For Sale
$698,000

190 Van Ness AveFresno, CA 93701

12-unit office building, Downtown Fresno. High ROI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 12-unit, single-story office building located at 190 N Van Ness Ave, Fresno, CA 93701. The property, totaling 3,747 square feet on an 11,775 square foot lot, boasts a strong 92% occupancy rate with 12 tenants. Built in 1966 and completely remodeled in early 2023, the building features two structures and is classified as a Class B property. The current asking price is $698,000, reflecting a 6.65% cap rate and a pro-forma cap rate of 6.66%. The property's net rentable area is 2,915 square feet, with a price per square foot of $186.28 and a price per unit of $58,167. The lease type is gross, and rent bumps are in place. The property includes one parking space per unit, gated parking, and gated access to offices and common areas. Fully automated access is also available. Further enhancing its value, the building features fully owned solar panels added in August 2024. The property is fully ADA compliant and zoned NMX (with additional parking zoned RS-5). This stabilized investment offers significant upside potential due to the lack of comparable individual office suites in the area and the absence of rent control, allowing for market-rate rent increases. The property is ideal for a variety of tenants, including those in beauty services, tech, legal, and insurance. Financial details are available upon request.

Highlights

  • Downtown Fresno location.
  • Strong upside potential due to lack of comparable properties and no rent control.
  • Completely remodeled in 2023.
  • Owned solar panels.
  • Limited competition from individual office suites.
  • No rent control.

Property Details for 190 Van Ness Ave

Property type
Office properties, Office space
Square Feet
3,747 SF
Class
B
Year Built/Renovated
1966/2023
Buildings
2
Stories
1
Units
12

Location Insight

City
Fresno
County
Fresno
State
California
Latitude
36.745830374931
Longitude
-119.79870990443
190 Van Ness Ave, Fresno, California

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190 Van Ness Ave
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