Value-add Opportunity: ±15,325 SF Freestanding building on ±0.258 acres within Chinatown - adjacent to the CA High Speed Rail - in Downtown Fresno. Former Basque Hotel offering an existing bar, restaurant, large kitchen and multiple dining rooms on the first floor, (28) hotel rooms on the second floor and a large handball court with viewing gallery. The Basque Hotel was built in 1932 near the Central Pacific Railroad and designed by Master Architect Eugene Mathewson. The property is located in Historic Downtown China and sits directly across from the main Central CA High Speed Rail Station. The first floor is ideal for a restaurant, bar, nightclub or brewery with the second floor being utilized as a hotel, AirBNB, apartments, and/or private office suites. Downtown Fresno and Chinatown are slated to receive $70M in cap trade redevelopment funding intended to jump start the revitalization of the area ahead of the high speed rail construction. Multiple projects are currently under consideration for funding including a $20M mixed use development featuring housing and retail directly adjacent to the subject property. Unique investment offering potential to convert the upstairs into easy-to-rent office/retail spaces or apartments within an under-built market offering a strong need for these type of spaces. Once stabilized, the deal offers TEEN cash-on-cash returns when leveraged. Great visibility, convenient parking & easy access to CA-99 and CA-180 on/off ramps. Many front parking spaces available, private access to the 2nd floor, and excellent existing corner signage. Convenient location, visibility, and access.
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