Pending
221 W Dexter Street
Covina CA, 91723
$3,400,000
$306.42 per sqft
Pending
11,096 sqft
Condos
Built in 1960
Listed by Nicholas Abbadessa with RE/MAX MASTERS REALTY 909-292-7888
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%.
CV24238095
MLSⓇ ID
November 22, 2024
Listed
December 20, 2024
Updated
Map
221 W Dexter Street
Covina CA, 91723
Interior Features
Total Stories
2
Appliances
Disposal, Gas Range
Laundry Description
Common Area
Fireplace
No
Fireplace Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.47 Acres
Lot Features
Sprinkler System
Roof
Composition
Sewer
Public Sewer
Other Property Details
Area Name
614 - Covina
Days on Market
28
Garage
Yes
Garage Spaces
8
Parking Total
23
View
No
View Description
None
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
CVR3-RD1250*
Listing History
Date | Event | Price |
|---|---|---|
12/20/2024 | Pending | — |
12/11/2024 | Price change | $3,400,000 -9% |
Listing Contact: 909-445-8100
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/20/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 12/20/2024 at 6:12 PM UTC