Medical Office with Exam
For Sale
Contact for pricing
351 Mall Dr, Hanford, CA 93230
Purpose-built medical office configuration with reception areas, restrooms, and clinical improvements for healthcare operations.
Property Size5,904 SF
Price / SF$415.82
Days on Market49
Property Features for 351 Mall Dr
General Information
Standard status
Active
Size
5,904 SF
Class
A
Property subtype
OFFICE
Building Details
Year Built
2008
Listing Agency:
Colliers | Fresno
(559) 221-1271
Listed By:
Scott Buchanan · License #01389446
(559) 289-7962
Source:
Moodyscre
Added: Jul 31
Changed: Sep 14
Last Checked: Sep 16 at 8:03PM
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 Colliers | Fresno
Investment Insights
Based on property information with market context.
This 5,904-square-foot medical office property was built in 2008 and includes a configuration designed for clinical use. The interior provides up to four exam rooms, six restrooms, and two separate waiting or reception areas, along with additional medical improvements. The layout offers a substantial existing foundation for a healthcare practice seeking an established office environment.
The building fronts Mall Drive and is within walking distance of Adventist Health Hospital and Hanford Mall. It is part of a medical and office complex on Mall Drive, providing a setting aligned with healthcare and professional office users. The combination of clinical rooms, multiple restrooms, reception capacity, and direct road frontage distinguishes the property within its market.
The building fronts Mall Drive and is within walking distance of Adventist Health Hospital and Hanford Mall. It is part of a medical and office complex on Mall Drive, providing a setting aligned with healthcare and professional office users. The combination of clinical rooms, multiple restrooms, reception capacity, and direct road frontage distinguishes the property within its market.
Key Highlights
- 5,904‑square‑foot medical office property built in 2008
- Up to four exam rooms for clinical operations
- Six restrooms and two waiting or reception areas
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
$130,572
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
5.32%
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%
$2,611,440
$2.6M
Cap Rate 7%
$1,865,314
$1.9M
Cap Rate 9%
$1,450,800
$1.5M
Market Conditions
NOI Build-Up for 5,904 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
$253.6K $42.96/SF
− Vacancy
−$36.0K −$6.10/SF
EGI
$217.6K $36.86/SF
− OpEx
−$87.0K −$14.74/SF
NOI
$130.6K $22.12/SF
Area
Kings County, CA
Vacancy
14.20%
Lease Rate
$42.96 /SF/Yr
Expense Ratio
40.00%
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%
$2,611,440
Cap Rate 7%
$1,865,314
Cap Rate 9%
$1,450,800
Alternative Uses
Best Use
Healthcare Medical
$1.87M
$1.63M – $2.18M
NOI $130,572 @ 7.0% cap · market cap 5.32%
Second Best
Office B
$1.15M
$1.01M – $1.34M
NOI $80,660 @ 7.0% cap · market cap 3.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93230, CA
68,412
Population
23,149
Households
3
Avg Household Size
34
Median Age
17%
College-Educated
81%
High-School Grad
258.1 sq mi
ZIP Area
265
Density / Sq Mi
$73,558
Median Household Income
$44,074
Median Earnings
$1,208
Median Rent
$321,900
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical office configuration with reception areas, restrooms, and clinical improvements for healthcare operations.
Where is this medical office space located?
The property is located at 351 Mall Dr Hanford, CA.
What is the asking price?
The asking price for this property is $2,455,000.
What are key features of this property?
This property features: 5,904‑square‑foot medical office property built in 2008; Up to four exam rooms for clinical operations; Six restrooms and two waiting or reception areas
