Flex Warehouse with In-Place
For Sale
Contact for pricing
1808-1820 E Mckinley Ave, Fresno, CA 93703
Two freestanding warehouse buildings totaling about 23,200 SF sit on a 38,768 SF lot; the front is vacant and the rear is leased.
Property Size23,200 SF
Lot Size0.89 Acres
Price / SF$80
Days on Market192
Property Features for 1808-1820 E Mckinley Ave
General Information
Standard status
Active
Size
23,200 SF
Lot size
0.89 Acres
Property subtype
RETAIL
Zoning
NMX
Listing Agency:
Retail California Commercial Real Estate
(559) 256-1700
Listed By:
Shane Sousa · License #02152527
(559) 447-6221
Source:
Moodyscre
Added: Mar 10
Changed: Sep 2
Last Checked: Sep 16 at 5:23PM
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 Retail California Commercial Real Estate
Investment Insights
Based on property information with market context.
1808–1820 E. McKinley Avenue consists of two freestanding buildings totaling approximately 23,200 SF on a 38,768± SF lot. The 13,000± SF front building along McKinley Avenue is vacant, offering an owner-user setup or value-add investment approach. The 10,200± SF rear building is currently leased and provides in-place income.
The property is zoned NMX (Neighborhood Mixed-Use), allowing a broad range of commercial and light industrial uses. Recent improvements to the vacant front building include a new roof, gutters, a roll-up door, and evaporative coolers, intended to minimize immediate capital needs.
The layout supports a separated front-and-rear configuration, with the front building positioned for visibility from McKinley Avenue and the rear building operating under an existing lease.
The property is zoned NMX (Neighborhood Mixed-Use), allowing a broad range of commercial and light industrial uses. Recent improvements to the vacant front building include a new roof, gutters, a roll-up door, and evaporative coolers, intended to minimize immediate capital needs.
The layout supports a separated front-and-rear configuration, with the front building positioned for visibility from McKinley Avenue and the rear building operating under an existing lease.
Key Highlights
- Two freestanding warehouse buildings totaling approx. 23,200 SF on a 38,768± SF lot
- Front building (approx. 13,000± SF) along McKinley Avenue is vacant and suited for an owner‑user or value‑add investor
- Rear building (approx. 10,200± SF) is currently leased, providing in‑place income
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
$170,460
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
9.18%
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%
$3,409,200
$3.4M
Cap Rate 7%
$2,435,143
$2.4M
Cap Rate 9%
$1,894,000
$1.9M
Market Conditions
NOI Build-Up for 23,200 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
$247.8K $10.68/SF
− Vacancy
−$4.3K −$0.18/SF
EGI
$243.5K $10.50/SF
− OpEx
−$73.1K −$3.15/SF
NOI
$170.5K $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%
$3,409,200
Cap Rate 7%
$2,435,143
Cap Rate 9%
$1,894,000
Alternative Uses
Best Use
Flex RnD
$4.42M
$3.87M – $5.16M
NOI $309,442 @ 7.0% cap · market cap 16.67%
Second Best
Industrial
$2.44M
$2.13M – $2.84M
NOI $170,460 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$6.84M
$5.98M – $7.98M
NOI $478,570 @ 7.0% cap · market cap 25.79%
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
1,208
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93703, CA
34,840
Population
11,155
Households
3.1
Avg Household Size
31
Median Age
9%
College-Educated
72%
High-School Grad
4.8 sq mi
ZIP Area
7,258
Density / Sq Mi
$43,236
Median Household Income
$30,359
Median Earnings
$1,204
Median Rent
$250,200
Median Home Value
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
- San Joaquin Catering — 2011 E Lewis Ave, Fresno, CA 93701
- Fresh Seasons Cafe — student services center, Fresh Season Café / Student Activities, 1101 E University Ave Building 3, F
Frequently Asked Questions
What type of property is this?
Flex space - Two freestanding warehouse buildings totaling about 23,200 SF sit on a 38,768 SF lot; the front is vacant and the rear is leased.
Where is this flex space located?
The property is located at 1808-1820 E Mckinley Ave Fresno, CA.
What is the asking price?
The asking price for this property is $1,856,000.
What are key features of this property?
This property features: Two freestanding warehouse buildings totaling approx. 23,200 SF on a 38,768± SF lot; Front building (approx. 13,000± SF) along McKinley Avenue is vacant and suited for an owner‑user or value‑add investor; Rear building (approx. 10,200± SF) is currently leased, providing in‑place income
