Freestanding Warehouse with Fenced
For Sale
Contact for pricing
2304 Monterey St, Fresno, CA
Fully leased investment property with long-term tenancy and high traffic.
Property Size15,500 SF
Lot Size0.86 Acres
Price / SF$122.26
Days on Market992
Property Features for 2304 Monterey St
General Information
Standard status
Active
Size
15,500 SF
Lot size
0.86 Acres
Property subtype
INDUSTRIAL
Listing Agency:
KW Commercial | Central California
(559) 705-1000
Listed By:
Jared Ennis
(559) 302-8698
Source:
Moodyscre
Added: Dec 26, 2023
Changed: Sep 10
Last Checked: Sep 13 at 10:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial | Central California
Investment Insights
Based on property information with market context.
This fully leased freestanding office/warehouse property features approximately 15,500 square feet, along with a fenced yard. The property is an absolute-net lease with zero landlord responsibility. The location is considered superior with limited competition in a strategic trade area, offering excellent access to major freeways and close proximity to major traffic generators. The property includes 14,000 square feet of warehouse/parts room space and 1,500 square feet of office space. It features quality construction, is well maintained, and offers economical spaces. The building has clear span construction with a small office and parts room. There are 13 ground-level doors with 16' clear height, along with 6 pull-through truck bays. The property is equipped with heavy 600 AMPS, 3-phase power. City utility services are available. The property is a prime alternative to new construction.
Key Highlights
- Absolute‑Net Lease w/ Zero Landlord Responsibility
- Fully Leased Investment w/ Long‑Term Tenancy
- Cash Cow w/ Scheduled Gross Rents of $192,000
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$138,289
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,765,780
$2.8M
Cap Rate 7%
$1,975,557
$2.0M
Cap Rate 9%
$1,536,544
$1.5M
Market Conditions
NOI Build-Up for 15,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$165.5K $10.68/SF
− Vacancy
−$2.8K −$0.18/SF
EGI
$162.7K $10.50/SF
− OpEx
−$24.4K −$1.57/SF
NOI
$138.3K $8.92/SF
Area
Fresno, CA
Vacancy
1.72%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,765,780
Cap Rate 7%
$1,975,557
Cap Rate 9%
$1,536,544
Alternative Uses
Best Use
Flex RnD
$2.95M
$2.58M – $3.45M
NOI $206,739 @ 7.0% cap · market cap 10.91%
Second Best
Warehouse
$1.98M
$1.73M – $2.30M
NOI $138,289 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$4.57M
$4.00M – $5.33M
NOI $319,734 @ 7.0% cap · market cap 16.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,473
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Swift Cold Storage — 2950 E California Ave, Fresno, CA 93721
- Near2Me Self Storage Units — 1844 s cherry ave, fresno, ca 93721
- United States Cold Storage - Woodward — 2539 E Woodward Ave, Fresno, CA 93721
- CubeSmart Self Storage — 1844 S Cherry Ave, Fresno, CA 93721
- Allied Van Lines — 214 South Broadway Suite 100, Fresno, CA 93721
Frequently Asked Questions
What type of property is this?
Warehouse - Fully leased investment property with long-term tenancy and high traffic.
Where is this warehouse located?
The property is located at 2304 Monterey St Fresno, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Absolute‑Net Lease w/ Zero Landlord Responsibility; Fully Leased Investment w/ Long‑Term Tenancy; Cash Cow w/ Scheduled Gross Rents of $192,000
