1747 Van Ness Ave, Fresno, CA 93721

Mixed-use value-add opportunity with existing income: ±3,500 SF consisting of (2) commercial retail/office spaces and (3) multifamily spaces on (2) APN’s totaling ±0.34 acres within the Mural District in Downtown Fresno. Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of spaces. (2) Commercial spaces of ±1,350 SF and (3) fully remolded residential apartments of ±2,150 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 parking. Many front parking spaces available, quick access to the 2nd floor, and excellent existing exposure/signage. The value-add opportunity consists of (i.) stabilizing/ increasing rents of (3) units (#101, 102, 201), and (ii.) experiencing rent increases of (2) units on long term leases with built in annual escalations (#1747, 1753) 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 $54,240/year plus upside potential. After negotiating the 3 rents ($4,800/year), the realistic 6-12 month stabilized gross annual income is $59,040 at month 12. Further rent growth of under-market remaining units provide potential gross income of $59,904/year the following year. *The adjacent property is for sale*  « show less

Mixed-use value-add opportunity with existing income: ±3,500 SF consisting of (2) commercial retail/office spaces and (3) multifamily spaces...  show more »