Vacant Two-Building Retail
For Sale
Contact for pricing
264 North Fresno Street, Fresno, CA 93706
Vacant Downtown Fresno retail center with two buildings, surface parking, and NMX zoning across from Community Regional Medical Center.
Property Size9,471 SF
Lot Size0.69 Acres
Price / SF$242.85
Days on Market19
Property Features for 264 North Fresno Street
General Information
Standard status
Active
Size
9,471 SF
Total Parking Spaces
24
Lot size
0.69 Acres
Property subtype
Retail
Zoning
NMX
Investment Type
Value Add
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1976
Buildings
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Fresno
Listed By:
Chris Ajluni · License #CA 01383994
Source:
Crexi
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 10 at 7:11AM
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 Marcus & Millichap - Fresno
Investment Insights
Based on property information with market context.
264-294 North Fresno Street and 2526 East McKenzie Avenue present a vacant neighborhood retail center in Downtown Fresno, California. The property includes two commercial buildings totaling 9,471 SF on four parcels totaling 29,970 SF (0.69 AC), providing flexibility for owner-user occupancy or lease-up.
The 5,141 SF former convenience store/small-format market occupies 288-294 North Fresno Street, and the 4,330 SF former full-service restaurant is located at 264 North Fresno Street. Site improvements include surface parking, plus an unimproved McKenzie Avenue parcel for future parking, outdoor use, or redevelopment flexibility. With frontage along North Fresno Street, the property has access to Highways 41, 99, 180, and 168. The center sits directly across from Community Regional Medical Center and near Downtown Fresno’s civic and government core.
NMX zoning and vacant delivery make this center well suited for retail, restaurant, service, office, or medical-adjacent uses. The buildings were built in 1976.
The 5,141 SF former convenience store/small-format market occupies 288-294 North Fresno Street, and the 4,330 SF former full-service restaurant is located at 264 North Fresno Street. Site improvements include surface parking, plus an unimproved McKenzie Avenue parcel for future parking, outdoor use, or redevelopment flexibility. With frontage along North Fresno Street, the property has access to Highways 41, 99, 180, and 168. The center sits directly across from Community Regional Medical Center and near Downtown Fresno’s civic and government core.
NMX zoning and vacant delivery make this center well suited for retail, restaurant, service, office, or medical-adjacent uses. The buildings were built in 1976.
Key Highlights
- Two commercial buildings totaling 9,471 SF on four parcels totaling 29,970 SF (0.69 AC)
- 5,141 SF former convenience store/small‑format market at 288‑294 North Fresno Street
- 4,330 SF former full‑service restaurant at 264 North Fresno Street
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
$128,199
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
5.57%
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%
$2,563,980
$2.6M
Cap Rate 7%
$1,831,414
$1.8M
Cap Rate 9%
$1,424,433
$1.4M
Market Conditions
NOI Build-Up for 9,471 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
$181.8K $19.20/SF
− Vacancy
−$10.9K −$1.15/SF
EGI
$170.9K $18.05/SF
− OpEx
−$42.7K −$4.51/SF
NOI
$128.2K $13.54/SF
Area
Fresno, CA
Vacancy
6.00%
Lease Rate
$19.20 /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%
$2,563,980
Cap Rate 7%
$1,831,414
Cap Rate 9%
$1,424,433
Alternative Uses
Best Use
Specialty Retail
$1.83M
$1.60M – $2.14M
NOI $128,199 @ 7.0% cap · market cap 5.57%
Second Best
Retail
$1.59M
$1.39M – $1.85M
NOI $110,981 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,368 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,235
Businesses Nearby
120k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 20%
Groceries 12%
Office Supplies 9%
McDonald's
Dining
33,177 visits/mo
0.4 miles
Starbucks
Dining
14,038 visits/mo
0.5 miles
Grocery Outlet Bargain Market
Groceries
13,943 visits/mo
0.4 miles
Office Depot
Office Supplies
11,070 visits/mo
0.3 miles
ARCO
Shops & Services
8,817 visits/mo
0.4 miles
Demographics for 93706, CA
40,965
Population
12,239
Households
3.3
Avg Household Size
31
Median Age
9%
College-Educated
62%
High-School Grad
158.5 sq mi
ZIP Area
258
Density / Sq Mi
$40,023
Median Household Income
$28,495
Median Earnings
$1,129
Median Rent
$227,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant Downtown Fresno retail center with two buildings, surface parking, and NMX zoning across from Community Regional Medical Center.
Where is this storefront property located?
The property is located at 264 North Fresno Street Fresno, CA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two commercial buildings totaling 9,471 SF on four parcels totaling 29,970 SF (0.69 AC); 5,141 SF former convenience store/small‑format market at 288‑294 North Fresno Street; 4,330 SF former full‑service restaurant at 264 North Fresno Street
