Executive summary Lee & Associates, Inc. is pleased to present the exciting opportunity to purchase the Eastland Professional Building located at 271-281 Workman Street; a rare campus with two two-story, Class C, multi-tenant garden-style office buildings totaling approximately 20,784 square feet in Covina, CA on over one acre of land. Investors will benefit from the opportunity to increase rents as tenant s roll to market value since in-place rents have a weighted average of 9.68% below market. Located on Workman Street, the property benefits from immediate access to I-10 freeway and high traffic exposure from its adjacent location from the Eastland Shopping Center, which has 900,000 square feet of national retailers. PROPERTY ADDRESS 271-281 Workman Street, Covina CA 91723 ASKING PRICE $4,490,000 ($216.03 PSF) INTEREST OFFERED Fee Simple NET RENTABLE AREA ±20,784 RSF IN-PLACE OCCUPANCY 100% ACTUAL CAP RATE 5.00% PERCENTAGE RENT BELOW MARKET 9.68% AVERAGE REMAINING LEASE TERM 10.9 Months Investment Overview 3
Executive investment summaryhighlights STABILIZED OFFICE INVESTMENT WITH UPSIDE AND LONG-TERM STABLE CASH FLOW POTENTIAL Excellent opportunity to acquire Eastland Professional Building at 271-281 Workman Street, which is a uniquely situated Class B office building consitsting of two two-story, multi-tenant buildings located in the San Gabriel Valey. The property has exceptional accessibility to the San Bernardino (I-10) freeway; one of the most traveled freeways in Southern California. Centrally located between three counties allows for easy travel throughout Los Angles County, San Bernardino County, and Orange County. The property totals ±20,784 square feet and is currently 100% leased to 20 tenants. The building has a distinctive design with two two-story office buildings flanking the central driveway on a large, flat triangle-shaped lot. Both buildings have floor to ceiling windows in the office suites and next to the stairs allowing for maximum natural light. Lot includes abundant surface parking and mature landscaping. DENSE IN-FILL LOCATION The property is situated in an attractive, dense in-fill location that restricts future competition and creates high barriers to entry. Due to strong tenant demand and a shortage of development sites in the area, this property lies in a tight office real estate market. EXCEPTIONAL AMENITY BASE Located adjacent to Eastland Center, a 911,095 square foot regional shopping center, Eastland Professional Building benefits from excellent walkable retail and restaurant amentities including Target, Hobby Lobby, Dick s Sporting Goods, Burlington Coast Factory, Pottery Barn Outlet, BJ Restaurant & Brewhouse, Island s, Chili s Bar & Grill and more. Eastland Professional Building is ideally situated A major feature in demand with tenants, is this building s functional and efficient interior office suites ranging from 281 to 1,904 square feet, allowing for maximum flexibility as tenants expand and contract within the property. This submarket caters to small to medium sized business which makes the floor plate of this property ideal. VALUE ADD OPPORTUNITY FOR ANY INVESTOR The new owner will benefit from the opportunity to increase returns by renewing current tenants with an average lease term ending in 10.9 months at market rate. The weighted average of in-place leases are approximately 9.68% below market offering the ability to continue to increase rents to market value when leases roll over. 4 271-281 workman street covina California
Executive Property summary description LOCATION Eastland Professional Building is located in the East San Gabriel Valley submarket of Los Angeles County in Covina, CA. Property faces the southern border of Covina city limits between Citrus Avenue and Barranca Avenue PARCEL Assessor s Parcel Number: 8451-010-018 N PARKING 4 stalls per 1,000 psf) LAND USE Office Building LAND SIZE Size: 1.10 Acres/ ±47,916 sf ZONING CP ACCESS The property has one point of access on Workman Street between the two buildings IMPROVEMENTS This offering includes ±20,784 square feet consisting of two two-story, multitenant, Class C office buildings. workman street AGE 56 years (built in 1962); Renovated 2017 CONSTRUCTION Two two-story buildings, garden style with stair access. Reinforced concrete with stucco. Flat roof. LANDSCAPE Mature trees, shrubs, ground cover and grass turf AMENITIES Lobby, Large Windows, ADA Ramp, Abundant Parking 6 271-281 workman street covina California
plat map workman street N Property Overview 7
Executive summary site plan parking lot building 281 driveway/entrance building 271 workman street N 8 271-281 workman street covina California
PROPERTY PHOTOS 9
Executive demographic summary summary (1 mile radius) 12 271-281 workman street covina California Area Overview
AERIAL LOCATION Eastland Shopping Center WORKMAN ST. PROPERTY SECOND AVE. N 13
271-281 WORKMAN STREET local market investment advisors CHRISTOPHER LARIMORE President 626.240.2788 [ direct ] clarimore@lee-associates.com Lic. No. 01314464 COVINA california VINCENT MOLITOR Principal 626.240.2787 [ direct ] vmolitor@lee-associates.com Lic. No. 0295360 Lee & Associates Pasadena, Inc. Corporate ID# 02059558 A Member of the Lee & Associates Group of Companies 155 N. Lake Avenue, Suite 430 Pasadena, CA 91101 626.535.9888 [ main ] 2018 Lee & Associates, Inc. The information contained in this document has been obtained from sources believed reliable. While Lee & Associates, Inc. does not doubt its accuracy, Lee & Associates, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 21