Freestanding Retail/Office Building with
For Sale
Contact for pricing
2428 San Benito St, Fresno, CA 93721
Remodeled retail/office building with studio apartment and advertising platform.
Property Size2,000 SF
Price / SF$149.50
Days on Market922
Property Features for 2428 San Benito St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Retail
Zoning
DTN - Downtown Neighborhood
Lease Type
Modified Gross
Building Details
Year Built
1968
Year Renovated
2024
Buildings
2
Units
2
Tenancy
Single
Listing Agency:
C21 Commercial
Listed By:
Jared Ennis · License #CA
(559) 432-5533
Source:
Crexi
Added: Feb 23, 2024
Changed: Aug 23
Last Checked: Aug 31 at 1:43PM
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 C21 Commercial
Investment Insights
Based on property information with market context.
This property features a ±1,550 square foot freestanding open retail/office building and a detached ±450 square foot studio apartment. The buildings are separated by a central fenced yard area and have separate entrances. The front flex building includes an ADA restroom, an office, and a wide open area with a full kitchen and a rollup door into the middle yard area. The rear studio apartment has a large room with a full tub/shower in the restroom. Both buildings have been fully remodeled with new paint, new hard-surface polished flooring, new insulation, a new 2022 roof, LED lighting, new 2023 HVAC units, and new doors/hinges/locks. The property has separate meters, access to high-speed internet, private ADA restrooms, and private entrances with secured entry. There are 12+ outdoor LED lights for nighttime illumination. The building offers great visibility and easy access to CA-41 ramps. It includes a full exterior lit private parking area with 8 spaces, plus street parking. An existing 7' x 15' billboard sign provides an advertising platform with high visibility and potential for additional revenue streams.
Key Highlights
- High‑visibility location with easy access to CA‑41 and an existing 7' x 15' billboard sign for advertising and potential revenue.
- Fully remodeled in 2022/2023 with new roof, HVAC, flooring, paint, insulation, LED lighting, doors/hinges/locks.
- Two separate buildings: a ±1,550 SF retail/office space and a detached ±450 SF studio apartment, offering flexibility and potential rental income.
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
$23,436
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
7.84%
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%
$468,720
$468.7K
Cap Rate 7%
$334,800
$334.8K
Cap Rate 9%
$260,400
$260.4K
Market Conditions
NOI Build-Up for 2,000 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
$36.0K $18.00/SF
− Vacancy
−$2.5K −$1.26/SF
EGI
$33.5K $16.74/SF
− OpEx
−$10.0K −$5.02/SF
NOI
$23.4K $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%
$468,720
Cap Rate 7%
$334,800
Cap Rate 9%
$260,400
Alternative Uses
Best Use
Retail
$334.8K
$293.0K – $390.6K
NOI $23,436 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$589.4K
$515.7K – $687.6K
NOI $41,256 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 46%
Shops & Services 33%
Dining 21%
DoubleTree
Hotels & Casinos
8,252 visits/mo
0.3 miles
Shell
Shops & Services
4,988 visits/mo
0.3 miles
Starbucks
Dining
3,715 visits/mo
0.5 miles
Avis Budget Car Rental
Shops & Services
836 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Remodeled retail/office building with studio apartment and advertising platform.
Where is this retail space located?
The property is located at 2428 San Benito St Fresno, CA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: High‑visibility location with easy access to CA‑41 and an existing 7' x 15' billboard sign for advertising and potential revenue.; Fully remodeled in 2022/2023 with new roof, HVAC, flooring, paint, insulation, LED lighting, doors/hinges/locks.; Two separate buildings: a ±1,550 SF retail/office space and a detached ±450 SF studio apartment, offering flexibility and potential rental income.
