Signalized Multi-Tenant Retail
For Sale
$2,357,729
823-839 S GLENDORA AVE, West Covina, CA 91790
Multi-tenant retail building on a signalized corridor with daily traffic counts exceeding 27,000 cars.
Property Size7,810 SF
Days on Market105
Property Features for 823-839 S GLENDORA AVE
General Information
Standard status
Active
Size
7,810 SF
Property subtype
Retail - Street Retail
Building Details
Building Size
7,810 SF
Year Built
1974
Listing Agency:
Lee & Associates
(909) 373-2943
Listed By:
Brian Melkesian · License #01839590
Source:
Commercialcafe
Added: May 18
Changed: Aug 27
Last Checked: Aug 30 at 12:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates
Investment Insights
Based on property information with market context.
This signalized multi-tenant retail node is offered for sale as a 100% occupied retail building. The property is structured as a full NNN expense reimbursement model with all tenants. A parking lot rehab is scheduled for 2026.
Located along S. Glendora Avenue in West Covina, CA, the center benefits from strong visibility and daily traffic counts exceeding 27,000 cars.
The building presents as a fully leased, multi-tenant retail asset with NNN reimbursement in place and an upcoming parking lot improvement.
Located along S. Glendora Avenue in West Covina, CA, the center benefits from strong visibility and daily traffic counts exceeding 27,000 cars.
The building presents as a fully leased, multi-tenant retail asset with NNN reimbursement in place and an upcoming parking lot improvement.
Key Highlights
- Multi‑tenant retail building built in 1974 located on S. Glendora Avenue in West Covina, CA.
- 100% occupied multi‑tenant retail building with all tenants in place.
- Full NNN expense reimbursement with all tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$197,413
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,948,260
$3.9M
Cap Rate 7%
$2,820,186
$2.8M
Cap Rate 9%
$2,193,478
$2.2M
Market Conditions
NOI Build-Up for 7,810 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$288.7K $36.96/SF
− Vacancy
−$6.6K −$0.85/SF
EGI
$282.0K $36.11/SF
− OpEx
−$84.6K −$10.83/SF
NOI
$197.4K $25.28/SF
Area
West Covina, CA
Vacancy
2.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,948,260
Cap Rate 7%
$2,820,186
Cap Rate 9%
$2,193,478
Alternative Uses
Best Use
Retail
$2.82M
$2.47M – $3.29M
NOI $197,413 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$158.23M
$138.45M – $184.60M
NOI $11,075,814 @ 7.0% cap · market cap 469.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,384
Businesses Nearby
99k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 39%
Shops & Services 36%
Dining 25%
VONS
Groceries
38,992 visits/mo
0.2 miles
Dollar Tree
Shops & Services
23,335 visits/mo
0.4 miles
Chevron
Shops & Services
12,184 visits/mo
0.1 miles
Yoshinoya
Dining
6,300 visits/mo
0.4 miles
Nothing Bundt Cakes
Dining
4,956 visits/mo
0.5 miles
Demographics for 91790, CA
46,364
Population
13,318
Households
3.5
Avg Household Size
39
Median Age
23%
College-Educated
83%
High-School Grad
5.8 sq mi
ZIP Area
7,994
Density / Sq Mi
$100,142
Median Household Income
$42,958
Median Earnings
$2,253
Median Rent
$695,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail building on a signalized corridor with daily traffic counts exceeding 27,000 cars.
Where is this shopping center located?
The property is located at 823-839 S GLENDORA AVE West Covina, CA.
What is the asking price?
The asking price for this property is $2,357,729.
What are key features of this property?
This property features: Multi‑tenant retail building built in 1974 located on S. Glendora Avenue in West Covina, CA.; 100% occupied multi‑tenant retail building with all tenants in place.; Full NNN expense reimbursement with all tenants.
