100% Leased Investment: Freestanding Building w/Quality Tenants
Listing was updated at: 01/09/2019
Property Overview
Price/Rent PSF $ 740,000.00
Asset Type Office
Trade Type Sale & Lease
SQ. FT. Available 6,432
Date Available 01/09/2019
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Attractive freestanding office building Located on THE Main signalized Thoroughfare - Henderson Ave - and Main Street. Provides easy access to Highway 65 to the north, downtown access to the south, and several nearby retail amenities to the west. The vibrant Henderson Avenue attracts various quality tenants surrounding the location bringing great synergy for each tenant to flourish. Provides a central location surrounded with close proximity to many restaurants, services and many other amenities. Nearby quality tenants include the South County Justice Center Courthouse, Bank of Sierra Corporate Offices, City of Porterville Hall, Porterville Recorder Newspaper, CA DMV, Proteus, Bank of America, Beneficial State Bank, United Staffing, and many more.

100% Leased Freestanding building in a highly traveled area with six easy-to-lease separately metered suites. Fully leased with great upside potential through rent appreciation (very conservative rents) and very finance-able. With an existing 8.15% existing rate of return after actual expenses/management/capital reserve, this deal offers an excellent opportunity for TEEN cash-on-cash returns when leveraged. Long term tenants in place with existing occupancy.

Building Description:
±6,432 SF Freestanding office on ±0.635 Acres (±27,700 SF) with a private parking lot, well-maintained yard, and professionally maintained building. Building is positioned close to the street offering great visibility, corner signage, convenient rear parking & easy access from 2 sides. Spaces feature a functional floor plan that each tenant has made substantial tenant improvements to.

Lease Details:
All lease agreements are modern, up-to-date attorney drafted agreements that provide all of the basic terms of a Modified Gross multi-tenant office lease. In short, the Landlord is responsible for property taxes, fire insurance, 65% of the trash, landscaping, and landscape irrigation. All other expenses, including separately metered utilities and shared pro-rata share utilities, are paid for by the tenant.

Tenant Information:
Kings View Behavioral Health Systems operates 23 locations throughout Central CA with six service lines serving 36,000 people in 27 counties throughout California. Kings View currently has more than 400 employees on its roster and was founded in 1951 to address the need for treatment of mental health. Their mission is to provide community behavioral health and social services to those with limited resources, such as drug and alcohol treatment through a number of community programs, activity and work experience for developmentally disabled adults, a Tele-Psychiatry program to bring much needed psychiatric care, and various other services to patients in more rural areas who may not have local access to such facilities or lack transportation.

With a market cap of $33.494 B, The Allstate Corporation is one of the largest insurance providers in the United States and one of the largest that is publicly held (ALL). The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993. The company has had its headquarters in Northfield Township, Illinois, since 1967.

Placement Pros is a division of Randstad, the second largest staffing organization in the world and a leader in the workforce solutions industry for over 50 years. With its 2,500 employment experts, Randstad puts an average of 50,000 people to work in the U.S. each week through its network of more than 500 branches and client-dedicated locations. Out of 12 Central CA locations, Placement Pros has occupied the space since 1999 and is in their sixth corporate guaranteed lease extension through 2024 with no termination clause. The tenant just completed a extensive remodel in 2018, showing their commitment to the market and location. They are known best for recruiting and placing top quality temporary, temp-to-hire, and direct hire professionals for the Industrial and Security sectors.

Robert's Barber Shop, operated by Robert Lopez, was incorporated 7 years ago and has been a long-standing tenant of 177 W Henderson Avenue with deep routes in the Porterville Community. It is highly likely that any resident you talk with in Porterville has a connection with a Robert's Barber Shop customer as their business is synonymous with "The Barber of Porterville". They are open Mon - Sat 8:00 AM - 5:00 PM, and by appointments.

There are two ±500 SF suites available, which are situated in part of a larger ±6,432 SF freestanding commercial office building on ±0.635 Acres (±27,700 SF). These suites would be perfect for a small real estate firm, mortgage company, hair salon, nail salon, etc. The multi-tenant office building is one story and consists of Henderson Avenue and Main Street signage/exposure, with ample rear private parking. The parcel is zoned C-G (General and Service Commercial) and sits on a signalized intersection.