Redefining Bishop
RARE ADAPTIVE REUSE COMMERCIAL REAL ESTATE
Transforming a Landmark Kmart Building into a Dynamic Warehouse hub
Limited Investment Opportunities Available!
Ready to learn more? Schedule a call with our investment team and get the full picture.
A Rare Opportunity in the Eastern Sierra
High-Yield Potential. Zero Hassle. Prime Location.
NNN Lease
Zero Landlord Responsibilities Enjoy a hassle-free holding structure with no maintenance or management obligations.
High-Traffic, High-Visibility Location
Located in one of Bishop’s busiest corridors — maximum exposure and easy access from U.S. Highway 395.
Massive Redevelopment Potential
This dark, freestanding building presents a prime opportunity for a complete retail or mixed-use transformation.
Minimal Retail Competition
Bishop has no comparable retail hubs within a 2+ hour radius, ensuring strong demand and limited local alternatives.
Excellent Standalone Site
Large lot, strong street presence, and flexible configuration for a wide range of future uses — residential, commercial, or hybrid.
Property Snapshot: Key Facts & Financials
Investment Summary
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Price: $6,490,000
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Cap Rate: 12.01%
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Net Operating Income (NOI): $779,310
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Price Per SF: $61.38
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Sale Type: NNN (Triple Net Investment)
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Tenancy: Single-tenant
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Opportunity Zone: ✅ Yes
Property Details
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Type: Retail – Freestanding
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Size: 105,729 SF
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Lot Size: 6.5 Acres
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Building FAR: 0.37
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Building Height: 1 Story
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Building Class: B
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Year Built: 2000
Access & Parking
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Parking Spaces: 374
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Frontage: 687 ft on Spruce Street
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Visibility: High — corner lot, highway proximity
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Accessibility: Direct ingress/egress from major road
Executive Summary
Tremendous Retail Redevelopment Opportunity
The subject property is a 105,306 square foot, single tenant Kmart in Bishop, CA, approximately 1 hour outside of Yosemite National Park. The tenant is subject to an absolute NNN lease. The lease calls for zero landlord obligations and the tenant has an additional nine, 5 year options to renew.
This dark freestanding building is situated in the primary retail shopping area for Bishop. Neighboring retailers include Vons, Smart & Final, Denny’s, Starbucks, and many others. This location also benefits from its position on a heavily trafficked thoroughfare.
Bishop, CA sits on a prime logistics corridor—97% of surrounding land is publicly owned, creating scarce industrial opportunities for local distribution and last‑mile delivery. A vacant 105k SF former Kmart is poised for a turnkey adaptive‑reuse into three NNN‑leased warehouse units, backed by LOIs from A‑rated tenants (beverage, snack‑food and online‑retail); local planning authorities and community stakeholders are already on board.
In excellent condition with direct Highway 395 access the property supports seamless truck and van circulation, and our team’s deep local relationships guarantee rapid execution and minimal friction.
Leadership You Can Trust
Jeff Potter, MRED, President
H&M Investment Advisor, Inc.
Jeff is a real estate investor, developer, and mentor with 40+ years of experience. He has owned, developed, and transacted over 4M+ SF across the Western U.S. and Hawaii in industrial, multifamily, retail, self-storage, and land development.
A USC graduate (BS, MRED), Jeff was a founder of A-American Self-Storage with Ed Olson and a Director of Development for a major industrial developer. He also co-founded Wilshire Securities Inc. (Broker-Dealer, Series 22 & 39) and invested in Snake Pharm Enterprises, developing canine anti-venom.A licensed California Real Estate Broker & General Contractor (B1 & C8) for 30+ years, Jeff has guest lectured at USC, UCLA, UC Irvine, and NAIOP.
An avid outdoorsman, he completed the Adidas TransAlp Challenge, a 428-mile race across the Alps. He is passionate about mentorship, veterans, and youth programs, previously serving as National Trustee & Treasurer for Project Healing Waters, supporting 3,500+ veterans.
Jack Reynolds
Jack Reynolds has a distinguished career spanning consumer marketing, financial services, and real estate. After earning his MBA from USC, he held leadership roles at Carnation Company and Anabolic Corp before transitioning to finance in the 1980s. He was a partner at Payden & Rygel, a senior executive at Sanford Bernstein, and led national marketing efforts at Pacific Financial Research and Westridge Capital Management, where he directed offshore hedge funds.
In real estate, Jack has developed multi-family housing in Pasadena and now works on expanding housing in Bishop, CA. A dedicated community leader, he has served on USC’s MBA for Veterans board, the East Arroyo Residents Association, and multiple arts organizations. Jack enjoys skiing, hiking, and time with his five children and grand children. Jack owns warehouse storage / commercial/residential in Bishop
PROPERTY TAXES
Parcel Number: 008-360-10
Improvements Assessment: $10,228,192
Land Assessment: $2,144,985
Total Assessment: $12,373,177
NEARBY MAJOR RETAILERS
