Two-Unit Office
For Sale
$2,000,000
248 Rowland Street, Covina, CA 91723
Office property with independent utilities, private restrooms, and on-site parking along Rowland Street.
Property Size5,400 SF
Price / SF$370.37
Days on Market312
Property Features for 248 Rowland Street
General Information
Standard status
Active
Size
5,400 SF
Total Parking Spaces
14
Property subtype
Office
Occupancy
100%
Additional Details
Utilities to Site
Yes
Office Units
2
Amenities
3
Flag Lot.
Building Details
Year Built
1963
Owner Occupied
No
Listing Agency:
Pinnacle Real Estate Group
(626) 888-9808
Listed By:
Xander Chan · License #01952728
Source:
Xome
Added: Oct 24, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:19AM
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 Pinnacle Real Estate Group
Investment Insights
Based on property information with market context.
This 5,400-square-foot office property, built in 1963, is configured as two separate units. Each unit has its own utilities and restroom, providing functional independence for occupants or ownership planning. The property also includes 14 private parking spaces and is situated on a flag lot.
Located on Rowland Street in Covina, the building offers an established office setting with practical parking and a divided layout. Its two-unit configuration and separate utility and restroom arrangements provide a clear physical framework for office occupancy.
Located on Rowland Street in Covina, the building offers an established office setting with practical parking and a divided layout. Its two-unit configuration and separate utility and restroom arrangements provide a clear physical framework for office occupancy.
Key Highlights
- 5,400‑square‑foot office property built in 1963
- Two‑unit configuration with separate utilities for each unit
- Private restrooms serving both office units
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
$118,040
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
5.90%
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%
$2,360,800
$2.4M
Cap Rate 7%
$1,686,286
$1.7M
Cap Rate 9%
$1,311,556
$1.3M
Market Conditions
NOI Build-Up for 5,400 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
$207.4K $38.40/SF
− Vacancy
−$50.0K −$9.25/SF
EGI
$157.4K $29.15/SF
− OpEx
−$39.3K −$7.29/SF
NOI
$118.0K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,360,800
Cap Rate 7%
$1,686,286
Cap Rate 9%
$1,311,556
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,040 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,380 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 91723, CA
19,653
Population
6,516
Households
3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
8,545
Density / Sq Mi
$87,363
Median Household Income
$44,154
Median Earnings
$1,711
Median Rent
$663,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office property with independent utilities, private restrooms, and on-site parking along Rowland Street.
Where is this office units located?
The property is located at 248 Rowland Street Covina, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 5,400‑square‑foot office property built in 1963; Two‑unit configuration with separate utilities for each unit; Private restrooms serving both office units
