1055 Morton Ave Porterville, CA 93257-1974
This exceptional value-add opportunity presents a ±4,674 square foot, two-story office building situated on a half-acre lot in Porterville, California. The property, identified by APN 251-340-053, is zoned PO-Professional Office and features six individual units, currently 100% occupied, generating a current annual income of $45,600. Each unit, ranging from 322 to 1,100 square feet, boasts private restrooms, entrances, and high-speed internet access. Demising walls allow for flexible configurations to accommodate larger tenants. The building itself is well-maintained, featuring fresh paint, newer flooring, and separate HVAC systems and meters. The asking price is $695,000, representing a price per square foot of $148.69 and a pro-forma NOI of $56,266, yielding an 8.10% pro-forma cap rate. Significant upside potential exists through rent increases and lease extensions, projecting a stabilized annual income of $59,697.60 within 6-12 months. This translates to a 3.09% cash-on-cash return when leveraged with 30% down, resulting in a 1.17 debt coverage ratio. The property benefits from ample parking, mature landscaping, and excellent visibility. This investment is ideal for an owner-user seeking passive income or a value-add investor targeting a strong, under-built market with high demand for smaller office spaces. The property is an excellent candidate for an SBA loan.
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Debbie's Legal Typing Services Law Firm
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Luis Rodriguez Realtor - Keller Williams Realty Real Estate Agency
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Credence Energy Solar Energy Company
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Dr Jennifer Braun Plumbing Waste Management Facility
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Rubik Lopez Realtor Real Estate Agency
D-PO Downtown Professional Office. Encourage the adaptive re-use of existing buildings with office and professional uses, and infill of new office buildings, in order to provide convenient services to local residents and businesses, complement nearby retail development, and maintain the historic residential character of the area. Maintain the pattern of smal…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2024Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
PO · Porterville, CAD-PO Downtown Professional Office. Encourage the adaptive re-use of existing buildings with office and professional uses, and infill of new office buildings, in order to provide convenient services to local residents and businesses, complement nearby retail development, and maintain the historic residential character of the area. Maintain the pattern of small lots, historic residential building forms, landscaped front yards, and street trees in planter strips. D-PS Downtown Public and Semi-Public. Provide areas for larger-scale public facilities that serve the community, with a focus on integrating development into the Downtown. Encourage land uses and design features that enhance the vitality, character and quality of life of the Downtown and surrounding residential areas. Ensure that the traditional block pattern of Downtown is maintained. Incorporate public streets and pedestrian walkways that connect these larger scale projects to Downtown streets and walkways. Design streets with attractive landscaped front yards and street trees, consistent with the character of existing and adjoining streets. DRM-2 Downtown Medium Density Residential. Encourage a variety of housing types, such as small-lot single-family homes, detached zero lot line developments, duplexes, townhouses, and garden apartments with a maximum residential density of 16.5 units per acre in the Downtown area. Encourage housing in Downtown to provide opportunities for residents to live in close proximity to community services and retail establishments, and to help support the vitality of Downtown businesses. Maintain the existing character of buildings that front the street, landscaped front yards, and street trees. DRM-3 Downtown High Density Residential. Facilitate the development of attached homes, two- to four-plexes, and apartment or condominium buildings with a maximum residential density of 33.0 units per acre in Downtown, to create a more vibrant community and offer additional opportunities for housing for residents requiring convenient access to community services and less dependency on auto transportation. Maintain the existing character of buildings that front the street, landscaped front yards, and street trees. D-GC Downtown General Commercial. Provide areas for retail, service, and heavier commercial uses that meet local and community needs in a manner complimentary to the adjacent Downtown pedestrian-oriented environment. 42
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
