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Available For Sale - Office

22,600 SF | Show Pricing $

AVAILABILITY DETAILS

Size
22,600 SF
Price/SF
Show Pricing $
Listing ID
SA461389
Notes
Mixed-use two-story value-add opportunity with existing income: ±22,600 SF consisting of (8) commercial retail/office spaces on the ground floor and (34) singe room multifamily spaces upstairs on (2) APN’s totaling ±0.258 acres within Chinatown in Downtown Fresno. Unique investment offering (42) easy-to-rent small spaces within an under-built market offering a strong need for these type of spaces. Commercial spaces of 8,118 SF, residential 4,950 SF, and common areas of 1,944 SF. Great visibility, convenient parking & easy access to CA-99 and CA-180 on/off ramps. All units have high speed Internet, secure entrances, various access points, ample signage, and abundant nearby parking. Many front parking spaces available, quick access to the 2nd floor, and excellent existing corner exposure/signage.



The value-add opportunity consists of (i.) leasing the (2) commercial vacancies at $1/SF (900 and 1,000 SF), and (2) 1-bedroom multifamily units, and (ii.) increasing the rent of all multifamily units to $600/month (Section 8 allows up to $859) and the commercial units to $1/SF over the next 6-12 months. In addition, charging the customary "pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger.



Actual rents collected of $230,040/year plus upside potential. After leasing 4 vacancies ($34,440/year), the realistic 6-12 month stabilized gross annual income is $264,840 at month 12. Further rent growth of under-market remaining units provide potential gross income of $320,616/year the following year. Once stabilized, the deal offers a TEEN cash-on-cash return when leveraged w/ 30% down! After leasing the 4 vacancies (before rent increases), this deal produces a 9.9% cash-on-cash return and a 1.67 DCR!
Uses
Office

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jared Ennis, Central CA Commercial
BRE# 01945284