319 Van Ness Ave Fresno, CA 93701
- Neighborhood centers
- 5,896 SF
- 0.29 lot acres
Current Use by Public Records
- Viareal Music School & Classes De Música / Music School
Property Details for 319 Van Ness Ave
- Year built
- 1952
- Lot size
- 0.29 lot acres
- Property size
- 5,896 SF
- Property type
- Neighborhood centers
- Property subtype
- Retail properties
Description
This 5,896 square foot multi-tenant retail building in Fresno, CA, presents a compelling value-add investment opportunity. Located on a 0.29-acre lot at 319 N Van Ness Ave (APN 443-184-20), this 1952-built property offers eight separate office spaces, averaging 900 square feet each. Currently, 44% of the space is leased to long-term tenants under gross lease agreements, generating an annual income of $45,600. A significant value-add potential exists through leasing the vacant units (three 575 sq ft spaces) and renegotiating existing leases to achieve a projected stabilized annual income of $96,342 within 6-12 months. This translates to a pro-forma NOI of $69,830 and an 8.84% pro-forma cap rate. The property boasts excellent visibility and accessibility, situated near CA-180 and CA-99 freeway on/off ramps. Each unit features multiple sinks, private restrooms, private entrances, and high-speed internet access. The building requires some cosmetic updates (paint and flooring) to maximize rental income. The property offers ample parking and is well-maintained, with a functional roof and HVAC systems. This investment presents a strong cash flow opportunity with significant upside potential, making it ideal for both owner-users and investors seeking a high return on investment. The current asking price is $790,000, with a current NOI of $21,460 and a current cap rate of 2.72%.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fresno
- County
- Fresno
- State
- California
- Longitude
- -119.799
- Latitude
- 36.7478
