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    Property profile & analytics

    651 2nd Ave Covina, CA 91723-3518

    • Office buildings
    • 1,728 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Dec 07, 2022
    $730,007
    Value Estimations
    $725,000
    Show details
    Cap Rate Potential
    5.5%
    Office buildings
    Location Intelligence
    Property ID
    US10-0286789
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Farmers Insurance - Raymond Mansour / Insurance Agency
    • Farmers Insurance- Connor Cunningham / Insurance Agency

    Property Details for 651 2nd Ave

    Year built
    1965
    Construction
    WOOD
    Lot size
    0.15 lot acres
    Property size
    1,728 SF
    Zone code
    CVCP
    Property type
    Office buildings
    APN
    8451-001-025
    APU
    8451001025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $735,000
      ML approach
      $755,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $670,000
      6.5%
      $620,000
      7%
      $575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $682,000
      Market price range: $410k - $682k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $570,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,050,000
      Change: +85% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $800,000
      Change: +41% Conversion: Difficult
      MEDICAL BUILDING
      $785,000
      Change: +38% Conversion: Easy
      COMMERCIAL (GENERAL)
      $535,000
      Change: -6% Conversion: Easy
      WAREHOUSE, STORAGE
      $510,000
      Change: -11% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Covina
    County
    Los Angeles
    State
    California
    Longitude
    -117.888
    Latitude
    34.0778
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $9,933
    $663,000
    $81,600
    $744,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,440,000
      13,920 SF

      246 College St

      PROFESSIONAL BUILDING • 13,920 SF
      246 College St, Covina, CA 91723-1910
      View Details
    • Value Estimation
      $2,575,000
      14,725 SF

      354 Rowland St

      OFFICE BUILDING • 14,725 SF
      354 Rowland St, Covina, CA 91723-3154
      View Details
    • Value Estimation
      $665,000
      2,490 SF

      256 San Bernardino Rd

      PROFESSIONAL BUILDING • 2,490 SF
      256 San Bernardino Rd, Covina, CA 91723-1515
      View Details
    • Value Estimation
      $1,250,000
      3,812 SF

      233 Badillo St

      PROFESSIONAL BUILDING • 3,812 SF
      233 Badillo St, Covina, CA 91723-1966
      View Details
    • Value Estimation
      $1,710,000
      9,649 SF

      256 Badillo St

      OFFICE BUILDING • 9,649 SF
      256 Badillo St, Covina, CA 91723-1906
      View Details
    • Value Estimation
      $1,540,000
      8,758 SF

      471 Badillo St

      OFFICE BUILDING • 8,758 SF
      471 Badillo St, Covina, CA 91723
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Eastland Professional Building For Sale

      Two-story office buildings with recent upgrades and ample parking.
      271-281 E Workman St, Covina, CA 91723
      View Details
    • $899,000
      2,976 SF

      Remodeled Freestanding Building For Sale

      Freestanding, remodeled building with office and flex space.
      578-580 E San Bernardino Rd, Covina, CA 91723
      View Details
    • Contact for pricing

      Medical/Dental Suite For Sale

      Medical/Dental suite available, near freeways and Emanent Hospital.
      246 W College St, Covina, CA 91723
      View Details
    • Contact for pricing
      2,800 SF

      Mixed-Use Building with Office/Warehouse

      Mixed-use building suitable for retail, office, or light industrial.
      569 E San Bernardino Rd, Covina, CA 91723
      View Details
    • $1,050,000
      1,920 SF

      Covina Duplex on R3 Lot

      Two single-family houses on one lot, ideal for various uses.
      231 E Dexter St, Covina, CA 91723
      View Details
    • Contact for pricing

      Two Houses on R3 Lot

      Two single-family houses on one lot, ideal for development.
      231 E Dexter St, Covina, CA 91723
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      395 SF

      Fully Leased Office Building

      Office building in Covina, CA, currently 100% leased.
      126-128 N Citrus Ave, Covina, CA 91723
      View Details
    • $1.99 SF/Yr

      Professional/Medical Office Space Available

      Move-in ready office space with easy freeway access and ample parking.
      554 East San Bernardino Rd, Covina, CA 91723
      View Details
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    651 2nd Ave
    Covina, CA 91723-3518
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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