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 & Spaces

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%.

Location Insight

City

Fresno

County

Fresno

State

California

Longitude

-119.799

Latitude

36.7478