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Status: For Sale
1674 E. Roberts Ave, Fresno, CA 93710
1755 E. Roberts Ave, Fresno, CA 93710
Cedar Tree I & II is a 145-unit, garden style apartment community ideally located in northeast Fresno on Cedar Ave just north of California State University, Fresno and is well positioned with huge upside potential. Cedar Tree I & II were put in the 30-year Low-Income Housing Tax Credit program in 1999. Units funded by the Housing Credit must be affordable for people earning no more than 60 percent of the area median income (AMI). The upside potential is to either resubmit for the Low-Income Housing Tax Credits or wait until the regulatory agreement expires and bring the rents to market rate; which would be a substantial increase in net operating income and value.
Cedar Tree I Apartments consists of 53 units in 10 walk-up buildings that were constructed in 1977. The buildings consist of 43,648 rentable square feet with an average unit size of 805 square feet. Cedar Tree II Apartments consists of 92 units in 15 walk-up buildings that were constructed in 1976. The buildings consist of 75,040 rentable square feet with an average unit size of 816 square feet. The fully gated communities are walking distance to grocery stores, banks, fitness, restaurants and services.
Amenities include: pool, gated, high speed internet access, and gas fireplaces in some 2-bedroom units. Each unit has refrigerator, private balcony or patio, central air conditioning and heating, ceiling fans, walk-in closets and granite in some units.
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