116 6Th StHanford, CA 93230

Property Details for 116 6Th St

Year built

1903

Construction

TYPE NOT SPECIFIED

Lot size

0.34 AC

Property size (Sq ft)

15,000 SF

Zone code

DC

Property type

Retail properties

APN

012-054-014-000

APU

12054014000

Description

This exceptional commercial property, located at 116 W 6th Street in Hanford, California, presents a unique investment opportunity. The 21,000 square foot lot is zoned for Downtown Commercial use, allowing for a variety of businesses including retail, service, and office spaces. A recent appraisal valued the property at $1,800,000 (2022). Currently, a long-term tenant, Ideal Furniture Gallery, occupies 25,000 square feet of the space, with their lease extending through December 2037. The property features a 16,000 square foot main building and a 9,000 square foot basement, accessible from both the front and rear. The basement and main building are separately metered, offering potential for division into four distinct sections. The property's central location offers convenient access to the freeway, shopping centers, and City Hall, with ample public parking nearby. The asking price is $1,350,000. The property's zoning also allows for the potential development of a dispensary, subject to city approval. Do not disturb the tenant.

• CAP approach

  CAP return

  Valuation

  6%

  $3,125,947

  6.5%

  $2,885,490

  7%

  $2,679,383

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,019,469

  Geo Method

  $9,870,901

• Alternative Use

  Use

  Valuation

  Residential

  $2,434,018

  Hospitality

  $2,229,548

  Educational

  $1,854,958

  Medical

  $1,918,752

  Retail

  $2,885,490

Location Insight

City

Hanford

County

Kings

State

California

Latitude

36.3257

Longitude

-119.646

CBSA code

25260

CBSA name

HANFORD-CORCORAN, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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