$3,700,000
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221 Dexter Street Covina, CA 91723
Apartment
Residence
Beds
Baths
11,096
Sq. Ft.
0.47
Acre
Lot
Property Activity
Time on Site
days
Days on Market
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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 fe...atures 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%.
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MLS#
CV24238095
Property Type
Apartment
Status
Year Built
1960
Square Feet
11,096
sq. ft
Lot Size
0.47
Stories
2.0
Sewer
Public Sewer
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