Leased Industrial Opportunity with
For Sale
Contact for pricing
Pending
2788 N Larkin Ave, Fresno, CA 93727
92% leased industrial property with stable income and growth potential.
Property Size114,964 SF
Days on Market1570
Property Features for 2788 N Larkin Ave
General Information
Standard status
Pending
Size
114,964 SF
Total Parking Spaces
97
Property subtype
Industrial
Zoning
IL
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$715,000
Building Details
Year Built
1983
Buildings
2
Tenancy
Multi
Listing Agency:
CBRE - Sacramento
Listed By:
Matt Post · License #CA 01899707
(916) 446-8756
Source:
Crexi
Added: May 19, 2022
Changed: Aug 22
Last Checked: Sep 3 at 5:28AM
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 CBRE - Sacramento
Investment Insights
Based on property information with market context.
This is an investment opportunity in the Central Valley, situated in California’s distribution and agricultural cluster, near a multi-modal transportation system and surrounding amenities. The property is 92% leased with NNN leases, providing ease of ownership and an income stream with annual increases. Rent growth during the hold period may offset future deflationary concerns. No existing tenant rollovers are scheduled until June 2027. The anchor tenant, Made in Nature, occupies approximately 80% of the rentable area and uses the asset as a packaging and distribution facility. The tenant has invested in specialized equipment, including cold storage components. In-place rents are approximately 19% below market. The average weighted remaining lease term is 3.3 years. Strong industrial rent growth is projected in Fresno, which may increase yields with future rollovers. The property is suitable for cold storage and food processing.
Key Highlights
- 92% Leased NNN Investment: Provides stable income stream.
- Significant Value‑Add Potential: In‑place rents are ±19% below market, offering substantial upside.
- Highly Invested Anchor Tenant: Made in Nature occupies ~80% of rentable area.
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
$999,810
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
8.00%
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%
$19,996,200
$20.0M
Cap Rate 7%
$14,283,000
$14.3M
Cap Rate 9%
$11,109,000
$11.1M
Market Conditions
NOI Build-Up for 114,964 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
$1.23M $10.68/SF
− Vacancy
−$51.6K −$0.45/SF
EGI
$1.18M $10.23/SF
− OpEx
−$176.4K −$1.53/SF
NOI
$999.8K $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%
$19,996,200
Cap Rate 7%
$14,283,000
Cap Rate 9%
$11,109,000
Alternative Uses
Best Use
Warehouse
$14.28M
$12.50M – $16.66M
NOI $999,810 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$32.58M
$28.51M – $38.01M
NOI $2,280,856 @ 7.0% cap · market cap 18.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Well-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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 92% leased industrial property with stable income and growth potential.
Where is this warehouse located?
The property is located at 2788 N Larkin Ave Fresno, CA.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 92% Leased NNN Investment: Provides stable income stream.; Significant Value‑Add Potential: In‑place rents are ±19% below market, offering substantial upside.; Highly Invested Anchor Tenant: Made in Nature occupies ~80% of rentable area.
