Food-Grade Processing
For Sale
$599,000
20934 Ave 296, Exeter, CA 93221
Warehouse property with a clean room for food-grade processing and bottling, plus an unfinished residential structure.
Property Size4,030 SF
Lot Size1.91 Acres
Days on Market229
Property Features for 20934 Ave 296
General Information
Standard status
Active
Size
4,030 SF
Lot size
1.91 Acres
Property subtype
Commercial
Zoning
Commercial Zoning on the main road going
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Warehouse Space
4,000 SF
Building Details
Building Size
4,030 SF
Year Built
1957
Buildings
2
Listing Agency:
Sequoia Pacific Realty Three R
(559) 730-1332
Listed By:
Gregory Lockhart · License #00905626
(559) 730-1332
Source:
Home-realty
Added: Jan 13
Changed: Aug 29
Last Checked: Aug 29 at 1:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sequoia Pacific Realty Three R
Investment Insights
Based on property information with market context.
This warehouse property covers 1.91 acres and includes a 4,000-square-foot warehouse, a 3,000-square-foot unfinished house, and a clean room configured for processing and bottling food-grade products. The clean room may be re-certified through the FDA and County, while food-processing equipment is available separately. The improvements date to 1957.
The property is located on Highway 198 in Exeter, along the primary highway route toward Sequoia National Park. The corridor reportedly carries more than one million tourists annually. Commercial zoning applies to the property, providing a documented land-use designation for the site.
The property is located on Highway 198 in Exeter, along the primary highway route toward Sequoia National Park. The corridor reportedly carries more than one million tourists annually. Commercial zoning applies to the property, providing a documented land-use designation for the site.
Key Highlights
- 1.91‑acre warehouse property on Highway 198
- 4,000‑square‑foot warehouse included
- 3,000‑square‑foot unfinished house on site
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
$28,490
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
4.76%
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%
$569,800
$569.8K
Cap Rate 7%
$407,000
$407.0K
Cap Rate 9%
$316,556
$316.6K
Market Conditions
NOI Build-Up for 4,030 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
$36.3K $9.00/SF
− Vacancy
−$2.8K −$0.68/SF
EGI
$33.5K $8.32/SF
− OpEx
−$5.0K −$1.25/SF
NOI
$28.5K $7.07/SF
Area
Tulare County, CA
Vacancy
7.59%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$569,800
Cap Rate 7%
$407,000
Cap Rate 9%
$316,556
Alternative Uses
Best Use
Warehouse
$407.0K
$356.1K – $474.8K
NOI $28,490 @ 7.0% cap · market cap 4.76%
Second Best
Industrial
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,688 @ 7.0% cap · market cap 14.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93221, CA
15,024
Population
5,046
Households
3
Avg Household Size
37
Median Age
19%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
114
Density / Sq Mi
$84,121
Median Household Income
$39,138
Median Earnings
$1,267
Median Rent
$324,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with a clean room for food-grade processing and bottling, plus an unfinished residential structure.
Where is this warehouse located?
The property is located at 20934 Ave 296 Exeter, CA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1.91‑acre warehouse property on Highway 198; 4,000‑square‑foot warehouse included; 3,000‑square‑foot unfinished house on site
