For Sale
$6,000,000

2149-2155 Garvey AveWest Covina, CA 91791

Multi-tenant office building, prime location.

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • Prime I-10 (San Bernardino) freeway frontage with visibility to ±122,318 vehicles daily.
  • Building signage available.
  • Signalized intersection location.
  • Low-maintenance, well-maintained property.
  • Two-story, multi-tenant, Class B office building totaling 27,891 square feet on 1.37 acres.
  • 96.37% occupancy.

Property Details for 2149-2155 Garvey Ave

Property type
Office properties, Medical offices
Square Feet
27,891 SF
Class
B
Year Built/Renovated
1980/2020
Buildings
2
Stories
2
Lot Size (sq. ft)
59,677 SF

Location Insight

City
West Covina
County
Los Angeles
State
California
Latitude
34.0726121
Longitude
-117.899834
2149-2155 Garvey Ave, West Covina, California

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2149-2155 Garvey Ave
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