221 W Dexter ST new Save Request In-Person Tour Request Virtual Tour
Covina,CA 91723
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV24238095
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
Area 614 - Covina
Zoning CVR3-RD1250*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Curbs,Street Lights,Sidewalks
View Y/N No
View None
Roof Type Composition
Building
Lot Description Sprinkler System
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional,Submit
Listing Terms Cash,Cash to New Loan,Conventional,Submit
Special Listing Condition Trust