Property Detail

Description

Exceptional downtown Paso Robles investment opportunity fully leased to Pearce Services, LLC, now part of CBRE following CBRE’s acquisition of Pearce Services. The property consists of an approximately 19,757 SF three-story office headquarters building situated on an approximately 30,000 SF parcel at 1222–1224 Vine Street. The property is leased through November 30, 2029 under a net lease structure with scheduled 3% annual rent increases, generating current annualized base rent of approximately $479,270 and an approximate 8.33% cap rate at the $5,750,000 asking price. Originally developed as the Heritage Oaks Bank Administration Building, the asset features strong institutional-quality improvements, attractive architecture, and functional multi-floor office layouts. Additional offsite parking rights are included through an existing parking sublease agreement. Excellent downtown Paso Robles location within walking distance to restaurants, hotels, retail, and civic amenities. Strong long-term investment opportunity with corporate tenancy and built-in rental growth.