$3,400,000
Pending

221 W Dexter Street

Covina, CA 91723
0.47 acres | #CV24238095
Listing OfficeRE/MAX MASTERS REALTY
Browse 43 photos
Type:Multi-Family
Structure:House
Zone:Residential

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%.

  • Property Details
      • Lot DescriptionSprinklerSystem
      • Property TypeMulti-Family
      • Sewer InformationPublicSewer
      • CountyLos Angeles
      • Original List Price$3,700,000
      • MLS #CV24238095
      • MLS #CV24238095
      • Property SubtypeApartment
      • Cost3400000
      • Acres0.4694
      • Utility SourcePublic
      • Year Built1960
      • FoundationSlab
      • Stories2
      • Parking Spaces8

Location

Esther NixReal Estate Group
$
years

Down Payment

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%
10.0%

Interest Rate

%
6.0%

Tax Rate

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2.6%
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annually
$
monthly

Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.

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