844 E River Avenue, Porterville, CA 93257 (MLS# 242458)

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Property Description
844 E. River Avenue presents a rare opportunity to acquire a four-unit residential income property situated on a full one-acre parcel in Porterville. Currently operating at approximately a 7% cap rate, the property offers immediate cash flow with significant upside potential through continued value-add improvements and strategic rent increases. Current rents remain below market, creating an opportunity for a new owner to increase net operating income and overall returns over time. Ownership has already completed several capital improvements, including remodeled bathrooms, laundry room upgrades, and a complete interior renovation of one unit, providing a solid foundation for future enhancements. The existing four units are primarily situated on the front portion of the property, leaving substantial excess land toward the rear of the site. One of the property's most attractive features is its long-term development potential. Buyers may wish to explore the feasibility of an SB9 lot split and additional residential development opportunities on the rear portion of the parcel, subject to all applicable approvals. Prospective purchasers should conduct their own investigations with Tulare County regarding allowable density and future development options, as well as with the City of Porterville regarding water service capacity. The property is currently served by a single water meter that supplies all four units, with water expenses paid by ownership. Opportunities combining current income, rental upside, and future development potential are increasingly difficult to find. 844 E. River Avenue offers investors the ability to enhance cash flow today while positioning the property for additional value creation in the years ahead.

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