Four-Suite Office
New
For Sale
$1,400,000
669 S 2nd Ave, Covina, CA 91723
Individually metered suites feature private restrooms, central air conditioning, and separate staff access.
Property Size4,290 SF
Days on Market2
Property Features for 669 S 2nd Ave
General Information
Standard status
Active
Size
4,290 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Office Units
4
Building Details
Building Size
4,290 SF
Year Built
1984
Listing Agency:
R&R ESTATES
(626) 331-3336
Listed By:
Ric Castaneda · License #01178768
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 5:53AM
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 R&R ESTATES
Investment Insights
Based on property information with market context.
Built in 1984, this office building is configured as four separate suites, with two located on each floor. Each suite has its own electric meter, restroom, central air conditioning, and rear entrance. The front entry features large glass double doors for customers and clients. Two suites include kitchen-style areas, including one with a sink. Office improvements include a billing window, reception area, and private offices with interior glass windows.
The property is at 669 S 2nd Ave in Covina, just north of the 10 freeway with access via Citrus Avenue and Workman Avenue. Shops, restaurants, and public transportation are within walking distance. The source information also indicates zoning that accommodates many types of businesses or offices, along with a Walk Score of 82, Bike Score of 50, and Transit Score of 40.
The property is at 669 S 2nd Ave in Covina, just north of the 10 freeway with access via Citrus Avenue and Workman Avenue. Shops, restaurants, and public transportation are within walking distance. The source information also indicates zoning that accommodates many types of businesses or offices, along with a Walk Score of 82, Bike Score of 50, and Transit Score of 40.
Key Highlights
- Four separate office suites, with two on each floor
- Every suite has an individual electric meter, restroom, central air conditioning, and rear entrance
- Large glass double‑door entry serves clients and customers
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
$93,776
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
6.70%
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%
$1,875,520
$1.9M
Cap Rate 7%
$1,339,657
$1.3M
Cap Rate 9%
$1,041,956
$1.0M
Market Conditions
NOI Build-Up for 4,290 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
$164.7K $38.40/SF
− Vacancy
−$39.7K −$9.25/SF
EGI
$125.0K $29.15/SF
− OpEx
−$31.3K −$7.29/SF
NOI
$93.8K $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%
$1,875,520
Cap Rate 7%
$1,339,657
Cap Rate 9%
$1,041,956
Alternative Uses
Best Use
Office B
$1.34M
$1.17M – $1.56M
NOI $93,776 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,779 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Highway access
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 building - Individually metered suites feature private restrooms, central air conditioning, and separate staff access.
Where is this office building located?
The property is located at 669 S 2nd Ave Covina, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Four separate office suites, with two on each floor; Every suite has an individual electric meter, restroom, central air conditioning, and rear entrance; Large glass double‑door entry serves clients and customers
