75 Olive Ave Porterville, CA 93257

Property Details for 75 Olive Ave

Property size

13,000 SF

Property type

Retail properties

Description

This exceptional value-add opportunity presents a freestanding, ±13,000 square foot office building situated on a ±0.35-acre lot in Tulare County's vibrant downtown commercial zone. Currently housing seven separately leased spaces, this Class B property offers significant upside potential. Three vacant units, ranging from approximately 822 to 2,401 square feet, are available for lease, along with the potential to combine spaces for larger configurations up to approximately 6,879 square feet. The building boasts attractive features including new paint, VCT flooring, LED lighting, updated HVAC units, a quality roof, new baseboards and doors, and ample private parking (47 spaces plus street parking). Existing tenants are on gross leases, with current annual income at $113,608. A stabilized annual income of $197,428 is projected within 6-12 months, based on leasing vacancies, adjusting under-market rents, and implementing standard pass-through expense charges for water, sewer, trash, and gardening. The property benefits from excellent visibility, convenient access to CA-65, and a prime downtown location near the newly constructed courthouse. High-speed internet, separate meters, private ADA restrooms, and private entrances with secured entry are also provided. This unique investment offers a strong cash flow with a projected 11.12% proforma cap rate and a 17.35% cash-on-cash return when leveraged with 30% down, resulting in a 2.22 Debt Coverage Ratio. The building's flexible layout, modern amenities, and strategic location make it an ideal investment for owner-users or value-add investors seeking a strong return in an underserved market.

Location Insight

City

Porterville

County

Tulare

State

California

Longitude

-119.018

Latitude

36.0649