304-314 Sequoia Cir
Porterville, CA 93257
Office Property For Sale

Multi-Tenant Investment Opportunity: 2003 construction clear-span freestanding building totaling ±4,600 SF on ±0.36 AC of retail or flex spaces off Henderson Ave & Main St. Offers (2) economical separate spaces with unique addresses leased to long-term tenants on Modified Gross lease forms. Value-add opportunity with actual rents of $ 44,700/year collected plus upside potential. Unique investment offering where an owner/user can occupy the units next year or an investor can extend the leases. Easy-to-rent small spaces within an under-built market offering a strong need for these type of spaces. After extending leases, the realistic 6-12 month stabilized gross annual income is $74,519 (1.7x existing rent). Once stabilized, the deal offers a 8.7% CAP rate, 10.95% cash-on-cash return when leveraged with 30% down, which produces a 1.61 Debt Coverage Ratio!
The value-add opportunity consists of addressing the under-market rent of the (2) 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 1,741 & 2,859 SF spaces with the ability to combine spaces if desired in the future. Clean spaces with newer paint, hard-surface flooring, LED lighting, newer HVAC units, quality roof (zero leaks), & new doors/hinges/fixtures! Access to high speed Internet, separate meters, private ADA restrooms, private entrances, outdoor LED lights during the night hours, and consists of demising walls (can be combined). Building offers a full exterior lit private parking (23 spaces plus street), excellent existing signage, great visibility & easy access to CA-65 ramps.