Property Details
About this Property
Great opportunity to purchase a 14 unit apartment building near downtown Covina. The building offers eight 2-bedroom/1-bathroom units and six 1-bedroom/1-bathroom units. The exterior has been recently and completely repainted, and the parking and asphalt areas have been fully redone. The property features manicured grounds with a spacious interior courtyard for residents to enjoy. One of the two-bedroom units is completely remodeled and currently unrented, with an estimated rental income of $2,200 per month. The remaining seven two-bedroom units are currently rented at $1,400 per month, and the one-bedroom units are rented at $1,240 per month. The current gross income is $239,520, and with rent increases due in May, this will rise to $257,725.44. The operating income, factoring in the new property taxes at a rate of 1.25%, will be $69,225.60. Calculating with a 3% vacancy rate, the cap rate for this building is currently at 4.4%, which, with the upcoming rent increases in May, will increase to 4.9%.
MLS Listing Information
MLS #
CRCV24238095
MLS Source
California Regional MLS
Days on Site
1
Interior Features
Appliances
Garbage Disposal, Oven Range - Gas
Cooling
Window/Wall Unit
Heating
Wall Furnace
Exterior Features
Roof
Composition
Foundation
Slab
Parking, School, and Other Information
Garage/Parking
Garage: 8 Car(s)
HOA Fee
$0
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 13 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
221 W Dexter St is a Residential Income in Covina, CA 91723. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $3,700,000 and was built in 1960. This address can also be written as 221 W Dexter St, Covina, CA 91723.
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This listing information is up-to-date as of November 23, 2024. For the most current information, please contact Nicholas Abbadessa
