Grocery-Anchored Community Shopping
For Sale
Contact for pricing
5422 North Blackstone Avenue, Fresno, CA 93710
Grocery-anchored center at a signalized intersection with high lease occupancy and a strong mix of national and franchised tenants.
Property Size130,769 SF
Lot Size11.22 Acres
Price / SF$133.82
Days on Market54
Property Features for 5422 North Blackstone Avenue
General Information
Standard status
Active
Size
130,769 SF
Lot size
11.22 Acres
Property subtype
Retail
Occupancy
97%
Investment Type
Value Add
Building Details
Tenancy
Multi
Listing Agency:
Commercial Retail Associates
(559) 650-1300
Listed By:
Bryan Cifranic · License #01809130
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 10 at 10:51AM
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 Commercial Retail Associates
Investment Insights
Based on property information with market context.
Blackstone-Barstow Center is a grocery anchored community shopping center totaling 130,769 square feet of commercial space across seven separate tax parcels on 11.22 acres. The property is 97.4% leased to eight tenants, with more than 78% of the GLA occupied by national, regional, or franchised retailers.
The center is positioned at a signalized, high-traffic intersection on North Blackstone Avenue in Fresno, California, at the corner of Blackstone and Barstow Avenues. The immediate retail corridor includes retailers and restaurants such as Target, Smart & Final, Burlington, Dollar Tree, AutoZone, Guitar Center, Chevron, McDonald’s, Taco Bell, and Panda Express, along with several national car dealerships and national hotel chains.
For investors seeking a grocery-anchored retail asset with established tenancy, Blackstone-Barstow Center offers a diversified community shopping-center lineup concentrated among recognizable operators. Its location within a dense North Blackstone retail and commercial cluster supports steady everyday shopper access, while the current lease profile provides a practical basis for ownership and ongoing management.
The center is positioned at a signalized, high-traffic intersection on North Blackstone Avenue in Fresno, California, at the corner of Blackstone and Barstow Avenues. The immediate retail corridor includes retailers and restaurants such as Target, Smart & Final, Burlington, Dollar Tree, AutoZone, Guitar Center, Chevron, McDonald’s, Taco Bell, and Panda Express, along with several national car dealerships and national hotel chains.
For investors seeking a grocery-anchored retail asset with established tenancy, Blackstone-Barstow Center offers a diversified community shopping-center lineup concentrated among recognizable operators. Its location within a dense North Blackstone retail and commercial cluster supports steady everyday shopper access, while the current lease profile provides a practical basis for ownership and ongoing management.
Key Highlights
- Grocery‑anchored community shopping center at the signalized intersection of Blackstone and Barstow Avenues in Fresno, CA
- ±130,769 SF of commercial space across seven separate tax parcels on ±11.22 acres
- 97.4% leased to 8 tenants, with over 78% of GLA occupied by national, regional, or franchised tenants
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
$1,532,351
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
8.76%
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%
$30,647,020
$30.6M
Cap Rate 7%
$21,890,729
$21.9M
Cap Rate 9%
$17,026,122
$17.0M
Market Conditions
NOI Build-Up for 130,769 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
$2.35M $18.00/SF
− Vacancy
−$164.8K −$1.26/SF
EGI
$2.19M $16.74/SF
− OpEx
−$656.7K −$5.02/SF
NOI
$1.53M $11.72/SF
Area
Fresno, CA
Vacancy
7.00%
Lease Rate
$18.00 /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%
$30,647,020
Cap Rate 7%
$21,890,729
Cap Rate 9%
$17,026,122
Alternative Uses
Best Use
Specialty Retail
$25.29M
$22.13M – $29.50M
NOI $1,770,089 @ 7.0% cap · market cap 10.11%
Second Best
Retail
$21.89M
$19.15M – $25.54M
NOI $1,532,351 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$38.54M
$33.72M – $44.96M
NOI $2,697,503 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,680
Businesses Nearby
319k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Groceries 22%
Shops & Services 16%
Apparel 13%
McDonald's
Dining
43,223 visits/mo
0.4 miles
FoodMaxx
Groceries
42,067 visits/mo
0.2 miles
Burlington
Apparel
38,309 visits/mo
0.4 miles
Smart & Final
Groceries
28,125 visits/mo
0.5 miles
Dollar Tree
Shops & Services
25,892 visits/mo
0.1 miles
Demographics for 93710, CA
30,552
Population
12,581
Households
2.4
Avg Household Size
32
Median Age
30%
College-Educated
89%
High-School Grad
6.2 sq mi
ZIP Area
4,928
Density / Sq Mi
$62,294
Median Household Income
$32,232
Median Earnings
$1,337
Median Rent
$348,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Grocery-anchored center at a signalized intersection with high lease occupancy and a strong mix of national and franchised tenants.
Where is this shopping center located?
The property is located at 5422 North Blackstone Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: Grocery‑anchored community shopping center at the signalized intersection of Blackstone and Barstow Avenues in Fresno, CA; ±130,769 SF of commercial space across seven separate tax parcels on ±11.22 acres; 97.4% leased to 8 tenants, with over 78% of GLA occupied by national, regional, or franchised tenants
