Two-Unit Office
For Sale
$369,000
1220 Jepsen Avenue, Corcoran, CA 93212
SINGLE_FAMILY - Corcoran, CA
Property Size1,678 SF
Lot Size0.14 Acres
Price / SF$219.90
Days on Market56
Property Features for 1220 Jepsen Avenue
General Information
Property type
Residential
Property subtype
Office
Directions
West on Whitley, South on Van Dorsten. Property sits on the corner of Jepsen and Van Dorsten.
Subdivision
Corcoran
Standard status
Active
APN
032031013000
Size
1,678 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Listing Agency:
All Family Lending & Real Estate Inc
Listed By:
Robert J Mustain
(559) 362-4243
Added: Jun 18
Last Checked: Aug 12 at 1:06PM
MLS# 234488
Copyright © 2026 Kings County Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated home has been converted into a two-unit office property. The layout provides two separate office units within the existing building, creating flexibility for tenants seeking individual spaces under one ownership. The property is currently configured and operated as office use.
The asset is located at 1220 Jepsen Avenue in Corcoran, California, in Kings County. Per the public remarks, it sits one block south of Whitley and approximately three blocks from the downtown area of Corcoran, which may support walkable access for daytime users and visitors.
For investors or owner-operators, the current setup provides an in-place, two-unit office arrangement with both units described as rented. This configuration can appeal to buyers looking for office use within a renovated structure while maintaining the practical benefit of multiple income-producing units under one property. Interested parties are encouraged to review lease details and unit configuration during due diligence to confirm fit for their operating or acquisition goals.
The asset is located at 1220 Jepsen Avenue in Corcoran, California, in Kings County. Per the public remarks, it sits one block south of Whitley and approximately three blocks from the downtown area of Corcoran, which may support walkable access for daytime users and visitors.
For investors or owner-operators, the current setup provides an in-place, two-unit office arrangement with both units described as rented. This configuration can appeal to buyers looking for office use within a renovated structure while maintaining the practical benefit of multiple income-producing units under one property. Interested parties are encouraged to review lease details and unit configuration during due diligence to confirm fit for their operating or acquisition goals.
Key Highlights
- Converted into 2 office units; both units are currently rented
- Total monthly rental income of $2,600
- One block south of Whitley and three blocks from downtown Corcoran
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,933
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$418,660
$418.7K
Cap Rate 7%
$299,043
$299.0K
Cap Rate 9%
$232,589
$232.6K
Market Conditions
NOI Build-Up for 1,678 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.6K $20.04/SF
− Vacancy
−$5.7K −$3.41/SF
EGI
$27.9K $16.63/SF
− OpEx
−$7.0K −$4.16/SF
NOI
$20.9K $12.47/SF
Area
Tulare County, CA
Vacancy
17.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$418,660
Cap Rate 7%
$299,043
Cap Rate 9%
$232,589
Alternative Uses
Best Use
Office B
$299.0K
$261.7K – $348.9K
NOI $20,933 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$509.7K
$446.0K – $594.6K
NOI $35,678 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 93212, CA
23,138
Population
4,967
Households
4.7
Avg Household Size
36
Median Age
4%
College-Educated
59%
High-School Grad
118.5 sq mi
ZIP Area
195
Density / Sq Mi
$54,149
Median Household Income
$34,241
Median Earnings
$1,030
Median Rent
$220,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated property converted into two rented office units, offering turnkey space for office tenants or investors.
Where is this office units located?
The property is located at 1220 Jepsen Avenue Corcoran, CA.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Converted into 2 office units; both units are currently rented; Total monthly rental income of $2,600; One block south of Whitley and three blocks from downtown Corcoran
