Current Use by Public Records
- Office Spaces
Property Details for 2149-2155 Garvey Ave
- Year built
- 1980
- Lot size
- 1.37 lot acres
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Covina
- County
- Los Angeles
- State
- California
- Longitude
- -117.9
- Latitude
- 34.0726
