Active Under Contract
$3,400,000
bedrooms
5
bathrooms
2
square feet
11,096
Acreage
0.46937557392102847
Open Houses
-
year built
1960
Full Baths
2
Half Baths
0
For information on this apartment building, please call/text Nick Abbadessa: 909-292-7888
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%.
| Location | |
| Subdivision | - |
| County | Los Angeles |
| Elementary School | - |
| Middle School | - |
| High School | - |
Exact location data not provided
Open houses
Find out more
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MLS number: CV24238095
Listing agent:
Nicholas Abbadessa
#01398872
Listing broker:
Re/Max Masters
(626) 967-1779
Copyright © 2025 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Last update: Wednesday, January 1 2025 at 4:34 a.m. EST
Kotohomes National