Central Fresno Retail/Office
For Sale
Contact for pricing
444 N Blackstone Ave, Fresno, CA 93701
3,480 SF building with retail and office spaces for sale.
Property Size3,480 SF
Price / SF$152.27
Days on Market972
Property Features for 444 N Blackstone Ave
General Information
Standard status
Active
Size
3,480 SF
Class
B
Property subtype
Retail
Zoning
CG
Occupancy
20%
Lease Type
Modified Gross
Building Details
Year Built
1949
Stories
1
Units
8
Tenancy
Single
Listing Agency:
C21 Commercial
Listed By:
Jared Ennis · License #CA
(559) 432-5533
Source:
Crexi
Added: Jan 4, 2024
Changed: Aug 27
Last Checked: Sep 1 at 11:21PM
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 3,480 SF building is located in Central Fresno and offers an SBA owner/user opportunity. The property features four separately metered offices with various configurations and sizes. Unit #444, consisting of approximately 900 SF, includes three open rooms and a private restroom, with direct access to the rear fenced yard and parking lot. The unit also offers direct access to restrooms, high-speed internet, signage, and parking. Ample parking is available in the back, as well as street parking. The property is zoned for cannabis retail (CMX), is outside the Exclusion Area, and is more than 800 feet from a sensitive use located in District 7. The location provides direct access to Shaw and Blackstone Avenues, with approximately 49,261 cars per day within 0.5 miles of the property, and an additional 225,112 cars per day from nearby CA-180. This is a value-add investor or owner-user opportunity with easy-to-rent small office spaces. The location offers visibility and access along Blackstone Ave. Units #444 and #446, each approximately 900 SF, are currently combined as the seller's printing company, consisting of multiple offices and a reception area, but can be separated. Unit #448 was formerly a church, and #450 is currently a barber shop; each of these units is approximately 900 SF. The owner currently occupies #444 and #446 and is willing to do a lease back or vacate. The barber shop in #450 has a 1-year lease.
Key Highlights
- Zoned for cannabis retail (CMX) and outside the Exclusion Area, offering a rare and valuable business opportunity.
- Excellent SBA owner/user opportunity with potential for lease income from existing tenants.
- High traffic location on Blackstone Ave with ±49,261 Cars Per Day within .5 miles, providing excellent visibility.
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
$40,779
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
7.70%
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%
$815,580
$815.6K
Cap Rate 7%
$582,557
$582.6K
Cap Rate 9%
$453,100
$453.1K
Market Conditions
NOI Build-Up for 3,480 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
$62.6K $18.00/SF
− Vacancy
−$4.4K −$1.26/SF
EGI
$58.3K $16.74/SF
− OpEx
−$17.5K −$5.02/SF
NOI
$40.8K $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%
$815,580
Cap Rate 7%
$582,557
Cap Rate 9%
$453,100
Alternative Uses
Best Use
Office B
$736.0K
$644.0K – $858.7K
NOI $51,521 @ 7.0% cap · market cap 9.72%
Second Best
Retail
$582.6K
$509.7K – $679.7K
NOI $40,779 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.03M
$897.3K – $1.20M
NOI $71,785 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,979
Businesses Nearby
Explore this area
Business Placement
Demographics for 93701, CA
12,037
Population
3,836
Households
3.1
Avg Household Size
28
Median Age
7%
College-Educated
48%
High-School Grad
1.5 sq mi
ZIP Area
8,025
Density / Sq Mi
$32,192
Median Household Income
$26,875
Median Earnings
$926
Median Rent
$207,600
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?
Retail space - 3,480 SF building with retail and office spaces for sale.
Where is this retail space located?
The property is located at 444 N Blackstone Ave Fresno, CA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Zoned for cannabis retail (CMX) and outside the Exclusion Area, offering a rare and valuable business opportunity.; Excellent SBA owner/user opportunity with potential for lease income from existing tenants.; High traffic location on Blackstone Ave with ±49,261 Cars Per Day within .5 miles, providing excellent visibility.
