$1,625,000
$1,575,000
3.2%For more information regarding the value of a property, please contact us for a free consultation.
8,150 Sqft Lot
SOLD DATE : 05/15/2024
Key Details
Sold Price $1,625,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV24065005
Sold Date 05/15/24
HOA Y/N No
Year Built 1962
Lot Size 8,150 Sqft
Property Description
JUST REDUCED! MOTIVATED SELLER! We are pleased to offer for sale this prime 6 unit multi-family investment nestled in the heart of the city of Covina. Priced at a 5% CAP Rate and 12.85 GRM (with about 30% upside in rental income) the subject property features a compelling unit mix of a Two-Story Townhouse with 2 Bedrooms/1.5 bathrooms, alongside five additional 2-Bedroom/1-Bathroom units. Spanning 6,375 square feet of rental space on an 8,148 square foot lot, the property has been thoughtfully designed to meet the needs of modern living. Each unit is separately metered for electricity and gas, providing ease of utility management and cost efficiency. Tenants are afforded the convenience of covered car-port parking and an onsite laundry facility, adding to the appeal of these units. Located just minutes from the vibrant "Downtown" Covina area, residents have easy access to a variety of shops, restaurants, and entertainment options, enhancing the rental attractiveness of this property. Perhaps most notably, this investment offers a significant opportunity for revenue growth, with a potential 30% upside in rental income. This combination of location, quality, and income potential makes this Covina property an enticing option for investors looking to expand their portfolio in a desirable market.
Location
State CA
County Los Angeles
Area 614 - Covina
Zoning CVRD2000*
Interior
Fireplace No
Laundry Common Area, Inside
Exterior
Carport Spaces 6
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Total Parking Spaces 6
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8429033014
Energy Description 2640.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Kristopher German • RE/MAX 2000 REALTY
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "