Office Space For Lease @ 938 F St

Mixed-use two-story value-add opportunity with existing income: ±29,654 SF consisting of (10) commercial retail/office spaces on ±0.60 acres within Chinatown in Downtown Fresno. Unique investment offering (9) easy-to-rent small spaces and (1) former hotel within an under-built market offering a strong need for these type of spaces. Great visibility, convenient parking & easy access to CA-99 and CA-180 on/off ramps. All units have 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 upstairs (former Lincoln Hotel) consist of (52) 12x10 rooms with sinks, (9) restrooms throughout, (10) storage rooms, boiler & material room.

The value-add opportunity consists of (i.) investing ±$1,050,000 ($35/SF) into the upstairs and downstairs, (ii.) leasing the (2) commercial vacancies at $0.75/SF (2,240 and 3,024 SF), (iii.) leasing out the former Lincoln Hotel (estimated at $500/month/room), and (iv.) increasing the rent of all commercial units to $0.75/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. The proposed remodel would have a Total Project Cost of $2,450,000, requiring a down payment of ±$980,000, with the balance placed on a 60% LTV construction loan to produce a 3.16 DCR and a 22.76% Cash-on-cash return! This space offers accomodations for: office building.