221 W Dexter Street, Covina, CA 91723
-
Listed Price :
$3,700,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
-
Year Built :
1960
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%.
Interior Features
| Laundry Information |
| Location(s) |
Common Area |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
| Interior Information |
| Cooling Type |
Wall/Window Unit(s) |
Listing Information
| Address |
221 W Dexter Street |
| City |
Covina |
| State |
CA |
| Zip |
91723 |
| County |
Los Angeles |
| Listing Agent |
Nicholas Abbadessa DRE #01398872 |
| Courtesy Of |
RE/MAX MASTERS REALTY |
| List Price |
$3,700,000 |
| Status |
Active |
| Type |
Residential Income |
| Subtype |
Apartment |
| Structure Size |
N/A |
| Lot Size |
20,446 |
| Year Built |
1960 |
Listing information courtesy of: Nicholas Abbadessa, RE/MAX MASTERS REALTY. *Based on information from the Association of REALTORS/Multiple Listing as of Nov 23rd, 2024 at 10:30 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
