115 Main StVisalia, CA 93291

Property Details for 115 Main St

Year built

1922

Construction

TILT-UP CONCRETE

Lot size

0.08 AC

Property size (Sq ft)

7,318 SF

Zone code

CDT

Property type

Retail space

APN

094-298-004-000

APU

94298004000

Description

This exceptional mixed-use property, located at 115-119 W Main St in Visalia, CA (93291), presents a compelling value-add investment opportunity. The 10,300 square foot building boasts a blend of retail and office space, currently housing five tenants with a 90% occupancy rate. The ground floor features a thriving storefront with a long-term salon tenant and a recently established vintage store, while the upper level accommodates a spa and two office tenants. The building features attractive exposed brick and new luxury vinyl tile flooring in the stairwell and office areas. The current Net Operating Income (NOI) is $74,347, yielding a 4.96% cap rate, with a pro-forma NOI of $79,980 and a pro-forma cap rate of 5.33%, indicating significant upside potential due to below-market rents. The property sits on a 5,041 square foot lot and is zoned for mixed-use downtown development. The asking price is $1,500,000 ($145.63/sq ft), and the property is offered as a cash or finance deal; owner financing is not available. The building benefits from the use of a parking lot to the south. This well-maintained property, owned by the same individuals for an extended period, offers a rare chance to acquire a prime downtown Visalia asset with substantial growth prospects. The property's three Main Street addresses (115, 117, and 119) provide excellent street presence and visibility. The 7,500 square feet of net rentable space is spread across multiple units, creating a diverse tenant base. This is a truly unique opportunity in a vibrant and growing California market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,297,080

  6.5%

  $1,197,300

  7%

  $1,111,780

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,010,630

  Geo Method

  $1,447,250

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,457,170

  Mixed-Use / Specialty

  $1,143,600

  Hospitality / Lodging

  $774,673

  Office

  $1,085,330

  Institutional / Educational

  $1,171,220

  Residential Income

  $1,370,330

  Multifamily

  $1,917,520

  Automotive / Energy

  $1,003,900

  Parking / Income-Based Land

  $395,269

  Restaurant / Food Service

  $489,309

  Healthcare / Senior Housing

  $1,223,430

Location Insight

City

Visalia

County

Tulare

State

California

Latitude

36.3299

Longitude

-119.292

CBSA code

47300

CBSA name

VISALIA-PORTERVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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