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Listed by Edward Pan - DRE #01894476 - Colliers International Greater Los Angel 949-724-5500

$2,200,000

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1033 Cypress Street Covina, CA 91722

Cluster Residence

9 Beds

9 Baths

5,133 Sq. Ft.

0.18 Acre Lot

Property Activity

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Last updated on 11/14/2024 1:28 PM

Listing Details

We are pleased to present 1033 W Cypress St, a well-maintained 6-unit multifamily property in Covina, California. This prime investment opportunity offers stable tenancy in the sought-after Southern California rental market. Built in 1963, this two-story building features a desirable unit mix, inclu...ding one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters for each unit. Additionally, all units are equipped with wall-mounted air conditioning, and most have undergone significant upgrades. The property benefits from a solid tenant base, with current rents below market levels, providing great rental upside. With no local rent control in Covina, investors can capitalize on the ability to implement rent increases in line with California AB1482 guidelines. Strategically located, the property is across from Northview High School and within walking distance to other local schools. Tenants enjoy easy access to Covina's charming downtown, which offers a variety of restaurants, shops, and entertainment options. The property is also close to the Covina Metrolink station and major thoroughfares, including the 10 and 210 freeways, providing convenient commutes. This offering presents a rare opportunity to acquire a stable, income-producing asset with significant potential for rental growth and long-term appreciation in one of Southern California's resilient rental markets. Continue reading

MLS#

24459205

Property Type

Cluster

Status

Bedrooms

Bathrooms

Year Built

1963

Square Feet

5,133 sq. ft

Lot Size