2149-2155 Garvey AveWest Covina, CA 91791

Property Details for 2149-2155 Garvey Ave

Year built

1980

Lot size

1.37 AC

Property size (Sq ft)

27,891 SF

Property type

Office properties

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

Latitude

34.0726

Longitude

-117.9

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].