Property Description
Courtesy of Aram Melikian, Real Broker -
[email protected]
Rare opportunity to own two adjacent income producing commercial properties, with Olive Ave frontage, in the heart of Fresno's iconic Tower District! Offered together, 1502 and 1520 E. Olive Avenue present a unique combination of historic charm, stable cash flow, and long term investment appeal along one of Fresno's most recognizable commercial corridors.Anchoring this exceptional offering is the historic Paul Kindler House 1520 E Olive, affectionately known as The Castle. Listed on the National Register of Historic Places, this architectural gem is rich in character, featuring distinctive craftsmanship, timeless architectural details, multiple offices, a spacious reception area, conference/dining room, kitchen, upstairs accommodations, basement, and detached converted studio. The expansive paved grounds provide gated rear parking in back as well as driveway and street parking in the front.Next door, 1502 E. Olive Avenue features three separately leased professional office suites, each offering its own reception area, three private offices, break room, and restroom. The property also benefits from dedicated on-site parking.Both properties are 100% occupied, generating $72,000 in annual base rental income, plus $8,400 in scheduled annual CAM reimbursements. Four NNN leases provide expense reimbursement, with tenants responsible for property repairs and maintenance. Contracted rent increases in three of the four leases provide additional income growth beginning in 2027.Together, the properties offer approximately 4,899 SF of building area on 22,503 SF of combined land. Recent capital improvements include replaced roofs, updated HVAC systems, clear pest certifications, and clear roof inspections with roof certifications.Strategically situated along Olive Avenue, the properties benefit from their proximity to the Tower Theatre, Roger Rocka's Dinner Theater, popular restaurants, breweries, entertainment venues, and the vibrant culture that makes the Tower District one of Fresno's most distinctive destinations. CMS zoning with AH Overlay provides additional versatility, including potential alternative commercial and live/work opportunities.Two adjacent parcels. Four occupied income streams. Historic architectural distinction. A stabilized investment with built-in income growth and enduring appeal.An exceptional opportunity to acquire a true Tower District landmark while enjoying immediate investment income!
