Rancho Viejo Shopping
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For Sale
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5223 W Walnut Ave, Visalia, CA 93277
Commercially zoned center with flexible space, on-site parking, and convenient access to primary roads.
Property Size8,161 SF
Price / SF$379.86
Days on Market7
Property Features for 5223 W Walnut Ave
General Information
Standard status
Active
Size
8,161 SF
Total Parking Spaces
77
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$162,545
Building Details
Year Built
1999
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Casey & Associates
Listed By:
Vicky Casey · License #02093208
Source:
Crexi
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 9 at 7:00AM
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 Casey & Associates
Investment Insights
Based on property information with market context.
Rancho Viejo is an 8,161-square-foot shopping center built in 1999 and zoned Commercial. The property offers a versatile interior configuration that can accommodate retail, restaurant, and office uses, with on-site parking supporting customer and client access.
Located at 5223 W Walnut Ave in Visalia, the center provides access to main roads within Tulare County’s Central Valley community. The property also includes ocean views, adding a distinctive physical feature to the site.
Located at 5223 W Walnut Ave in Visalia, the center provides access to main roads within Tulare County’s Central Valley community. The property also includes ocean views, adding a distinctive physical feature to the site.
Key Highlights
- 8,161‑square‑foot shopping center
- Built in 1999
- Commercial zoning
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
$124,805
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
4.03%
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%
$2,496,100
$2.5M
Cap Rate 7%
$1,782,929
$1.8M
Cap Rate 9%
$1,386,722
$1.4M
Market Conditions
NOI Build-Up for 8,161 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
$176.3K $21.60/SF
− Vacancy
−$9.9K −$1.21/SF
EGI
$166.4K $20.39/SF
− OpEx
−$41.6K −$5.10/SF
NOI
$124.8K $15.29/SF
Area
Visalia, CA
Vacancy
5.60%
Lease Rate
$21.60 /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%
$2,496,100
Cap Rate 7%
$1,782,929
Cap Rate 9%
$1,386,722
Alternative Uses
Best Use
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,805 @ 7.0% cap · market cap 4.03%
Second Best
Retail
$1.66M
$1.46M – $1.94M
NOI $116,484 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,495 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
87k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Groceries 32%
Shops & Services 14%
Save Mart
Groceries
27,770 visits/mo
0.1 miles
McDonald's
Dining
26,897 visits/mo
0.1 miles
Starbucks
Dining
8,389 visits/mo
0.2 miles
KFC
Dining
8,163 visits/mo
0.1 miles
Phillips 66
Shops & Services
5,044 visits/mo
0.1 miles
Demographics for 93277, CA
53,196
Population
19,434
Households
2.7
Avg Household Size
37
Median Age
23%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,350
Density / Sq Mi
$79,532
Median Household Income
$43,555
Median Earnings
$1,406
Median Rent
$320,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Commercially zoned center with flexible space, on-site parking, and convenient access to primary roads.
Where is this shopping center located?
The property is located at 5223 W Walnut Ave Visalia, CA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 8,161‑square‑foot shopping center; Built in 1999; Commercial zoning
