1055 Morton Ave Porterville, CA 93257

Property Details for 1055 Morton Ave

Year built

1984

Construction

WOOD

Lot size

0.25 lot acres

Property size

4,674 SF

Zone code

PO

Property type

Office buildings

APN

251-340-053-000

APU

251340053000

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.

Location Insight

City

Porterville

County

Tulare

State

California

Longitude

-119.041

Latitude

36.073

CBSA code

47300

CBSA name

VISALIA-PORTERVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments