Multi-Suite Office
For Sale
$650,000
87 E Olive Avenue, Fresno, CA 93728
Professional office property with flexible suites, shared services, and an owned solar system.
Property Size3,000 SF
Price / SF$216.67
Days on Market359
Property Features for 87 E Olive Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial/Industrial
Occupancy
50%
Additional Details
Gross Income
$40,800
Office Units
13
Amenities
owned solar system
Building Details
Year Built
1969
Tenancy
Multi
Listing Agency:
Northridge Homes Inc
(559) 259-7625
Listed By:
Abdulaziz M. Al-Zamzami · License #02081078
(559) 259-7625
Source:
Exitrealty
Added: Sep 6, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:14PM
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 Northridge Homes Inc
Investment Insights
Based on property information with market context.
This 3,000-square-foot office building in Fresno contains 13 suites within a professional commercial setting. Suite sizes range from approximately 200 to 3,000 square feet, providing multiple configuration options for office users. Utilities and common area maintenance are included under the stated gross lease structure, and both short- and long-term lease options are available.
Built in 1969, the property is currently 50% occupied and offers an income-producing configuration for an owner-user or investor. An owned solar system contributes to the building’s operating efficiency. The property is located at 87 E Olive Avenue in Fresno, California, within the 93728 ZIP Code.
Built in 1969, the property is currently 50% occupied and offers an income-producing configuration for an owner-user or investor. An owned solar system contributes to the building’s operating efficiency. The property is located at 87 E Olive Avenue in Fresno, California, within the 93728 ZIP Code.
Key Highlights
- 13 total office suites in a 3,000‑square‑foot building
- Suite sizes range from approximately 200 to 3,000 square feet
- Currently 50% occupied
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
$44,415
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
6.83%
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%
$888,300
$888.3K
Cap Rate 7%
$634,500
$634.5K
Cap Rate 9%
$493,500
$493.5K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$3.8K −$1.26/SF
EGI
$59.2K $19.74/SF
− OpEx
−$14.8K −$4.94/SF
NOI
$44.4K $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%
$888,300
Cap Rate 7%
$634,500
Cap Rate 9%
$493,500
Alternative Uses
Best Use
Office B
$634.5K
$555.2K – $740.3K
NOI $44,415 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$884.1K
$773.6K – $1.03M
NOI $61,884 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Office units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
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?
Office building - Professional office property with flexible suites, shared services, and an owned solar system.
Where is this office building located?
The property is located at 87 E Olive Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 13 total office suites in a 3,000‑square‑foot building; Suite sizes range from approximately 200 to 3,000 square feet; Currently 50% occupied
