2149-2155 Garvey Ave West Covina, CA 91791

Property Details for 2149-2155 Garvey Ave

Year built

1980

Lot size

1.37 lot acres

Property size

27,891 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents the Hollenbeck Center, a two-story, multi-tenant Class B office building situated on 1.37 acres in West Covina, California. Boasting 27,891 square feet across two buildings, this property offers a stabilized investment with a current occupancy rate of 96.37%. Built in 1980 and renovated in 2020, the property features 80 parking spaces and benefits from prime freeway frontage on the westbound San Bernardino (I-10) freeway, providing excellent visibility to approximately 122,318 vehicles daily. The property is zoned CN and includes building signage availability. Currently operating with a 5.30% cap rate and a pro-forma cap rate of 6.25%, the property's pro-forma NOI is $375,204. The asking price is $6,000,000, translating to a price per square foot of $215.12. The property's efficient layouts, quality improvements (including private restrooms in some suites), and professional landscaping make it an attractive option for a variety of businesses. The current below-market rents present a significant value-add opportunity for the new owner, with no single tenant occupying more than 11.61% of the building. The average in-place lease is approximately 11% below current market rates, allowing for substantial increases in cash-on-cash return. This well-maintained property is an excellent investment opportunity in a mature, dense suburban market with easy access to Los Angeles, Orange, and San Bernardino counties.

Location Insight

City

West Covina

County

Los Angeles

State

California

Longitude

-117.9

Latitude

34.0726