319 N Van Ness Ave Fresno, CA 93701
Freestanding office building with value-add potential in Fresno, CA.
Property size:
5,896 SFLot size:
0.29 AcresProperty Features for 319 N Van Ness Ave
General Information
- Size
- 5,896 SF
- Lot size
- 0.29 Acres
Source:
Moodyscre
Listing Agent: Jared Ennis
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Versatile Office Investment Opportunity
This freestanding building offers an investment or owner-user opportunity, totaling approximately 8,100 square feet of general, professional, and/or medical space. Situated on approximately 0.29 acres (approximately 12,675 square feet), the property features eight economical, separate spaces. Currently 44% leased to long-term tenants on gross lease forms, the average unit size is 900 square feet. The property presents a value-add opportunity with existing rents of $45,600 per year and potential for increased income. Each unit has multiple sink locations, access to high-speed internet, separate metering, private restrooms, private entrances, and demising walls that allow for combining spaces. There are seven identical units of 575 square feet each, which can be combined via existing connecting doors to create larger units. The offices require fresh paint and flooring to be move-in ready. Excellent signage, great visibility, and easy access to CA-180 and CA-99 on/off ramps. The property is suitable for an owner/user seeking passive income or as an investment. The realistic 6-12 month stabilized gross annual income is $96,342. The value-add opportunity includes leasing three vacancies of 575 square feet each, addressing under-market rent for four month-to-month tenants, extending lease lengths, and charging customary pass-through expenses for water, sewer, trash, and gardening.
Location Intelligence
Current Use by Public Records
Viareal Music School ...
Music School
Location Insight
- Map
- Local Demand
- City
- Fresno
- County
- Fresno
- State
- California
- Longitude
- -119.7990518
- Latitude
- 36.7478677
Nearby Similar for Sale
FAQs
What type of property is this?
Medical office - Freestanding office building with value-add potential in Fresno, CA.
Where is this medical office located?
The property is located at 319 N Van Ness Ave Fresno, CA.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: - Value-add opportunity to increase gross annual income to a stabilized $96,342 within 6-12 months (2.64x existing rent).; - Potential for an 8.84% cap rate and 11.42% cash-on-cash return when leveraged with 30% down.; - Freestanding building with (8) separate office spaces, 44% leased to long-term tenants.