Office/Warehouse Flex
For Sale
Contact for pricing
2921 Larkin Avenue, Clovis, CA 93612
Highly improved flex condo with office buildout and warehouse space for versatile owner-user or investment use.
Property Size1,800 SF
Price / SF$180.56
Days on Market73
Property Features for 2921 Larkin Avenue
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Office, Industrial
Zoning
C-M
Listing Agency:
Fortune Associates
Listed By:
Bill Daly · License #CA 01453177
Source:
Crexi
Added: May 28
Changed: Aug 8
Last Checked: Aug 8 at 3:26PM
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 highly improved office/warehouse flex condo is designed to support both professional front-office operations and practical warehouse activity. The office portion includes multiple private offices and a reception area, along with upgraded finishes and an efficient layout. The warehouse component provides usable storage and workspace capacity, with convenient access to support day-to-day business needs.
Located in one of Clovis’s most desirable commercial corridors, the property sits just off Clovis Avenue near 2921 Larkin Avenue. The combination of office improvements and functional warehouse space makes the unit suitable for businesses that need to serve customers and manage operations from the same site.
As a flexible commercial option, the space can fit a range of light industrial and services-based operations, including service use, distribution, or contractor-related work. It is well suited for owner-users who want a turnkey office/warehouse setup, as well as investors seeking a versatile property configuration that can accommodate different tenant types within the flex category.
Located in one of Clovis’s most desirable commercial corridors, the property sits just off Clovis Avenue near 2921 Larkin Avenue. The combination of office improvements and functional warehouse space makes the unit suitable for businesses that need to serve customers and manage operations from the same site.
As a flexible commercial option, the space can fit a range of light industrial and services-based operations, including service use, distribution, or contractor-related work. It is well suited for owner-users who want a turnkey office/warehouse setup, as well as investors seeking a versatile property configuration that can accommodate different tenant types within the flex category.
Key Highlights
- Highly improved office/warehouse flex condo with both professional office buildout and functional warehouse space
- Multiple private offices and a reception area included in the office buildout
- Upgraded office finishes and an efficient layout designed to support a wide range of business operations
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
$23,765
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
7.31%
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%
$475,300
$475.3K
Cap Rate 7%
$339,500
$339.5K
Cap Rate 9%
$264,056
$264.1K
Market Conditions
NOI Build-Up for 1,800 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
$38.9K $21.60/SF
− Vacancy
−$7.2K −$4.00/SF
EGI
$31.7K $17.60/SF
− OpEx
−$7.9K −$4.40/SF
NOI
$23.8K $13.20/SF
Area
Clovis, CA
Vacancy
18.50%
Lease Rate
$21.60 /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%
$475,300
Cap Rate 7%
$339,500
Cap Rate 9%
$264,056
Alternative Uses
Best Use
Office B
$339.5K
$297.1K – $396.1K
NOI $23,765 @ 7.0% cap · market cap 7.31%
Second Best
Flex RnD
$304.9K
$266.8K – $355.7K
NOI $21,341 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$453.5K
$396.8K – $529.1K
NOI $31,743 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93612, CA
37,368
Population
14,362
Households
2.6
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
5,577
Density / Sq Mi
$64,079
Median Household Income
$40,460
Median Earnings
$1,410
Median Rent
$311,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Highly improved flex condo with office buildout and warehouse space for versatile owner-user or investment use.
Where is this flex space located?
The property is located at 2921 Larkin Avenue Clovis, CA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Highly improved office/warehouse flex condo with both professional office buildout and functional warehouse space; Multiple private offices and a reception area included in the office buildout; Upgraded office finishes and an efficient layout designed to support a wide range of business operations
