Building Details

Year Built 1985

Tenancy Multi

Listing Agency: The JKRE Investment Group

Listed By: Jin Kim · License #DRE #01456017 Show Phone

Source: Exitrealty

Added: Jul 3 Changed: Sep 1 Last Checked: Sep 4 at 11:04AM

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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 The JKRE Investment Group

Investment Insights

Based on property information with market context.

Oak Knoll Professional Center is a fully occupied professional office asset offered for sale. The property is currently 100% leased and features multiple professional tenants, including essential service operators such as PG&E and American Ambulance, along with medical uses including a dentist office and physical therapy practice.

The center is located along Highway 168, providing convenient access to Fresno and serving surrounding foothill and mountain communities and the Shaver Lake corridor.

Recent capital improvements completed within the past five years include roof replacement and new HVAC units, which may help reduce near-term capital needs. The property also includes five separate APNs, allowing potential individual sale, and it has a private well intended to support operational efficiency and cost control, along with a dedicated pad for future development.

Key Highlights

• 100% leased Oak Knoll Professional Center (Year Built 1985) anchored by essential tenants including PG&E and American Ambulance
• Tenant leases are modified gross with base‑year expense recovery to help recoup operating costs above the lease year
• Capital improvements in the past five years include roof replacement and new HVAC units to reduce near‑term capex

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

$145,121

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

8.15%

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%

$2,902,420 $2.9M

Cap Rate 7%

$2,073,157 $2.1M

Cap Rate 9%

$1,612,456 $1.6M

Market Conditions

NOI Build-Up for 12,096 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

$280.1K $23.16/SF

− Vacancy

−$86.6K −$7.16/SF

EGI

$193.5K $16.00/SF

− OpEx

−$48.4K −$4.00/SF

NOI

$145.1K $12.00/SF

Area

Fresno County, CA

Vacancy

30.93%

Lease Rate

$23.16 /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%

$2,902,420

Cap Rate 7%

$2,073,157

Cap Rate 9%

$1,612,456

Alternative Uses

Best Use

Healthcare Medical

$2.44M

$2.14M – $2.85M (±1% cap)

NOI $171,038 @ 7.0% cap · market cap 9.61%

Second Best

Office B

$2.07M

$1.81M – $2.42M (±1% cap)

NOI $145,121 @ 7.0% cap · market cap 8.15%

Theoretical Best

Office A

$3.43M

$3.00M – $4.00M (±1% cap)

NOI $239,982 @ 7.0% cap · market cap 13.48%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Building Supply Auto Repair Shop Dental Office Auto Parts Store Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

32

Businesses Nearby

Explore this area Business Placement

Demographics for 93602, CA

3,402

Population

1,590

Households

2.1

Avg Household Size

46

Median Age

17%

College-Educated

93%

High-School Grad

111.0 sq mi

ZIP Area

31

Density / Sq Mi

$74,965

Median Household Income

$43,424

Median Earnings

$1,361

Median Rent

$351,000

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - Fully leased professional office center with recent roof replacement and HVAC upgrades, served along Highway 168.

Where is this office building located?

The property is located at 31975 Lodge Road Auberry, CA.

What is the asking price?

The asking price for this property is $1,779,900.

What are key features of this property?

This property features: 100% leased Oak Knoll Professional Center (Year Built 1985) anchored by essential tenants including PG&E and American Ambulance; Tenant leases are modified gross with base‑year expense recovery to help recoup operating costs above the lease year; Capital improvements in the past five years include roof replacement and new HVAC units to reduce near‑term capex