Cannabis-Ready Industrial Grow
For Sale
$1,800,000
34284 Road 196, Woodlake, CA 93286
Two improved industrial buildings support an indoor cannabis grow and include prior cold storage and fruit packing use.
Property Size20,000 SF
Lot Size4.96 Acres
Days on Market159
Property Features for 34284 Road 196
General Information
Standard status
Active
Size
20,000 SF
Lot size
4.96 Acres
Building Details
Building Size
20,000 SF
Year Built
1948
Stories
2
Listing Agency:
Fidelity Realty & Dev. Group
Listed By:
James Figueroa · License #01152564
(714) 925-8068
Source:
Evrealestate
Added: Mar 31
Changed: Aug 23
Last Checked: Sep 5 at 4:02AM
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 Fidelity Realty & Dev. Group
Investment Insights
Based on property information with market context.
Located in the pro-growth cannabis industry in the City of Woodlake, this property offers visibility to a high-traffic area and supports multiple use types, including mixed light industrial and cannabis-zoned uses such as manufacturing, distribution, delivery, and extraction, as well as commercial and agricultural uses.
The offering includes two separate buildings, one at approximately 5,000 square feet and a second at approximately 15,000 square feet, located at the Road 196 site. The second building has been highly improved for an indoor grow. A second parcel is included in the sale (19581 Ave. 344), where the value is primarily in the land, though there is an existing structure previously used as a cold storage and fruit packing facility with sorting and storage.
Together, the two properties comprise approximately 216,000 square feet in total land area and are being sold together as a single opportunity.
The offering includes two separate buildings, one at approximately 5,000 square feet and a second at approximately 15,000 square feet, located at the Road 196 site. The second building has been highly improved for an indoor grow. A second parcel is included in the sale (19581 Ave. 344), where the value is primarily in the land, though there is an existing structure previously used as a cold storage and fruit packing facility with sorting and storage.
Together, the two properties comprise approximately 216,000 square feet in total land area and are being sold together as a single opportunity.
Key Highlights
- Two separate industrial buildings: approx. 5,000 SF and approx. 15,000 SF at the Road 196 site
- Second building is highly improved for indoor cannabis grow
- Property supports multiple use types, including mixed light industrial and cannabis‑zoned manufacturing/distribution/delivery/extraction
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
$141,387
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
7.85%
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%
$2,827,740
$2.8M
Cap Rate 7%
$2,019,814
$2.0M
Cap Rate 9%
$1,570,967
$1.6M
Market Conditions
NOI Build-Up for 20,000 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
$180.0K $9.00/SF
− Vacancy
−$13.7K −$0.68/SF
EGI
$166.3K $8.32/SF
− OpEx
−$25.0K −$1.25/SF
NOI
$141.4K $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%
$2,827,740
Cap Rate 7%
$2,019,814
Cap Rate 9%
$1,570,967
Alternative Uses
Best Use
Warehouse
$2.02M
$1.77M – $2.36M
NOI $141,387 @ 7.0% cap · market cap 7.85%
Second Best
Industrial
$1.66M
$1.46M – $1.94M
NOI $116,437 @ 7.0% cap · market cap 6.47%
Theoretical Best
Specialty Retail
$6.07M
$5.32M – $7.09M
NOI $425,250 @ 7.0% cap · market cap 23.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 93286, CA
9,735
Population
3,074
Households
3.2
Avg Household Size
33
Median Age
12%
College-Educated
61%
High-School Grad
72.6 sq mi
ZIP Area
134
Density / Sq Mi
$47,242
Median Household Income
$28,711
Median Earnings
$983
Median Rent
$288,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Cannabis property - Two improved industrial buildings support an indoor cannabis grow and include prior cold storage and fruit packing use.
Where is this cannabis property located?
The property is located at 34284 Road 196 Woodlake, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two separate industrial buildings: approx. 5,000 SF and approx. 15,000 SF at the Road 196 site; Second building is highly improved for indoor cannabis grow; Property supports multiple use types, including mixed light industrial and cannabis‑zoned manufacturing/distribution/delivery/extraction
