Two-Building Office
New
For Sale
$5,500,000
281 E Workman, Covina, CA 91723
Two freestanding structures accommodate multiple office tenants and include on-site parking and solar.
Property Size20,784 SF
Lot Size1.10 Acres
Price / SF$264.63
Days on Market3
Property Features for 281 E Workman
General Information
Standard status
Active
Size
20,784 SF
Total Parking Spaces
71
Lot size
1.10 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$68,750
Building Details
Building Size
20,784 SF
Year Built
1962
Buildings
2
Units
21
Tenancy
Multi
Listing Agency:
Century 21 Citrus Realty, INC
Listed By:
Albert Rodriguez · License #01250095
(626) 255-4854
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 2:05PM
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 Century 21 Citrus Realty, INC
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Investment Insights
Based on property information with market context.
Two freestanding office buildings at 271 and 281 E. Workman Avenue contain approximately 10,392 square feet apiece, for a combined area of approximately 20,784 square feet. Built in 1962, the multi-tenant property occupies 1.1 acres and includes 71 parking spaces. Solar is also part of the property.
The site is across from Eastland Shopping Center and 0.3 mile from the 10 freeway, between the Barranca and Citrus offramps. Nearby retail, dining, and service options include Target, IKEA, Starbucks, and Sprouts Farmers Market. Walk Score is 82, Bike Score is 50, and Transit Score is 40.
The site is across from Eastland Shopping Center and 0.3 mile from the 10 freeway, between the Barranca and Citrus offramps. Nearby retail, dining, and service options include Target, IKEA, Starbucks, and Sprouts Farmers Market. Walk Score is 82, Bike Score is 50, and Transit Score is 40.
Key Highlights
- Two freestanding office buildings totaling approximately 20,784 square feet
- Each building contains approximately 10,392 square feet
- 1.1‑acre site with 71 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$454,322
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,086,440
$9.1M
Cap Rate 7%
$6,490,314
$6.5M
Cap Rate 9%
$5,048,022
$5.0M
Market Conditions
NOI Build-Up for 20,784 SF
Gross rent
$798.1K $38.40/SF
− Vacancy
−$192.3K −$9.25/SF
EGI
$605.8K $29.15/SF
− OpEx
−$151.4K −$7.29/SF
NOI
$454.3K $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 Rate 5%
$9,086,440
Cap Rate 7%
$6,490,314
Cap Rate 9%
$5,048,022
Alternative Uses
Best Use
Office B
$6.49M
$5.68M – $7.57M
NOI $454,322 @ 7.0% cap · market cap 8.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.13M
$9.74M – $12.98M
NOI $778,937 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,044
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Two freestanding structures accommodate multiple office tenants and include on-site parking and solar.
Where is this office building located?
The property is located at 281 E Workman Covina, CA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Two freestanding office buildings totaling approximately 20,784 square feet; Each building contains approximately 10,392 square feet; 1.1‑acre site with 71 parking spaces
