Garey-Olive Center Pomona, CA Property Images & Information
Garey-Olive Center Pomona, CA Property Description
Faris Lee Investments is pleased to offer Garey Olive Center for your investment consideration. The offering comprises a 34,485 square foot quintessential strip center with ample parking on 2.41 acres. Annual rent bumps are found in 97% of the leasable square footage allowing for a projected 30% growth in NOI over 5 years upon lease up of the existing vacancies. The majority of the suites are less than 1,400 square feet enabling easier lease-up and strong rental rates. Garey Olive Center offers tenants excellent visibility and provides ease of accessibility to customers as they travel to or from either State Highways 71 (Corona Expressway) or 60 (Pomona Freeway). In addition to commercial/retail use, the Specific Plan for this part of Garey Avenue also allows high density residential, medical, and office uses giving the investor the added value of capturing the highest and best use for the investment.
Exclusive Investment Highlights
- ANNUAL RENT BUMPS | 10% VACANCY | PROJECTED 30% NOI GROWTH OVER 5 YEARS
- FLEXIBLE ZONING | SPECIFIC PLAN ALLOWS HIGH DENSITY RESIDENTIAL, MEDICAL, OFFICE
- GENTRIFYING TRADE AREA | 130 TOWNHOMES RECENTLY BUILT ON ADJACENT PARCELS
- AREA SHOP SPACE IS UNDER-SERVED | RECENT RESI DEVELOPMENT HAS REMOVED OLDER RETAIL
- TARGET, WALMART, FOOD 4 LESS, CARDENAS PROVIDE A STRONG CONSUMER DRAW
- EXCELLENT STREET FRONTAGE AND VISIBILITY WITH QSR DRIVE THRU AND SMALL SHOP SPACE
Area Overview
Given the flexible zoning provided by the Garey Avenue Specific Plan, the adjacent parcels have been recently redeveloped into high density residential with 131 townhomes and 41 single family residences. In doing so, an older 50,000 square foot retail center was demolished to make way for these developments. This illustrates the on-going gentrification and the true lack of shop space serving this densely populated trade area. The Target, Walmart, Food 4 Less, and Cardenas anchored centers in the immediate area provide a strong customer draw though only offer minimal shop space options allowing Garey Olive Center to provide the majority of the shop space in this micro market.
(subject to change) $15,880,000 CAP RATE:6%
Financial Snapshot
| Net Operating Income | $952,839.00 |
|---|---|
| Rentable SF | 34,485 SF |
| Lot Size (Acres) | 2.41 AC |
| Year Built | 1988 |
| APN | - |
| Zoning | Commercial |