858-525-5007

221 Dexter, Covina CA 91723 | $3,700,000

  • 0 bedrooms
  • 0 bathrooms
  • 0 Sq Ft
  • 20446 Lot Sq Ft
  • Type: Apartment
  • Stories: 2
  • Year Built: 1960
  • MLS#: CV24238095
  • Community: 614 - Covina

Listing provided courtesy of Nicholas Abbadessa of RE/MAX MASTERS REALTY. Last updated 2024-11-29 09:11:24.000000. Listing information © 2024 SANDICOR.

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%.

More Details

0.47 Acres
2 Stories

David Piper​

Call or Text: 858-525-5007

DRE# 02021985