319 Van Ness AveFresno, CA 93701

Property Details for 319 Van Ness Ave

Year built

1952

Lot size

0.29 AC

Property size (Sq ft)

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%.

Location Insight

City

Fresno

County

Fresno

State

California

Latitude

36.7478

Longitude

-119.799

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].