Multi-Tenant Office
For Sale
$2,285,000
1665 W Shaw Avenue, Fresno, CA 93711
Well-maintained multi-tenant office building with four suites, updated rooftop HVAC, gated parking, and exterior improvements.
Property Size9,264 SF
Price / SF$246.65
Days on Market54
Property Features for 1665 W Shaw Avenue
General Information
Standard status
Active
Size
9,264 SF
Additional Details
Highway Access
Yes
Office Units
4
Building Details
Tenancy
Multi
Listing Agency:
The California Company
(559) 905-9502
Listed By:
Gina S. Jelladian · License #02423710
(559) 905-9502
Source:
Exprealty
Added: Jul 1
Changed: Aug 23
Last Checked: Aug 22 at 2:34PM
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 The California Company
Investment Insights
Based on property information with market context.
This well-maintained multi-tenant office building offers 9,264± SF across four office suites. One suite is available for owner occupancy or lease-up, while the current owner is willing to execute a long-term leaseback to provide immediate income. Recent capital improvements include six new rooftop HVAC units, fresh exterior paint, updated common area restrooms, security cameras, and a gated parking area.
Located along West Shaw Avenue, the property benefits from convenient access to Highway 41 and is described as having excellent visibility and monument signage. The surrounding area is characterized by established medical, professional, retail, and financial users.
For tenants or buyers seeking an office asset with a stabilized configuration and a value-add angle, the building’s four-suite layout and updated systems support a range of office and professional service uses.
Located along West Shaw Avenue, the property benefits from convenient access to Highway 41 and is described as having excellent visibility and monument signage. The surrounding area is characterized by established medical, professional, retail, and financial users.
For tenants or buyers seeking an office asset with a stabilized configuration and a value-add angle, the building’s four-suite layout and updated systems support a range of office and professional service uses.
Key Highlights
- 9,264± SF multi‑tenant office building on West Shaw Avenue with four office suites
- Six new rooftop HVAC units plus fresh exterior paint and updated common area restrooms
- Security cameras and a gated parking area for added tenant security and convenience
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
$137,154
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
6.00%
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%
$2,743,080
$2.7M
Cap Rate 7%
$1,959,343
$2.0M
Cap Rate 9%
$1,523,933
$1.5M
Market Conditions
NOI Build-Up for 9,264 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
$194.5K $21.00/SF
− Vacancy
−$11.7K −$1.26/SF
EGI
$182.9K $19.74/SF
− OpEx
−$45.7K −$4.94/SF
NOI
$137.2K $14.81/SF
Area
Fresno, CA
Vacancy
6.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,743,080
Cap Rate 7%
$1,959,343
Cap Rate 9%
$1,523,933
Alternative Uses
Best Use
Office B
$1.96M
$1.71M – $2.29M
NOI $137,154 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.18M
NOI $191,098 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 93711, CA
37,901
Population
16,643
Households
2.3
Avg Household Size
43
Median Age
46%
College-Educated
93%
High-School Grad
11.2 sq mi
ZIP Area
3,384
Density / Sq Mi
$97,492
Median Household Income
$53,122
Median Earnings
$1,561
Median Rent
$469,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained multi-tenant office building with four suites, updated rooftop HVAC, gated parking, and exterior improvements.
Where is this office building located?
The property is located at 1665 W Shaw Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $2,285,000.
What are key features of this property?
This property features: 9,264± SF multi‑tenant office building on West Shaw Avenue with four office suites; Six new rooftop HVAC units plus fresh exterior paint and updated common area restrooms; Security cameras and a gated parking area for added tenant security and convenience
