Covina CA Multi Family for Sale
$2,200,000
1033 Cypress Street Covina, CA 91722
- Type:
- Cluster
- Sq.Ft.:
- 5,133
- Status:
- Active
- Beds:
- 9
- Lot size:
- 0.18 Acres
- Year built:
- 1963
- Baths:
- 9.00
- MLS#:
- 24459205
ADDITIONAL INFORMATION
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, including 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.
Covina Real Estate
The median home value in Covina, CA is $667,900. This is lower than the county median home value of $796,100. The national median home value is $338,100. The average price of homes sold in Covina, CA is $667,900. Approximately 55.56% of Covina homes are owned, compared to 40.91% rented, while 3.53% are vacant. Covina real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you’re interested in, contact a Covina real estate agent to arrange a tour today!
Covina, California 91722 has a population of 51,061. Covina 91722 is more family-centric than the surrounding county with 31.11% of the households containing married families with children. The county average for households married with children is 30.99%.
The median household income in Covina, California 91722 is $81,570. The median household income for the surrounding county is $76,367 compared to the national median of $69,021. The median age of people living in Covina 91722 is 37.6 years.
Covina Weather
The average high temperature in July is 87.9 degrees, with an average low temperature in January of 43.8 degrees. The average rainfall is approximately 18.3 inches per year, with 0 inches of snow per year.