1055 W Morton Ave, Porterville, CA 93257
- Office buildings
- 4,674 SF
- 0.25 lot acres
Current Use by Public Records
- Debbie's Legal Typing Services / Law Firm
- Luis Rodriguez Realtor - Keller Williams Realty / Real Estate Agency
- Credence Energy / Solar Energy Company
- Dr Jennifer Braun Plumbing / Waste Management Facility
- Rubik Lopez Realtor / Real Estate Agency
Property Details for 1055 W Morton Ave
- Year built
- 1984
- Construction
- WOOD
- Lot size
- 0.25 lot acres
- Zone code
- PO
- Property type
- Office buildings
- APN
- 251-340-053-000
- APU
- 251340053000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 23, 2023 | $582,000 | Cjf Investments LLC | Greg L Woodard | Grant Deed | $10k · Tri Counties Bank |
| Mar 28, 2008 | — | Woodard Homes INC | Great Western Land LLC | Grant Deed · related | — |
| Jan 4, 2008 | — | Woodard Homes INC | Great Western Land LLC | Grant Deed · related | — |
| Oct 18, 2007 | $100,000 | Woodard Homes INC | Great Western Homes LLC | Grant Deed | — |
| Oct 5, 2007 | — | Woodard Homes INC | Great Western Land LLC | Grant Deed · related | — |
| Sep 27, 2007 | $282,500 | Derek J Mathews | Woodard Homes INC | Grant Deed | $283k · Sierra Pacific Mortgage |
| Sep 27, 2007 | — | Homes Woodard | Great Western Land LLC | Grant Deed · related | — |
| Aug 15, 2006 | — | Woodard Family Trust | Woodard,greg L & Cinda D | Quit Claim Deed · related | — |
| May 1, 2003 | $340,000 | Greg Woodard | Deer Creek Investments LP | Grant Deed | $289k · Deer Creek Investments LP |
| Dec 29, 1995 | — | Deer Creek Investments LP | Duysen,glen H & L V | Quit Claim Deed · related | — |
| May 13, 1994 | $340,000 | Glen H Duysen | Goodrich Trust | Grant Deed | — |
Description
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $475,000
- ML approach
- $510,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $619,000
- AI Estimate
- $587,000
Market price range: $372k - $775kMarket price range: $321k - $791k -
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $600,000 Current use
- MEDICAL BUILDING
- $945,000 Change: +58% Conversion: Easy
- AUTO REPAIR, GARAGE
- $545,000 Change: -9% Conversion: Difficult
- RETAIL STORES
- $515,000 Change: -14% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Porterville
- County
- Tulare
- State
- California
- Longitude
- -119.041
- Latitude
- 36.073
- CBSA code
- 47300
- CBSA name
- VISALIA-PORTERVILLE, CA METROPOLITAN STATISTICAL AREA
