Strip Center with Ample
For Sale
Contact for pricing
2218-2298 S Garey Ave, Pomona, CA 91766
CO-SP zoning supports retail use with access to major regional highways and a range of additional permitted uses.
Property Size34,485 SF
Lot Size2.41 Acres
Price / SF$460.49
Days on Market130
Property Features for 2218-2298 S Garey Ave
General Information
Standard status
Active
Size
34,485 SF
Total Parking Spaces
126
Lot size
2.41 Acres
Property subtype
Retail
Zoning
CO-SP
Occupancy
100%
Lease Type
NNN
Net Operating Income
$952,839
Additional Details
Highway Access
Yes
Building Details
Year Built
1968
Units
24
Tenancy
Multi
Listing Agency:
Faris Lee Investments
(949) 221-1807
Listed By:
Shaun Riley · License #CA 01165160
Source:
Crexi
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 2:34AM
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 Faris Lee Investments
Investment Insights
Based on property information with market context.
Garey Olive Center is a 34,485-square-foot strip center on 2.41 acres, built in 1968 and configured with ample parking. Most suites measure less than 1,400 square feet, providing a multi-suite retail layout. Annual rent increases apply to 97% of the leasable area, while existing vacancies are projected to support 30% NOI growth over 5 years upon lease-up. Reported cap rates are 6.0% in Year 1, 6.97% in Year 3, and 7.39% in Year 5.
The property is located at 2218-2298 S Garey Ave in Pomona, with access to State Highways 71 and 60. CO-SP zoning under the Garey Avenue Specific Plan allows commercial and retail uses, along with high-density residential, medical, and office uses. Nearby anchored centers include Target, Walmart, Food 4 Less, and Cardenas. Adjacent redevelopment includes 131 townhomes and 41 single-family residences, following demolition of an older 50,000-square-foot retail center.
The property is located at 2218-2298 S Garey Ave in Pomona, with access to State Highways 71 and 60. CO-SP zoning under the Garey Avenue Specific Plan allows commercial and retail uses, along with high-density residential, medical, and office uses. Nearby anchored centers include Target, Walmart, Food 4 Less, and Cardenas. Adjacent redevelopment includes 131 townhomes and 41 single-family residences, following demolition of an older 50,000-square-foot retail center.
Key Highlights
- 34,485‑square‑foot strip center on 2.41 acres, built in 1968
- Annual rent increases apply to 97% of leasable square footage
- Projected 30% NOI growth over 5 years upon lease‑up of existing vacancies
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
$499,462
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
3.15%
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%
$9,989,240
$10.0M
Cap Rate 7%
$7,135,171
$7.1M
Cap Rate 9%
$5,549,578
$5.5M
Market Conditions
NOI Build-Up for 34,485 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
$744.9K $21.60/SF
− Vacancy
−$31.4K −$0.91/SF
EGI
$713.5K $20.69/SF
− OpEx
−$214.1K −$6.21/SF
NOI
$499.5K $14.48/SF
Area
Pomona, CA
Vacancy
4.21%
Lease Rate
$21.60 /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%
$9,989,240
Cap Rate 7%
$7,135,171
Cap Rate 9%
$5,549,578
Alternative Uses
Best Use
Retail
$7.14M
$6.24M – $8.32M
NOI $499,462 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.06M
$9.68M – $12.90M
NOI $774,009 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
254k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Groceries 33%
Shops & Services 10%
Hotels & Casinos 1%
Food 4 Less
Groceries
46,374 visits/mo
0.2 miles
McDonald's
Dining
40,140 visits/mo
0.5 miles
Cardenas Market
Groceries
38,521 visits/mo
0.4 miles
In-N-Out Burger
Dining
35,808 visits/mo
0.4 miles
Jack in the Box
Dining
17,744 visits/mo
0.2 miles
Demographics for 91766, CA
70,701
Population
20,217
Households
3.5
Avg Household Size
34
Median Age
20%
College-Educated
71%
High-School Grad
10.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$77,699
Median Household Income
$34,705
Median Earnings
$1,776
Median Rent
$568,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - CO-SP zoning supports retail use with access to major regional highways and a range of additional permitted uses.
Where is this strip mall located?
The property is located at 2218-2298 S Garey Ave Pomona, CA.
What is the asking price?
The asking price for this property is $15,880,000.
What are key features of this property?
This property features: 34,485‑square‑foot strip center on 2.41 acres, built in 1968; Annual rent increases apply to 97% of leasable square footage; Projected 30% NOI growth over 5 years upon lease‑up of existing vacancies
