4563 E Sierra Madre Avenue Fresno CA 93726 MLS #650694

Fresno State campus-adjacent investment opportunity with substantial value-add upside. Fully renovated turn-key duplex directly across the street from California State University, Fresno (~25,000 students), currently producing $56,160 annual gross rent on a by-the-room student rental model ($780/month per room, 5 of 6 currently leased).The strategic value here is in the entitled redevelopment optionality. Corridor/Center Mixed-Use (CMX) zoning on a 15,000 SF parcel Fresno removed the dwelling-unit density cap in mixed-use zones in 2022, opening the door to additional multifamily in the rear, ground-floor commercial uses targeting the captive student market, or expanded student housing. The lot is the canvas.Offered with CITY-APPROVED expansion plans (Permit B24-13708) adding 4 bedrooms and 2 bathrooms via garage conversion plus nook additions and a new 540 SF carport. Stabilized proforma: 10 rooms, $93,600 gross / 5.31% cap on list. Full architectural plans, structural engineering, and energy compliance forms transfer with the property approximately $120K in soft costs already paid by seller, eliminating 6-12 months of entitlement work for the buyer.Built 1956, fully renovated. Automatic security gate, fully fenced. Operating expenses remarkably lean. Cash or DSCR loan preferred. Showings by appointment only with 24-hour notice required (tenant-occupied).Pre-listing inspection on hand, available to qualified buyers.