Leased Investment w/ Upside: Corner Building in Porterville

75 W Olive Ave Porterville, CA 93257

75 W Olive Ave, Porterville, CA, 93257
75 W Olive Ave, Porterville, CA, 93257 75 W Olive Ave, Porterville, CA, 93257 75 W Olive Ave, Porterville, CA, 93257
FOR SALE
Property Type:
Multi Tenant Office
Amount:
$1,350,000
Last Verified:
Mar 18, 2024
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Highlights

  • 11.12% Cap & 17.35% Cash-on-Cash After Stabilized
  • Cash Cow To Produce $197K In Rents ($15.19/SF/Yr)
  • 64% Leased w/ Long-Term Tenancy | Move-in Ready
  • MTM Units w/ Owner-User Occupancy Potential
  • Easy To Lease Units | Low Turnover | Low Maintenance
  • Quality Roof, Newer HVAC's, Hard Surface Floor, & Paint!
  • Well-Known Freestanding Office Building @ Corner
  • Private Offices, Conference Room, Reception Areas
  • Private Lit Parking Lot With (47) On-Site Parking Stalls + Street Parking
  • Convenient Location Between CA-65 and CA-190
  • Great Downtown Location Near Newly Constructed Court House
  • Excellent SBA Loan Candidate w/ Built In Passive Income
  • Quality Construction | Well Maintained | Economical Spaces
  • Located Between Highway 65 and Downtown Porterville
  • Easy Access from Surrounding Major Corridors
  • Excellent Existing Signage | Requires Little Management
  • Ample Parking and Mature Landscaping

Description

Value-add investor or owner-user opportunity: Freestanding building totaling ±13,000 SF office investment on 3 parcels totaling ±0.692 AC (±30,144 SF). Ideal for general, professional, and/or medical space off Olive Ave & Main Streets. Offers (7) economical separate spaces leased to long-term tenants on Gross lease forms. Value-add opportunity with actual rents of $113,608/year collected plus upside potential. Unique investment offering easy-to-rent office spaces within an under-built market offering a strong need for these type of spaces. After leasing the vacancies and extending leases, the realistic 6-12 month stabilized gross annual income is $197,428 (1.7x existing rent). Once stabilized, the deal offers a 11.12% proforma CAP rate, 17.35% cash-on-cash return when leveraged with 30% down, which produces a 2.22 Debt Coverage Ratio!

The value-add opportunity consists of leasing (3) vacancies (822, 1462, & 2401 SF), addressing the under-market rent of the (2) MTM tenants, extending lease length over the next 6-12 months, and charging the customary "pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger.

Unique flexibility offering configurations ranging from ±822 - 6,879 SF with the ability to combine spaces to create larger units via existing connecting doors between the units. Clean office spaces with new paint, new hard-surface VCT flooring, LED lighting, newer HVAC units, quality roof (zero leaks), new 6" tall baseboards, & new doors/hinges/hardware! Access to high speed Internet, separate meters, private ADA restrooms, private entrances (w/ secured entry), outdoor LED lights during the night hours, and consists of demising walls (can be combined). Building offers a full exterior lit private parking (47 spaces + street), excellent existing signage, great visibility & quick access to CA-65 ramps.

Property is well located in the downtown entry off Main Street and Olive Avenue just East of Highway 65, West of Plano Street, North of Highway 190, and south of Morton Avenue on Olive Avenue and “D” Street in Porterville, CA. Surrounding national tenants include Starbucks, McDonald's, Dutch Bros, Bank of the Sierra, Wells Fargo, Panera, Marshalls, Kohls, Grocery Outlet, Citizens Bank, Cricket, Union Bank, Java Express, Beneficial State Bank, RJ's Cafe, Yum Yum Donuts, The Vault, El Tapatio, Don Vinos, and many others!

Building Size: 13000sq ft
Building Class: A
Lot Size: 0.35 acres


Documents

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Map of 75 W Olive Ave, Porterville, CA, 93257

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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