Historic Office
For Sale
$13,900,000
616 & 606 P Street, Fresno, CA 93721
Early industrial construction combines brick masonry, exposed timber supports, open trusses, and large multi-pane windows.
Property Size61,136 SF
Price / SF$301.66
Days on Market36
Property Features for 616 & 606 P Street
General Information
Standard status
Active
Size
61,136 SF
Class
B
Property subtype
Office
Additional Details
Office Units
4
Amenities
backup generator
Building Details
Building Size
61,136 SF
Year Built
1917
Buildings
1
Construction
brick masonry
Listing Agency:
Newmark Pearson Commercial | Fresno
(559) 447-6230
Listed By:
Scott Christensen · License #CalDRE #00853867
Source:
Newmarkpearson
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 31 at 1:04PM
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 Newmark Pearson Commercial | Fresno
Investment Insights
Based on property information with market context.
This office building occupies a distinctive early industrial structure with substantial brick masonry, exposed wooden support posts, and open ceiling trusses that display the original framework. Large multi-pane windows bring natural light into the interior. The primary building area measures 46,078 SF, with four individual suites allowing either a single-occupant configuration or multiple occupants. A separate 24,787 SF basement provides additional storage and operational space. On-site parking serves employees and guests, while adjacent overflow parking supports higher-capacity or service-related needs. A backup generator adds electrical resilience for ongoing operations. The property is located at 616 P St in Fresno, California.
Key Highlights
- 46,078 SF primary building area
- 24,787 SF basement for storage or operations
- Four individual suites support multi‑occupant use
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
$682,185
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
4.91%
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%
$13,643,700
$13.6M
Cap Rate 7%
$9,745,500
$9.7M
Cap Rate 9%
$7,579,833
$7.6M
Market Conditions
NOI Build-Up for 46,078 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
$967.6K $21.00/SF
− Vacancy
−$58.1K −$1.26/SF
EGI
$909.6K $19.74/SF
− OpEx
−$227.4K −$4.94/SF
NOI
$682.2K $14.81/SF
Area
Fresno, CA
Vacancy
6.00%
Lease Rate
$21.00 /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%
$13,643,700
Cap Rate 7%
$9,745,500
Cap Rate 9%
$7,579,833
Alternative Uses
Best Use
Office B
$9.75M
$8.53M – $11.37M
NOI $682,185 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.58M
$11.88M – $15.84M
NOI $950,497 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
3,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 93721, CA
7,899
Population
2,621
Households
3
Avg Household Size
35
Median Age
12%
College-Educated
69%
High-School Grad
2.0 sq mi
ZIP Area
3,950
Density / Sq Mi
$32,602
Median Household Income
$26,746
Median Earnings
$915
Median Rent
$219,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Early industrial construction combines brick masonry, exposed timber supports, open trusses, and large multi-pane windows.
Where is this office building located?
The property is located at 616 & 606 P Street Fresno, CA.
What is the asking price?
The asking price for this property is $13,900,000.
What are key features of this property?
This property features: 46,078 SF primary building area; 24,787 SF basement for storage or operations; Four individual suites support multi‑occupant use
