221 W Dexter Street
Covina, CA 91723
0.47 acres | #CV24238095
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%.
Property Details
- Lot DescriptionSprinklerSystem
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- CountyLos Angeles
- Original List Price$3,700,000
- MLS #CV24238095
- MLS #CV24238095
- Property SubtypeApartment
- Cost3400000
- Acres0.4694
- Utility SourcePublic
- Year Built1960
- FoundationSlab
- Stories2
- Parking Spaces8
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Nicholas Abbadessa (#C23285)
Listing Office: RE/MAX MASTERS REALTY (#1441)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
