75 W Olive Ave
Porterville, CA 93257
Retail Property For Sale

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.