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221 W Dexter Street

Covina, CA 91723

$3,700,000

List Price

N/A

bed Beds

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shower Baths

N/A sqft

straighten / sqft

1960

calendar_month Built

Property 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%.

Listing Information

List Price $3,700,000
Status Active
MLS CV24238095
HOA $0
Type Residential Income
Subtype Apartment
Year Built 1960
Lot Size 20,446
Structure Size N/A
Courtesy Of RE/MAX MASTERS REALTY
Listing Agent Nicholas Abbadessa DRE#01398872

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Fireplace Information
Features None
Cooling Type
Cooling Type Wall/Window Unit(s)

Exterior Information

Maps

home_work Nearby Properties

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$1,850,000

king_bed N/A
shower N/A
straighten N/A
straighten 8,516
323 W Center Street,

Covina, CA 91723
Image

$2,200/month

shower 1
straighten 450
straighten 12,027
114 E Dexter Street,

Covina, CA 91723
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$1,695,000

king_bed N/A
shower N/A
straighten N/A
straighten 10,504
211 E Center Street,

Covina, CA 91723
Image

$599,000

king_bed 2
shower 3
straighten 1,400
straighten 17,179
227 E Dexter Street,

Covina, CA 91723
Image

$1,200,000

king_bed 4
shower 3
straighten 2,494
straighten 10,431
174 E Navilla Place,

Covina, CA 91723

Listing information courtesy of: Nicholas Abbadessa, RE/MAX MASTERS REALTY . *Based on information from the Association of REALTORS/Multiple Listing as of Nov 23rd, 2024 at 2:05 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.