Two-Suite Medical
For Sale
$280,000
622 N Van Ness Avenue, Fresno, CA 93728
Established medical office building with separate suites and strong exposure along North Van Ness Avenue.
Property Size1,280 SF
Price / SF$218.75
Days on Market359
Property Features for 622 N Van Ness Avenue
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
1948
Listing Agency:
Valley Oak Realty
(559) 287-9985
Listed By:
David E Borchardt · License #DRE #00881001
(559) 287-9985
Source:
Exitrealty
Added: Sep 6, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:51PM
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 Valley Oak Realty
Investment Insights
Based on property information with market context.
This 1,280 SF medical office building was constructed in 1948 and is arranged as two suites with two mailing addresses. The existing layout is identified for dental-related operations, including a dental practice, laboratory, or billing office.
Located at 622 N Van Ness Avenue in Fresno, the property fronts a high-traffic street with good visibility. City staff indicated that a triplex may be built on the lot, subject to buyer confirmation and compliance with City requirements.
Located at 622 N Van Ness Avenue in Fresno, the property fronts a high-traffic street with good visibility. City staff indicated that a triplex may be built on the lot, subject to buyer confirmation and compliance with City requirements.
Key Highlights
- 1,280 SF medical office building constructed in 1948
- Two suites with two separate mailing addresses
- Existing dental building layout
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
$18,950
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
6.77%
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%
$379,000
$379.0K
Cap Rate 7%
$270,714
$270.7K
Cap Rate 9%
$210,556
$210.6K
Market Conditions
NOI Build-Up for 1,280 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
$26.9K $21.00/SF
− Vacancy
−$1.6K −$1.26/SF
EGI
$25.3K $19.74/SF
− OpEx
−$6.3K −$4.94/SF
NOI
$19.0K $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%
$379,000
Cap Rate 7%
$270,714
Cap Rate 9%
$210,556
Alternative Uses
Best Use
Office B
$270.7K
$236.9K – $315.8K
NOI $18,950 @ 7.0% cap · market cap 6.77%
Second Best
Healthcare Medical
$248.8K
$217.7K – $290.3K
NOI $17,418 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$377.2K
$330.1K – $440.1K
NOI $26,404 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93728, CA
16,191
Population
6,878
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
77%
High-School Grad
3.0 sq mi
ZIP Area
5,397
Density / Sq Mi
$52,809
Median Household Income
$34,696
Median Earnings
$1,243
Median Rent
$239,700
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?
Medical Office Space - Established medical office building with separate suites and strong exposure along North Van Ness Avenue.
Where is this medical office space located?
The property is located at 622 N Van Ness Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 1,280 SF medical office building constructed in 1948; Two suites with two separate mailing addresses; Existing dental building layout
