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Listed by Nicholas Abbadessa • RE/MAX MASTERS REALTY
$ 3,700,000
Est. payment /mo
Active
221 W Dexter Street Covina, CA 91723
11,096 SqFt
UPDATED:
11/24/2024 05:25 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 11,096 sqft
Price per Sqft $333
MLS Listing ID CRCV24238095
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1960
Lot Size 0.469 Acres
Property Description
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
State CA
County Los Angeles
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Other
Exterior
View None
Building
Lot Description Other
Water Public
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