Porterville, CA
- Adjacent to Sierra View Medical Center with 167 beds and 600 employees. The next nearest hospital is 25+ miles away.
- Limited Walgreens competition with no other Walgreens for 20+ miles and serves over 30,000 households in the surrounding area.
- Buyer has the opportunity to assume debt in place, the existing 5.65% loan is assumable for 1% fee and is due August 2026.
- Medical corridor location with ±600,000 square feet of medical space in a 1-mile radius.
- Absolute net lease with no landlord responsibilities whatsoever.
Pharma Property Group is pleased to market for sale the Walgreens property located at 416 West Olive Avenue in Porterville, California. Walgreens has over 12 years of firm term remaining before the option periods and is on an absolute net lease with no landlord responsibilities whatsoever.
The Property offers an opportunity to assume the existing non recourse financing which is at a below market rate of 5.65%. There is a one percent assumption fee payable by the buyer to assume the existing debt which has an approximately loan balance of $2,999,000 and is due August 10, 2026. Annual debt service is $233,434 and annual cash flow after debt service to a buyer would be $217,101.
The city of Porterville is strategically located on State Route 65 approximately an hour from Fresno and Bakersfield and is a bustling city of over 62,000 residents, serving as a trade center to over 117,000 people. The subject property is located in the heart of the city with direct access from West Olive Avenue which is the main East/West thoroughfare into the downtown area.
The store also benefits from limited competition with no competing Walgreens store for over 20 miles and is conveniently positioned adjacent to Sierra View Medical Center which is the only Hospital for 25+ miles providing care for over 30,000 households in the surrounding area. Including the hospital, there is over 600,000 square feet of medical space in the immediate 1-mile radius providing a healthy prescription base for the pharmacy.
