Freestanding US Ranger Station For
For Sale
Contact for pricing
32588 Hwy 190, Springville, CA
Government-guaranteed, occupied US Ranger Station with recent remodel/expansion.
Property Size9,203 SF
Lot Size4.32 Acres
Price / SF$228.19
Days on Market272
Property Features for 32588 Hwy 190
General Information
Standard status
Active
Size
9,203 SF
Lot size
4.32 Acres
Property subtype
OFFICE
Listing Agency:
KW Commercial | Central California
(559) 302-8698
Listed By:
Kevin Land · License #01516541
(559) 359-4035
Source:
Moodyscre
Added: Nov 25, 2025
Changed: Aug 13
Last Checked: Aug 23 at 12:39PM
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 KW Commercial | Central California
Investment Insights
Based on property information with market context.
The property is a freestanding US Ranger Station guaranteed by the government, with a modified-net lease and limited landlord responsibility. The building is occupied under a 13-year lease. A recent remodel and expansion in 2012, valued at $1 million, was completed as part of the 15-year lease agreement. The 9,203-square-foot building is utilized by the US Forrest Service and Fire Jumper Division for mountain watch areas. It is located within the 319,491-acre Western Divide Ranger District, which encompasses the southern portion of the Giant Sequoia National Monument and is centrally located in Sequoia National Forest. The district features visitor attractions such as the Trail of 100 Giants, Dome Rock, and the towns of Camp Nelson and Ponderosa. Recreational opportunities include 9 developed campgrounds, rental cabins, day-use areas, 296 miles of trails, and 338 miles of off-highway vehicle routes.
Key Highlights
- Government Guaranteed Lease: Secure income stream from a US Ranger Station.
- Long‑Term Occupancy: Benefit from a 13‑year lease, ensuring stability.
- Modified‑Net Lease: Limits landlord responsibilities.
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
$114,807
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
5.47%
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%
$2,296,140
$2.3M
Cap Rate 7%
$1,640,100
$1.6M
Cap Rate 9%
$1,275,633
$1.3M
Market Conditions
NOI Build-Up for 9,203 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
$184.4K $20.04/SF
− Vacancy
−$31.4K −$3.41/SF
EGI
$153.1K $16.63/SF
− OpEx
−$38.3K −$4.16/SF
NOI
$114.8K $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%
$2,296,140
Cap Rate 7%
$1,640,100
Cap Rate 9%
$1,275,633
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.91M
NOI $114,807 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.80M
$2.45M – $3.26M
NOI $195,679 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
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 building - Government-guaranteed, occupied US Ranger Station with recent remodel/expansion.
Where is this office building located?
The property is located at 32588 Hwy 190 Springville, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Government Guaranteed Lease: Secure income stream from a US Ranger Station.; Long‑Term Occupancy: Benefit from a 13‑year lease, ensuring stability.; Modified‑Net Lease: Limits landlord responsibilities.
