Two-Suite Flex
For Sale
Contact for pricing
2048 N Fine Ave, Fresno, CA 93727
Office and warehouse property with two suites that can operate separately or together.
Property Size23,308 SF
Price / SF$125.49
Days on Market139
Property Features for 2048 N Fine Ave
General Information
Standard status
Active
Size
23,308 SF
Property subtype
Industrial, Office
Zoning
M-1-P
Building Details
Year Built
1982
Listing Agency:
Fortune Associates
(559) 490-2500
Listed By:
Brett Fugman · License #CA 01100651
Source:
Crexi
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 7:06PM
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 Fortune Associates
Investment Insights
Based on property information with market context.
This 23,308-square-foot flex space contains two suites that can be occupied independently, combined, or configured for a single owner-user. The office and warehouse layout provides a versatile commercial setting, and the building was constructed in 1982. The property is zoned M-1-P.
Positioned in Fresno’s Airport Market Sector, the property is minutes from Fresno Yosemite International Airport and offers access to Freeway 180 and Highway 41. Clovis Avenue is also nearby, connecting the site with a heavily traveled local thoroughfare. An adjacent land parcel is available for purchase with the building or separately, giving buyers an additional acquisition option.
Positioned in Fresno’s Airport Market Sector, the property is minutes from Fresno Yosemite International Airport and offers access to Freeway 180 and Highway 41. Clovis Avenue is also nearby, connecting the site with a heavily traveled local thoroughfare. An adjacent land parcel is available for purchase with the building or separately, giving buyers an additional acquisition option.
Key Highlights
- 23,308‑square‑foot flex space with office and warehouse components
- Two suites can be used separately, combined, or occupied by one owner‑user
- M‑1‑P zoning
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
$202,703
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
6.93%
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%
$4,054,060
$4.1M
Cap Rate 7%
$2,895,757
$2.9M
Cap Rate 9%
$2,252,256
$2.3M
Market Conditions
NOI Build-Up for 23,308 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
$248.9K $10.68/SF
− Vacancy
−$10.5K −$0.45/SF
EGI
$238.5K $10.23/SF
− OpEx
−$35.8K −$1.53/SF
NOI
$202.7K $8.70/SF
Area
ZIP 93727
Vacancy
4.20%
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%
$4,054,060
Cap Rate 7%
$2,895,757
Cap Rate 9%
$2,252,256
Alternative Uses
Best Use
Office B
$5.18M
$4.54M – $6.05M
NOI $362,853 @ 7.0% cap · market cap 12.41%
Second Best
Warehouse
$2.90M
$2.53M – $3.38M
NOI $202,703 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$6.61M
$5.78M – $7.71M
NOI $462,425 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,092
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93727, CA
83,212
Population
25,919
Households
3.2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
22.0 sq mi
ZIP Area
3,782
Density / Sq Mi
$82,247
Median Household Income
$42,002
Median Earnings
$1,277
Median Rent
$370,300
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse property with two suites that can operate separately or together.
Where is this flex space located?
The property is located at 2048 N Fine Ave Fresno, CA.
What is the asking price?
The asking price for this property is $2,925,000.
What are key features of this property?
This property features: 23,308‑square‑foot flex space with office and warehouse components; Two suites can be used separately, combined, or occupied by one owner‑user; M‑1‑P zoning
