4679 W Spruce Ave, Fresno, CA for sale

Investment Overview

Lee & Associates is pleased to present the opportunity to acquire a purpose-built, single-tenant dialysis facility net-leased to DaVita Kidney Care (NYSE: DVA), one of the nation's leading kidney care providers, with over 2,650 U.S. centers, approximately 200,000 patients served, and $12.8B in 2024 consolidated revenue. Constructed in 2021, the 12,960-square-foot medical facility sits on a 1.53-acre parcel in northwest Fresno, near W. Herndon Avenue and N. Milburn Avenue with convenient regional access to State Route 99. The asset is 100% leased under an Absolute NNN structure, with the tenant responsible for real estate taxes, insurance, utilities, and day-to-day maintenance, providing a low-management investment with minimal landlord responsibility. The lease runs through July 6, 2036, with 10% contractual rent increases every five years and three five-year renewal options extending potential tenant control through July 2051. The facility benefits from exclusive dialysis use protection and expansion rights on adjacent premises, reinforcing its long-term operational commitment at this location. Surrounded by a dense, growing residential base, the property serves a trade area (ZIP 93722) with a population of over 86,000, median household income of $80,285, and a young median age of 32.3, supporting sustained demand for outpatient medical services. Fresno, the largest city in California's Central Valley, anchors a regional healthcare, agriculture, logistics, and employment hub with a city population of approximately 555,549 and a county population exceeding 1 million. This offering provides investors the opportunity to acquire a recession-resistant, healthcare-anchored asset with investment-grade tenancy, contractual income growth, and a long-term lease structure in one of California's fastest-growing inland markets.

Investment Highlights

• DaVita (NYSE: DVA) Credit Tenant
• Approximately 10 Years Remaining on Lease
• Absolute NNN Lease Structure
• Minimal Landlord Responsibilities
• Newer Construction (Completed in 2021)
• 10% Rent Increases Every 5 Years
• Three (3) Five-Year Renewal Options
• Purpose-Built ±12,960 SF Dialysis Facility
• Strong Healthcare Demand Drivers
• Long-Term Occupancy Potential Through 2051