Opportunity Zone 197 Units / Prime Location 1055 Van Ness Ave 197 Room Hotel Fresno, CA 93721 $14,930,000 ($75,787/Room) 12.50% Cap Rate

Opportunity Zone: Apartment Conversion or Hotel Repositioning
Opportunity Zone Advantage
1055 Van Ness Avenue sits within a federally designated Opportunity Zone, offering powerful capital gains tax incentives for qualified investors. By reinvesting eligible gains into this project, investors can defer taxes, reduce future liabilities, and eliminate capital gains on appreciation after a ten-year hold.
This location benefits from major public and private investment, including a $750M new courthouse, $100M+ in infrastructure upgrades, and a $20M City of Fresno NOFA program supporting downtown housing conversions.
The combination of tax efficiency and strong local revitalization makes this one of Central California’s most compelling adaptive-reuse opportunities.
1055 Van Ness Avenue presents a rare dual-path acquisition opportunity in the heart of Downtown Fresno’s civic and government corridor. This ±130,358 square foot, nine-story concrete and steel structure—formerly operating as a 197-key Radisson Hotel—is fully vacant and offers investors two highly attractive repositioning paths:
Path 1: Apartment Conversion
A near permit-ready adaptive reuse plan to convert the existing 197 hotel rooms into 197 apartment units, with potential to expand up to ±234 units by redeveloping the second floor (former event/pool level) and ninth-floor Skyroom. Ownership has completed architectural, structural, and MEP plans with multiple backchecks from the City of Fresno, significantly de-risking predevelopment.
• Efficient studio and one-bedroom layouts leveraging existing plumbing risers.
• ±50% of units feature private balconies—rare in Fresno’s multifamily market.
• Amenity potential includes second-floor fitness center, rooftop lounge, co-working space, and outdoor pool deck.
• Ground floor retail or co-working potential adds additional revenue.
• Active $20M NOFA for downtown residential development offers up to $8M per project, with supportive city leadership and streamlined permitting for adaptive reuse.
• Pro Forma: $1,300 average rents + $20,000 retail income ? ~$1.91M NOI ? ~$31.9M value @ 6% cap; all-in basis ~$23.9M.
Path 2: Hotel Repositioning
A full-service hotel redevelopment and rebranding opportunity. Ownership has invested in professional design plans and obtained multiple FF&E bids to modernize the property.
• Lobby renovation with glass façade and expanded bar/lounge concept.
• Updated guestrooms and suites with contemporary finishes.
• Ninth-floor Skyroom suitable for a rooftop bar or event space.
• Modernized second-floor event and pool area to serve meetings and leisure guests.
• Comp Set: DoubleTree (current highest-end product) and Courtyard by Marriott (under construction). 1055 Van Ness can re-establish Fresno’s first upper-upscale or boutique hotel offering.
Key Property Information
• Building Size: ±130,358 SF | Stories: 9 | Site Area: ±0.90 Acres
• Year Built: 1971 | Construction: Concrete & Steel
• Total Keys: ±197 Rooms & Suites (~50% with balconies)
• Parcel: APN 452-045-02
• Roof: New waterproofing and replacement across multiple levels
• Fire/Life Safety: New alarm panel (2024) and sprinkler compliance (2024)
• Electrical: System mapping and efficiency upgrades completed
• Elevators: Fully serviced and compliant
Location Strength
Located directly along Van Ness Avenue at the edge of Courthouse Park, the property sits within Fresno’s government and civic center, adjacent to major redevelopment activity. Tulare Street—closed for nearly five years—reopened in 2025, restoring direct cross-town access and visibility.
Public and private investment is fueling Downtown Fresno’s resurgence:
• $750M new Fresno County Courthouse under construction across Courthouse Park.
• $100M in Downtown/Chinatown infrastructure funding improving water, sewer, and streets.
• $22M modernization of Van Ness water main and sidewalk reconstruction underway.
• $20M NOFA grant line at 5.5% interest for downtown housing development.
Replacement Cost Advantage
At an asking price of $14,930,000 (~$114.50/SF), 1055 Van Ness offers a dramatic discount to replacement cost. With today’s concrete and steel construction pricing near $700/SF, replacement of a comparable full-service structure would exceed $90 million, excluding land and entitlement costs.
Summary
This asset combines scale, location, and flexibility in one of California’s fastest-revitalizing downtowns. Whether pursued as an adaptive reuse multifamily conversion or a full-service hotel rebrand, 1055 Van Ness provides a below-replacement-cost entry into a market backed by hundreds of millions in state and local investment.