319 N Van Ness Ave Fresno, CA
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Freestanding office building with value-add potential in Fresno, CA.
Type:RETAIL
Property size:
5,896 SFLot size:
0.29 AcresPrice / SF:
$133/SF- Added:
- Jun 24, 2024
- Days on Market:
- 670
- Last Refresh:
- Apr 5 at 11:19 pm
Property Features for 319 N Van Ness Ave
General Information
- Standard status
- Active
- Size
- 5,896 SF
- Lot size
- 0.29 Acres
- Property subtype
- RETAIL
Listing agent Jared Ennis License #01516541
Listing office KW Commercial | Central California (559) 705-1000
Listing date Jun 24, 2024
Source Moodyscre
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 KW Commercial | Central California
Overview
Versatile Office Investment Opportunity
This freestanding building offers an investment or owner-user opportunity, totaling approximately 8,100 square feet of general, professional, and/or medical space. Situated on approximately 0.29 acres (approximately 12,675 square feet), the property features eight economical, separate spaces. Currently 44% leased to long-term tenants on gross lease forms, the average unit size is 900 square feet. The property presents a value-add opportunity with existing rents of $45,600 per year and potential for increased income. Each unit has multiple sink locations, access to high-speed internet, separate metering, private restrooms, private entrances, and demising walls that allow for combining spaces. There are seven identical units of 575 square feet each, which can be combined via existing connecting doors to create larger units. The offices require fresh paint and flooring to be move-in ready. Excellent signage, great visibility, and easy access to CA-180 and CA-99 on/off ramps. The property is suitable for an owner/user seeking passive income or as an investment. The realistic 6-12 month stabilized gross annual income is $96,342. The value-add opportunity includes leasing three vacancies of 575 square feet each, addressing under-market rent for four month-to-month tenants, extending lease lengths, and charging customary pass-through expenses for water, sewer, trash, and gardening.
Location Intelligence
Current Use by Public Records
Viareal Music School ...
Vocational School
Location Insight
- Map
- Local Demand
- City
- Fresno
- County
- Fresno
- State
- California
- Longitude
- -119.799
- Latitude
- 36.7479
Nearby Similar for Sale
FAQs
What type of property is this?
Medical Office Space - Freestanding office building with value-add potential in Fresno, CA.
Where is this medical office space located?
The property is located at 319 N Van Ness Ave Fresno, CA.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Value‑add opportunity to increase gross annual income to a stabilized $96,342 within 6‑12 months (2.64x existing rent).; Potential for an 8.84% cap rate and 11.42% cash‑on‑cash return when leveraged with 30% down.; Freestanding building with (8) separate office spaces, 44% leased to long‑term tenants.
