Progressive Real Estate Partners Sells Retail Strip Center In West Covina For $2.4M
532 North Azusa Avenue
$2,400,000
$309/SF
Building Size
7,760 SF
Asset Type
Retail
Closing
Jun 25, 2024
AI
The fully occupied multi-tenant retail strip center in West Covina, located at 532-540 N. Azusa Ave, was sold for $2.4 million. The property spans 7,760 square feet and was acquired by a local investor from West Covina, demonstrating strong demand for service-oriented retail properties in the area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,400,000
- Address: 532-540 North Azusa Avenue
- Market: West Covina
- Square Footage: 7,760
- Price per Square Foot: $309
- Brokers: Greg Bedell & Roxanne Klein - Progressive Real Estate Partners
Progressive Real Estate Partners, led by brokers Greg Bedell and Roxanne Klein, orchestrated the transaction. The sale involved a San Bernardino County-based investor selling the property to a West Covina-based investor, underscoring the attractiveness of retail investments in the region.
Players
West Covina Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93