Freestanding Office Building with
For Sale
Contact for pricing
2641 Fresno St, Fresno, CA 93721
Two-story office building with parking near Divisadero Street.
Property Size2,364 SF
Price / SF$264.38
Days on Market846
Property Features for 2641 Fresno St
General Information
Standard status
Active
Size
2,364 SF
Class
B
Property subtype
Office
Zoning
Downtown Commercial
Lease Type
Modified Gross
Building Details
Year Built
1930
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
C21 Commercial
(559) 359-4035
Listed By:
Jared Ennis · License #CA
Source:
Crexi
Added: May 7, 2024
Changed: Aug 23
Last Checked: Aug 29 at 9:08PM
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 freestanding office building offers approximately 2,364 square feet of space on a corner lot. The property includes 15 private on-site parking spaces, supplemented by 12 street spaces available at no cost. The building features two levels. The ground floor, encompassing approximately 2,004 square feet, includes five private offices, a kitchenette, a front reception/waiting area, a large storage area, and restrooms. The top floor, approximately 360 square feet, consists of an open office and a private restroom. Additionally, there is a bonus approximately 315 square foot finished attic that could be used as an expanded private office. The property is located at a high-traffic intersection near the Divisadero Street retail corridor, which hosts numerous national and local retailers. The building, remodeled for an attorney firm, retains historic charm and features quality finishes, deadbolts on each room, multiple restrooms, multiple access points, and lush landscaping. The on-site private parking lot and street parking accommodate various uses, such as attorney practice, medical uses, and professional office space. The property benefits from direct corner signage and exposure to the newly upgraded Fresno Street.
Key Highlights
- Freestanding ±2,364 SF office building with 15 private on‑site parking spaces
- High‑traffic corner location near Divisadero Street retail corridor
- Remodeled with quality finishes, multiple restrooms, and multiple access points
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
$34,999
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
5.60%
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%
$699,980
$700.0K
Cap Rate 7%
$499,986
$500.0K
Cap Rate 9%
$388,878
$388.9K
Market Conditions
NOI Build-Up for 2,364 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
$49.6K $21.00/SF
− Vacancy
−$3.0K −$1.26/SF
EGI
$46.7K $19.74/SF
− OpEx
−$11.7K −$4.94/SF
NOI
$35.0K $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%
$699,980
Cap Rate 7%
$499,986
Cap Rate 9%
$388,878
Alternative Uses
Best Use
Office B
$500.0K
$437.5K – $583.3K
NOI $34,999 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$696.6K
$609.6K – $812.8K
NOI $48,765 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,393
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 - Two-story office building with parking near Divisadero Street.
Where is this office building located?
The property is located at 2641 Fresno St Fresno, CA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Freestanding ±2,364 SF office building with **15 private on‑site parking spaces**; High‑traffic corner location near Divisadero Street retail corridor; Remodeled with quality finishes, multiple restrooms, and multiple access points
