Bank of the Sierra -
For Sale
Contact for pricing
90 N Main St, Porterville, CA 93257
Net leased bank with long-term lease and rental escalations.
Property Size6,607 SF
Price / SF$590.11
Days on Market156
Property Features for 90 N Main St
General Information
Standard status
Active
Size
6,607 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$233,932
Building Details
Year Built
1954
Tenancy
Single
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 11 at 7:41AM
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 Bang Realty
Investment Insights
Based on property information with market context.
The property is a 6,607 square-foot, single-tenant, net-leased Bank of the Sierra located in Porterville, California. The bank has operated from this location for multiple decades and is currently operating on a long-term lease through February 2042. The lease is absolute triple net with zero landlord responsibilities and features 2.25% annual rental escalations throughout the remaining primary term and one three-year renewal option. The lease is backed by a corporate guaranty from Sierra Bancorp. The tenant maintains an investment-grade BBB+ credit rating from Kroll Bond Rating Agency. Deposits for this location exceed $766,000,000. The property is positioned directly adjacent to the corporate headquarters of Sierra Bancorp, which serves as both the tenant’s parent company and lease guarantor. The site benefits from its proximity to Porterville High School (2,100 students) and Sierra View Medical Center, which generate consistent daily traffic to the area. Retailers in the immediate area include Grocery Outlet, Starbucks, Walgreens, Jack in the Box, and Taco Bell. There are approximately 76,000 residents within a five-mile radius of the property, with an average household income exceeding $83,000. Bank of the Sierra is the largest independent community bank headquartered in California’s southern San Joaquin Valley. Founded in Porterville, California, the bank has grown to $3.83 billion in total assets, nearly $3 billion in deposits, 35–36 full-service branches plus loan production offices, and approximately 476–500 employees as of late 2025. It serves retail and commercial banking needs across Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, Santa Barbara, and Los Angeles counties.
Key Highlights
- Long‑term absolute triple net lease extending through February 2042, offering zero landlord responsibilities.
- Corporate guaranty from Sierra Bancorp, an investment‑grade tenant with a BBB+ credit rating.
- Strong tenant performance with deposits exceeding $766,000,000 at this location.
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
$140,481
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
3.60%
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%
$2,809,620
$2.8M
Cap Rate 7%
$2,006,871
$2.0M
Cap Rate 9%
$1,560,900
$1.6M
Market Conditions
NOI Build-Up for 6,607 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
$198.2K $30.00/SF
− Vacancy
−$10.9K −$1.65/SF
EGI
$187.3K $28.35/SF
− OpEx
−$46.8K −$7.09/SF
NOI
$140.5K $21.26/SF
Area
Tulare County, CA
Vacancy
5.50%
Lease Rate
$30.00 /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%
$2,809,620
Cap Rate 7%
$2,006,871
Cap Rate 9%
$1,560,900
Alternative Uses
Best Use
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,481 @ 7.0% cap · market cap 3.60%
Second Best
Retail
$1.35M
$1.18M – $1.57M
NOI $94,304 @ 7.0% cap · market cap 2.42%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 93257, CA
79,569
Population
25,020
Households
3.2
Avg Household Size
31
Median Age
15%
College-Educated
69%
High-School Grad
378.9 sq mi
ZIP Area
210
Density / Sq Mi
$58,261
Median Household Income
$30,344
Median Earnings
$1,086
Median Rent
$276,400
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?
Bank - Net leased bank with long-term lease and rental escalations.
Where is this bank located?
The property is located at 90 N Main St Porterville, CA.
What is the asking price?
The asking price for this property is $3,898,863.
What are key features of this property?
This property features: Long‑term absolute triple net lease extending through February 2042, offering zero landlord responsibilities.; Corporate guaranty from Sierra Bancorp, an investment‑grade tenant with a BBB+ credit rating.; Strong tenant performance with deposits exceeding $766,000,000 at this location.
