Leased Investment w/ Upside: Corner Building in Porterville

Property is well located in the downtown entry off Main Street and Olive Avenue just East of Highway 65, West of Plano Street, North of Highway 190, and south of Morton Avenue on Olive Avenue and “D” Street in Porterville, CA. Surrounding national tenants include Starbucks, McDonald's, Dutch Bros, Bank of the Sierra, Wells Fargo, Panera, Marshalls, Kohls, Grocery Outlet, Citizens Bank, Cricket, Union Bank, Java Express, Beneficial State Bank, RJ's Cafe, Yum Yum Donuts, The Vault, El Tapatio, Don Vinos, and many others!Value-add investor or owner-user opportunity: Freestanding building totaling ±13,000 SF office investment on 3 parcels totaling ±0.692 AC (±30,144 SF). Ideal for general, professional, and/or medical space off Olive Ave & Main Streets. Offers (7) economical separate spaces leased to long-term tenants on Gross lease forms. Value-add opportunity with actual rents of $113,608/year collected plus upside potential. Unique investment offering easy-to-rent office spaces within an under-built market offering a strong need for these type of spaces. After leasing the vacancies and extending leases, the realistic 6-12 month stabilized gross annual income is $197,428 (1.7x existing rent). Once stabilized, the deal offers a 11.12% proforma CAP rate, 17.35% cash-on-cash return when leveraged with 30% down, which produces a 2.22 Debt Coverage Ratio! The value-add opportunity consists of leasing (3) vacancies (822, 1462, & 2401 SF), addressing the under-market rent of the (2) MTM tenants, extending lease length over the next 6-12 months, and charging the customary "pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger. Unique flexibility offering configurations ranging from ±822 - 6,879 SF with the ability to combine spaces to create larger units via existing connecting doors between the units. Clean office spaces with new paint, new hard-surface VCT flooring, LED lighting, newer HVAC units, quality roof (zero leaks), new 6" tall baseboards, & new doors/hinges/hardware! Access to high speed Internet, separate meters, private ADA restrooms, private entrances (w/ secured entry), outdoor LED lights during the night hours, and consists of demising walls (can be combined). Building offers a full exterior lit private parking (47 spaces + street), excellent existing signage, great visibility & quick access to CA-65 ramps.