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Shopping Strip

McKinley Plaza

4817 E McKinley Ave, Fresno, CA 93703

Listing Price: $4,750,000

Cap Rate
5.61%
Gross SF
33,660
Rentable SF
33,660
Price/Gross SF
$141.12
Lot Size
4.15 acres
Year Built
1989

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 4817 E McKinley Ave, an 33,660 square foot multi-tenant strip center situated on 180,744 square feet of land in the Fresno County sub-market of Fresno, CA. The center is located on the Northeast signalized corner of North Chestnut Ave and East McKinley Ave, less than a mile away from the Fresno Yosemite International Airport. 4817 E McKinley is made up of 10 retail units, with an average unit square footage of 3,416 square feet. The center is currently 60% occupied. Lease expirations are staggered, with 39.9% of the occupied space on month- to-month leases, 6.80% expiring in 2022, 5.83% expiring in 20203, and 21.14% expiring in 2026. Current rent average $0.75 per square foot NNN, which is significantly below current market rents. This is a true value-add opportunity, as rents can be increased to market at lease expiration, and the vacant space and month to month tenants can be brought to market immediately. The center offers surface parking in the front of the center, with a total of 159 parking spaces, a parking ratio of 4.72 parking spaces per 1,000 square feet. The center is shadow anchored by McDonald’s and Taco Bell. 4817 E McKinley is located half a mile from Highway 168, with direct freeway access. The center has multiple access points, with ingress and egress along both Chestnut Avenue and McKinley Avenue. The center is well positioned along a main east/west Fresno thoroughfare surrounded be dense residential, offering an opportunity to create a retail environment that caters to the immediate surrounding residents. The location is walkable, with a walk score of 64. Daily traffic counts exceed 15,000 vehicles per day.

Investment Highlights

  • Current rents average $0.75 NNN
  • Significant value-add opportunity, with current significantly below market
  • 60% current occupancy
  • A majority of the leased space expires by 2023, allowing an investor to raise current rents to market

Exclusively Listed By

Financing By

Shopping Strip

McKinley Plaza

Listing Price: $4,750,000

Cap Rate
5.61%
Gross SF
33,660
Rentable SF
33,660
Price/Gross SF
$141.12
Lot Size
4.15 acres
Year Built
1989

Investment Highlights

  • Current rents average $0.75 NNN
  • Significant value-add opportunity, with current significantly below market
  • 60% current occupancy
  • A majority of the leased space expires by 2023, allowing an investor to raise current rents to market

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 4817 E McKinley Ave, an 33,660 square foot multi-tenant strip center situated on 180,744 square feet of land in the Fresno County sub-market of Fresno, CA. The center is located on the Northeast signalized corner of North Chestnut Ave and East McKinley Ave, less than a mile away from the Fresno Yosemite International Airport. 4817 E McKinley is made up of 10 retail units, with an average unit square footage of 3,416 square feet. The center is currently 60% occupied. Lease expirations are staggered, with 39.9% of the occupied space on month- to-month leases, 6.80% expiring in 2022, 5.83% expiring in 20203, and 21.14% expiring in 2026. Current rent average $0.75 per square foot NNN, which is significantly below current market rents. This is a true value-add opportunity, as rents can be increased to market at lease expiration, and the vacant space and month to month tenants can be brought to market immediately. The center offers surface parking in the front of the center, with a total of 159 parking spaces, a parking ratio of 4.72 parking spaces per 1,000 square feet. The center is shadow anchored by McDonald’s and Taco Bell. 4817 E McKinley is located half a mile from Highway 168, with direct freeway access. The center has multiple access points, with ingress and egress along both Chestnut Avenue and McKinley Avenue. The center is well positioned along a main east/west Fresno thoroughfare surrounded be dense residential, offering an opportunity to create a retail environment that caters to the immediate surrounding residents. The location is walkable, with a walk score of 64. Daily traffic counts exceed 15,000 vehicles per day.

Exclusively Listed By

Financing By

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