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$420.47
Days on Market87
Property Features for 2218-2298 S Garey Ave
General Information
Standard status
Active
Size
34,485 SF
Lot size
2.41 Acres
Property subtype
Retail
Zoning
CO-SP
Occupancy
100%
Lease Type
NNN
Net Operating Income
$1,000,349
Additional Details
Highway Access
Yes
Building Details
Year Built
1968
Units
24
Tenancy
Multi
Listing Agency:
Faris Lee Investments
Listed By:
Shaun Riley · License #CA 01165160
(949) 221-1807
Source:
Crexi
Added: Jul 21
Changed: Oct 5
Last Checked: Oct 12 at 6:12PM
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 / Yr
$499,462
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
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
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 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 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.06M
$9.68M – $12.90M
NOI $774,009 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $14,500,000.
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
