Village may qualify for Mills Act property tax reductions and other preservation incentives, helping boost long-term returns while supporting ongoing restoration.

7. 2018-03-06
   price $1,100,000 994-char remark

   Show marketing remark (994 chars)

   The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

8. 2018-03-05
   soldstatus $1,100,000 Sold 994-char remark

   Show marketing remark (994 chars)

   The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

9. 2018-03-05
   soldstatus $1,100,000

   Show marketing remark (994 chars)

   The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

10. 2017-11-21
    status Backup 994-char remark

    Show marketing remark (994 chars)

    The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

11. 2017-11-21
    price $1,150,000 994-char remark

    Show marketing remark (994 chars)

    The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

12. 2017-10-07
    status Active 994-char remark

    Show marketing remark (994 chars)

    The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

13. 2017-08-24
    status Backup 994-char remark

    Show marketing remark (994 chars)

    The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

14. 2017-06-17
    listed $1,150,000 Active 994-char remark

    Show marketing remark (994 chars)

    The Normandy Village Apartments are noted architecturally as an eclectic array of units whose construction includes relics of salvaged sites all over Fresno including Europe. This prestigious complex consist of several buildings & cottages of rustic and Victorian style, with many details. Although each unit is distinctively different in arrangement, there are strong unifying elements including the used brick veneer, use of wrought iron and exterior color scheme of turquoise and red. These 17 units are individualized with a variety of parts taken from other structures locally and else where. Most units have fireplaces and vaulted ceilings, extensive use of ornate light fixtures, French doors, bay windows, and arched openings. This would be great for an investor who would love to own a great gem in Fresno's history. Being on the historical registry grants this complex to utilize The California State Historic Building Code to be exempted from certain local building codes as well

15. 1997-08-25
    soldstatus $385,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $14,454 · $1,205/mo
• Projected year-2 tax: $17,480 · $1,457/mo
• Expected delta: +$3,026/yr (+$252/mo · 20.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 48 unhealthy d/yr today · 50 by 30 yrs out

Taxation est. · year 1

• Rental income: $252,684
• − Mortgage interest: −$128,836
• − Property taxes: −$14,454
• − Insurance: −$11,500
• − Repairs & maintenance: −$20,215
• − Management: −$20,215
• − Depreciation: −$66,909
• Taxable loss: −$9,444
• Est. tax savings @ 24.0%: +$2,267
• After-tax cash flow: $31,195/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fresno Unified
• NCES district ID: 0614550
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $36,095
• Composite: 26.83/100
• National rank: #7111
• State rank: #327 of 517 in CA

Livability — Fresno

• Score: 62/100
• State rank: #469
• US rank: #15907

Category grades

Amenities D+ Commute A+ Cost of living F Crime F Employment D+ Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fresno, CA
• County: Fresno County · 834,801 people
• City population: 593,114
• Metro: Fresno, CA
• Population (ZIP): 31,669
• Household income: $65,851
• Rent vs Own: 57.8% rent · 42.2% own
• Severe rent burden: 1910.0

Population outlook (Fresno County) Hauer SSP2

• Today (2025): 1,042,971 people
• By 2030: 1,072,198 · +2.8%
• By 2040: 1,122,408 · +7.6%
• By 2050: 1,157,251 · +11.0%
• By 2075: 1,182,575 · +13.4%
• By 2100: 1,105,899 · +6.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 44% Hispanic / Latino 38% Two or more races 17% Asian 8% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Russian 2% Lithuanian 1% Italian 1%
• Foreign-born: 13% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 18% Other Asian/Pacific 3% Other Indo-European 2%

Political lean MEDSL · Fresno

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.6%
• 2008→2024 swing: -6.5pp toward R · 2008: 2.1pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: D+7.8 2016: D+3.9 2012: R+2.9 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -394.98%
• Current HPI: 409.5648
• Rent YoY: ▲ 5.01%
• Metro: Fresno, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+497.4% since first listed

11 events — show timeline

• 2025-11-18 Price Changed $2,300,000 FRESNOMLS
• 2025-10-27 Listed $2,100,000 FRESNOMLS
• 2018-03-06 Price Changed $1,100,000 FRESNOMLS
• 2018-03-05 Sold (Public Records) $1,100,000 Public Records
• 2018-03-05 Sold (MLS) $1,100,000 FRESNOMLS
• 2017-11-21 Pending — FRESNOMLS
• 2017-11-21 Price Changed $1,150,000 FRESNOMLS
• 2017-10-07 Relisted — FRESNOMLS
• 2017-08-24 Pending — FRESNOMLS
• 2017-06-17 Listed $1,150,000 FRESNOMLS
• 1997-08-25 Sold (Public Records) $385,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $14,454 · +3.9% YoY. Source: county tax records.