241 Citrus AveCovina, CA 91723

Property Details for 241 Citrus Ave

Year built

1971

Construction

TILT-UP CONCRETE

Lot size

0.39 AC

Property size (Sq ft)

4,660 SF

Zone code

CVTCC*

Property type

Retail properties

Property subtype

Auto shops

APN

8444-008-032

APU

8444008032

Description

This exceptional Covina, CA retail storefront presents a compelling investment opportunity. Located at 241 S Citrus Ave, this 4,500 square foot, Class B building sits on a 0.48-acre lot and boasts 18 parking spaces. A recently signed 10-year net lease with a national tenant ensures a stable income stream, with a 5.00% cap rate and a $125,000 annual net operating income (NOI). The property underwent renovations in 2023, and the lease includes rent bumps and options. The tenant is currently undertaking significant interior improvements, further enhancing the property's value. This single-tenant, 100% occupied property is zoned CVTCC* and offers an excellent 1031 exchange opportunity. The lease commenced August 1st, 2024, and the tenant's occupancy began February 1st, 2024. The tenant's presence on three adjacent parcels underscores their long-term commitment to the location. The asking price is $2,500,000. Showings are by appointment only

Location Insight

City

Covina

County

Los Angeles

State

California

Latitude

34.0842

Longitude

-117.89

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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