Multi-Tenant Manufacturing
New
For Sale
$3,250,000
2889 N Larkin Ave. & 5645 E Westover Ave., Fresno, CA 93727
Two adjacent buildings support a fully leased industrial investment with airport and regional highway connectivity.
Property Size26,349 SF
Lot Size1.90 Acres
Price / SF$123.34
Days on Market4
Property Features for 2889 N Larkin Ave. & 5645 E Westover Ave.
General Information
Standard status
Active
Size
26,349 SF
Lot size
1.90 Acres
Property subtype
Industrial - Manufacturing
Occupancy
100%
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Building Details
Building Size
26,349 SF
Buildings
2
Tenancy
Multi
Listing Agency:
ALIVE Commercial Real Estate
Listed By:
Trent Carvolth · License #01713737
(619) 909-0681
Source:
Commercialcafe
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 4 at 2:29AM
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 ALIVE Commercial Real Estate
Investment Insights
Based on property information with market context.
The property comprises two adjacent industrial buildings totaling approximately 26,349 square feet on approximately 1.9 acres. The fully leased, multi-tenant configuration provides an established industrial investment with a diverse tenant base and existing occupancy across the portfolio.
Located in Fresno’s Northeast Industrial Submarket, the property offers access to Fresno Yosemite International Airport and convenient connections to Highways 168, 180, and 41. Its position within an established industrial corridor supports access across the Fresno-Clovis metropolitan area and California’s Central Valley.
The portfolio is offered as a single investment opportunity and includes underutilized yard areas that may provide additional operating flexibility, subject to applicable approvals and leasing considerations.
Located in Fresno’s Northeast Industrial Submarket, the property offers access to Fresno Yosemite International Airport and convenient connections to Highways 168, 180, and 41. Its position within an established industrial corridor supports access across the Fresno-Clovis metropolitan area and California’s Central Valley.
The portfolio is offered as a single investment opportunity and includes underutilized yard areas that may provide additional operating flexibility, subject to applicable approvals and leasing considerations.
Key Highlights
- Two adjacent industrial buildings totaling approximately 26,349 square feet
- Approximately 1.9 acres
- Fully leased multi‑tenant industrial portfolio
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
$188,712
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
5.81%
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%
$3,774,240
$3.8M
Cap Rate 7%
$2,695,886
$2.7M
Cap Rate 9%
$2,096,800
$2.1M
Market Conditions
NOI Build-Up for 26,349 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
$281.4K $10.68/SF
− Vacancy
−$11.8K −$0.45/SF
EGI
$269.6K $10.23/SF
− OpEx
−$80.9K −$3.07/SF
NOI
$188.7K $7.16/SF
Area
ZIP 93727
Vacancy
4.20%
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%
$3,774,240
Cap Rate 7%
$2,695,886
Cap Rate 9%
$2,096,800
Alternative Uses
Best Use
Industrial
$2.70M
$2.36M – $3.15M
NOI $188,712 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.47M
$6.53M – $8.71M
NOI $522,757 @ 7.0% cap · market cap 16.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
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?
Manufacturing property - Two adjacent buildings support a fully leased industrial investment with airport and regional highway connectivity.
Where is this manufacturing property located?
The property is located at 2889 N Larkin Ave. & 5645 E Westover Ave. Fresno, CA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Two adjacent industrial buildings totaling approximately 26,349 square feet; Approximately 1.9 acres; Fully leased multi‑tenant industrial portfolio
