1331 N Wishon Ave, Fresno, CA 93728

This is a remarkable value-add development opportunity situated just a stone's throw from Fresno's lively Tower District. With a variety of restaurants, coffee shops, and stores within walking distance, the property benefits from its prime location between N. Wishon and E. Hedges Ave. Spanning an impressive 26,136 sq ft, the parcel includes an 8,268 sq ft building. Its highly desirable split zoning designation of RM2 & CMS allows for either high-density multifamily development or retail/office development. With respect to multifamily development, we envision dividing the building into 11 high-quality Class A units. The demand for multifamily rentals is strong, with rents surpassing $2.15/sq ft. Similarly, Class A retail/office building rents exceed $1.15 sq ft + NNN. Both scenarios offer comparable yields of 10%+, with the office option requiring significantly less capital allocation. The zoning provides the flexibility to convert the property to multifamily use in the future if it proves to be a more beneficial choice. The property also includes a spacious lot situated west of the building, presenting the opportunity to construct covered parking and additional tenant amenities. The building's layout features a unique courtyard, which can be transformed into a beautifully landscaped garden enhanced with BBQ areas and seating, thus adding further value to the property. The property's feasibility for design development was evaluated by Fresno's AIA Architect Scott Vincent.