Building Details

Year built 2006

Roof type Metal

Listing Agency: Century 21 Select Real Estate · Century 21 Real Estate w***@sbcglobal.net Show Phone

Listed By: Rito Valero Show Phone

Added: Sep 24 Changed: Sep 25 Last Checked: Sep 26 at 1:06PM

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MLS# 244316

Copyright © 2026 Tulare County MLS. 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 3,200-square-foot flex property was built in 2006 and occupies a 0.16-acre parcel. Its interior includes an air-conditioned private office and a full bathroom. The building has a metal roof and has previously housed mechanic and feed businesses.

Public water and sewer serve the property.

Key Highlights

• 3,200‑square‑foot flex property on a 0.16‑acre parcel
• Air‑conditioned private office and full bathroom
• Built in 2006

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

$28,125

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

7.03%

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%

$562,500 $562.5K

Cap Rate 7%

$401,786 $401.8K

Cap Rate 9%

$312,500 $312.5K

Market Conditions

NOI Build-Up for 3,200 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

$46.1K $14.40/SF

− Vacancy

−$2.8K −$0.88/SF

EGI

$43.3K $13.52/SF

− OpEx

−$15.1K −$4.73/SF

NOI

$28.1K $8.79/SF

Area

Tulare County, CA

Vacancy

6.10%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

35.00%

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%

$562,500

Cap Rate 7%

$401,786

Cap Rate 9%

$312,500

Alternative Uses

Best Use

Flex RnD

$401.8K

$351.6K – $468.8K (±1% cap)

NOI $28,125 @ 7.0% cap · market cap 7.03%

Second Best

Industrial

$266.1K

$232.9K – $310.5K (±1% cap)

NOI $18,630 @ 7.0% cap · market cap 4.66%

Theoretical Best

Specialty Retail

$972.0K

$850.5K – $1.13M (±1% cap)

NOI $68,040 @ 7.0% cap · market cap 17.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Tino & Tony's frame ... Auto Repair Shop

Suggested Use

Top Pick Dental Office Hair Salon Spa & Massage Center Nail Salon Furniture & Home Goods (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

119

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 93235, CA

4,651

Population

1,249

Households

3.7

Avg Household Size

31

Median Age

9%

College-Educated

50%

High-School Grad

4.1 sq mi

ZIP Area

1,134

Density / Sq Mi

$55,175

Median Household Income

$29,841

Median Earnings

$916

Median Rent

$234,200

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• El Tri Raspados — 16018 Millwood Dr, Ivanhoe, CA 93235

Frequently Asked Questions

What type of property is this?

Flex space - A climate-controlled office and full bathroom add functional support to the building’s commercial space.

Where is this flex space located?

The property is located at 32975 Road 160 Ivanhoe, CA.

What is the asking price?

The asking price for this property is $399,999.

What are key features of this property?

This property features: 3,200‑square‑foot flex property on a 0.16‑acre parcel; Air‑conditioned private office and full bathroom; Built in 2006