Arts District Landmark
For Sale
$795,000
1440 Fulton Street, Fresno, CA 93721
Transformative property in Fresno's Arts District with flexible zoning.
Property Size9,500 SF
Days on Market370
Property Features for 1440 Fulton Street
General Information
Standard status
Active
Size
9,500 SF
Property subtype
Commercial
Zoning
DTC
Building Details
Building Size
9,500 SF
Year Built
1946
Stories
2
Listing Agency:
Universal Realty Services, Inc.
(559) 630-4048
Listed By:
Daniel Espinoza
(559) 630-4048
Source:
Coalingamidstaterealty
Added: Aug 20, 2025
Changed: Aug 23
Last Checked: Aug 22 at 12:31PM
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 Universal Realty Services, Inc.
Investment Insights
Based on property information with market context.
This expansive property, formerly a church, presents a unique opportunity for transformation in Fresno's thriving Arts District. The property features soaring ceilings and open-span interiors, offering a blank canvas for reimagination. Its commanding street presence and flexible zoning allow for various uses, including an event venue, a modern warehouse, or vibrant retail spaces. Situated on a high-visibility corner lot in the heart of the Arts District, the property benefits from its surroundings, characterized by creativity, culture, constant foot traffic, and ongoing revitalization. The property's iconic historic character is complemented by its modern adaptability. The expansive open floor plan allows for inspired buildouts or subdivision. The dramatic architecture includes impressive ceiling heights. This property offers a rare opportunity to make a mark in Fresno's Arts District.
Key Highlights
- Prime location in the heart of Fresno's thriving Arts District with high visibility and foot traffic.
- Flexible zoning allows for a variety of uses, including event venue, warehouse, or retail spaces.
- Expansive open floor plan** and ample square footage provide opportunities for inspired buildouts or subdivision.
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
$69,800
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
8.78%
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%
$1,396,000
$1.4M
Cap Rate 7%
$997,143
$997.1K
Cap Rate 9%
$775,556
$775.6K
Market Conditions
NOI Build-Up for 9,500 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
$101.5K $10.68/SF
− Vacancy
−$1.7K −$0.18/SF
EGI
$99.7K $10.50/SF
− OpEx
−$29.9K −$3.15/SF
NOI
$69.8K $7.35/SF
Area
Fresno, CA
Vacancy
1.72%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
30.00%
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%
$1,396,000
Cap Rate 7%
$997,143
Cap Rate 9%
$775,556
Alternative Uses
Best Use
Retail
$1.59M
$1.39M – $1.86M
NOI $111,321 @ 7.0% cap · market cap 14.00%
Second Best
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,758 @ 7.0% cap · market cap 10.66%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $195,966 @ 7.0% cap · market cap 24.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,692
Businesses Nearby
Explore this area
Business Placement
Demographics for 93721, CA
7,899
Population
2,621
Households
3
Avg Household Size
35
Median Age
12%
College-Educated
69%
High-School Grad
2.0 sq mi
ZIP Area
3,950
Density / Sq Mi
$32,602
Median Household Income
$26,746
Median Earnings
$915
Median Rent
$219,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Transformative property in Fresno's Arts District with flexible zoning.
Where is this church & religious facility located?
The property is located at 1440 Fulton Street Fresno, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Prime location in the heart of Fresno's thriving Arts District with high visibility and foot traffic.; Flexible zoning allows for a variety of uses, including event venue, warehouse, or retail spaces.; Expansive open floor plan** and ample square footage provide opportunities for inspired buildouts or subdivision.
