Covina, CA 91723,221 W Dexter Street
Covina, CA 91723,221 W Dexter Street
Covina, CA 91723,221 W Dexter Street
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$3,400,000
Est. payment /mo
5 Beds
2 Baths
0.47 Acres Lot
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UPDATED:

12/21/2024 07:35 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Pending

Purchase Type For Sale

MLS Listing ID CV24238095

Bedrooms 5

HOA Y/N No

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%.
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

Area Covina (91723)

Zoning Assessor

Interior

Cooling Wall/Window

Exterior

Exterior Feature Stucco

Roof Type Composition

Building

Lot Description Curbs, Sidewalks

Story 2

Level or Stories 2 Story

Others

Monthly Total Fees $462

Acceptable Financing Cash, Conventional

Space Rent $1,400

Listing Terms Cash, Conventional


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San Diego Regional MLS (SDMLS)
Listed by Nicholas Abbadessa • RE/MAX MASTERS REALTY
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“If you're looking for a dedicated and knowledgeable real estate professional who will go above and beyond to help you achieve your goals, I'm here to serve you. Contact me today to learn more about how he can assist you with all your real estate needs.”
 

+1(858) 822-8634

jwaller@sdrealtyco.com

170 Laurel St, Diego, CA, 92101, United States

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221 W Dexter Street