For Lease
$8.40-$9 /SF/YR

75 Olive Ave Porterville, CA 93257

13,000 SF Office/Retail, Multiple Units Available

Overview

Added:
Dec 11, 2024
Days on market:
135
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.

Highlights

  • 13,000 SF retail/office building on a 0.35-acre lot in Tulare County.
  • Multiple suites available, ranging from 2,000 to 6,500 SF.
  • Class B building with Downtown Commercial zoning.
  • Strong value-add opportunity with potential for significant rent increases and improved cash flow.
  • Well-maintained building with recent upgrades including new paint, flooring, lighting, HVAC, and roofing.

Property Details for 75 Olive Ave

Property type
Retail properties
RSF (Rentable sq. ft)
13,000 SF
Class
B

Unit(s) available at that property

Space
75-A W Olive Ave
Size
2,000 SF
Rate per SF
$9
Space
75-B W Olive Ave
Size
2,755 SF
Rate per SF
$9
Space
65-B W Olive Ave
Size
6,500 SF
Rate per SF
$8.40

Location Insight

City
Porterville
County
Tulare
State
California
Latitude
36.0649409
Longitude
-119.0181238

FAQs

What type of property is this?
Retail property - 13,000 SF Office/Retail, Multiple Units Available
Where is the retail property located?
The property is located at 75 Olive Ave Porterville, CA.
What is the lease rate?
The lease rate is $8.40-$9 /SF/YR.
What are key features of this property?
This property features: 13,000 SF retail/office building on a 0.35-acre lot in Tulare County.; Multiple suites available, ranging from 2,000 to 6,500 SF.; Class B building with Downtown Commercial zoning.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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75 Olive Ave
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