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    Property profile & analytics

    1011 Azusa Ave Covina, CA 91722

    • Neighborhood centers
    • 14,240 SF
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Nails Plus and spa / Nail Salon

    Property Details for 1011 Azusa Ave

    Property size
    14,240 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties

    Description

    Starlite Plaza, located at 1011 N Azusa Ave, Covina, CA 91722, offers exceptional office and retail spaces for lease. This 14,240 square foot property boasts a prime location on North Azusa Avenue, providing high street visibility and easy access to the 10 and 210 freeways. Currently, there are three available units totaling 4,272 square feet of vacant space. One first-floor retail unit offers approximately 1,424 square feet, featuring excellent condition, two entrances, a built-out room with a one-way mirror, a private restroom, and ample storage space. Additionally, two second-floor units, each approximately 712 square feet, are available in excellent "vanilla shell" condition, complete with new carpet, paint, and updated private bathrooms. The property includes 36 parking spaces in a double parking lot, along with pole signage and other signage opportunities. Starlite Plaza benefits from a strong surrounding demographic, with approximately 434,000 residents within a three-mile radius and a new 61-home development under construction across the street. Major national retailers are also located nearby, creating a vibrant and thriving commercial environment. Minimum divisible space is 712 square feet, with a maximum contiguous space of 1,424 square feet. This is an ideal opportunity for businesses seeking high-visibility space in a rapidly growing area.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Covina
    County
    Los Angeles
    State
    California
    Longitude
    -117.908
    Latitude
    34.0979

    Comparable in this City

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      1275 Azusa Ave

      DEPARTMENT STORE • 138,922 SF
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      45,001 SF

      1261 Azusa Ave

      DEPARTMENT STORE • 45,001 SF
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      277,603 SF

      Azusa Ave & Arrow Hwy

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      1,965 SF

      17030 St Unit F

      Retail properties • 1,965 SF
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      View Details

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    Similar Nearby for Lease

    • $18 SF/Yr
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      Starlite Plaza: Covina Office Suites

      Prime Covina Office & Retail Space Available
      1011 Azusa Ave, Covina, CA 91722
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    1011 Azusa Ave
    Covina, CA 91722
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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