Santa Maria Class A Office
For Sale
Contact for pricing
575 E Locust Ave, Fresno, CA 93720
Three-story Class A office building with historically high occupancy and long-term tenant renewals.
Property Size61,632 SF
Price / SF$170.37
Days on Market326
Property Features for 575 E Locust Ave
General Information
Standard status
Active
Size
61,632 SF
Class
Class A
Property subtype
OFFICE
Building Details
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Colliers | Fresno
(559) 221-1271
Listed By:
Michael Schuh · License #01195311
(559) 281-6112
Source:
Moodyscre
Added: Oct 27, 2025
Changed: Sep 4
Last Checked: Sep 16 at 7:33PM
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.
Known as the Santa Maria Building, this centrally located three-story office property is identified as a Class A workplace within the Early California Corporate Center. The building comprises 61,632 square feet and is described as an ageless, historic landmark property in the Northeast Fresno market.
The ownership and leasing profile is characterized by historically high occupancy and tenant stability. The majority of tenants have been in the building on longer-term leases, with numerous lease renewals supporting continuity over time.
The Santa Maria Building at 575 E Locust Ave is well-suited for tenants seeking an established, centrally located office environment where existing leasing depth and renewal history have helped sustain occupancy.
The ownership and leasing profile is characterized by historically high occupancy and tenant stability. The majority of tenants have been in the building on longer-term leases, with numerous lease renewals supporting continuity over time.
The Santa Maria Building at 575 E Locust Ave is well-suited for tenants seeking an established, centrally located office environment where existing leasing depth and renewal history have helped sustain occupancy.
Key Highlights
- Santa Maria Building Class A three‑story office property
- 61,632 square feet office building
- Centrally located within the Early California Corporate Center
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
$635,229
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
6.05%
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%
$12,704,580
$12.7M
Cap Rate 7%
$9,074,700
$9.1M
Cap Rate 9%
$7,058,100
$7.1M
Market Conditions
NOI Build-Up for 61,632 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
$1.04M $16.80/SF
− Vacancy
−$188.4K −$3.06/SF
EGI
$847.0K $13.74/SF
− OpEx
−$211.7K −$3.44/SF
NOI
$635.2K $10.31/SF
Area
ZIP 93720
Vacancy
18.20%
Lease Rate
$16.80 /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%
$12,704,580
Cap Rate 7%
$9,074,700
Cap Rate 9%
$7,058,100
Alternative Uses
Best Use
Office B
$9.07M
$7.94M – $10.59M
NOI $635,229 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.70M
$11.12M – $14.82M
NOI $889,276 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,477
Businesses Nearby
Explore this area
Business Placement
Demographics for 93720, CA
47,814
Population
19,738
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
4,598
Density / Sq Mi
$103,636
Median Household Income
$56,888
Median Earnings
$1,990
Median Rent
$457,800
Median Home Value
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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?
Office building - Three-story Class A office building with historically high occupancy and long-term tenant renewals.
Where is this office building located?
The property is located at 575 E Locust Ave Fresno, CA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Santa Maria Building Class A three‑story office property; 61,632 square feet office building; Centrally located within the Early California Corporate Center
