221 W Dexter Street Covina, CA 91723
Multi-Family (2-4 Units)
MLS #: CV24238095
Courtesy Of RE/MAX Masters
$3,700,000
5 beds
|
2 baths
|
11,096 sq ft
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Estimated monthly payments:
$16,174/mo.* (recalculate)
Property InformationDescription
For information on this apartment building, please call/text Nick Abbadessa: 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%.
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%.
Features
- Age: Over 50 Years Old
- Amenities: Dock, Sprinkler System
- Appliances: Garbage Disposer, Range, Range - Gas
- Architecture Style: Other
- Cooling System: Window Unit(s) A/C
- Exterior Type: Stucco
MAP & DIRECTIONS
School Information
221 W Dexter Street, Covina, CA 91723
Elementary School
Grades KG-5 |
Public School
WORKMAN AVENUE ELEMENTARY SCHOOL
West Covina, CA 91791
1941 E Workman Ave
626.974.4900
Distance: 0.9 mi
School Rating
B-
Student:Teacher Ratio
22:1
Total Students
391
Middle School
Grades 6-8 |
Public School
TRAWEEK MIDDLE SCHOOL
West Covina, CA 91791
1941 E Rowland Ave
626.974.7400
Distance: 0.7 mi
School Rating
B
Student:Teacher Ratio
24:1
Total Students
769
High School
Grades 9-12 |
Public School
COVINA HIGH SCHOOL
Covina, CA 91723
463 S Hollenbeck Ave
626.974.6020
Distance: 0.4 mi
School Rating
B-
Student:Teacher Ratio
23:1
Total Students
1205
| Other Nearby Schools | Distance | Type | Grades | School Rating |
|---|---|---|---|---|
| Firm Foundation Christian Academy | 0.3 mi | Private | KG-12 | |
| Sacred Heart School | 0.7 mi | Private | KG-8 | |
| Discovery Montessori Preschool Kindergarten | 0.8 mi | Private | PK-TKG | |
| Barranca Elementary School | 0.8 mi | Public | KG-5 | B |
| Cypress Elementary School | 0.9 mi | Public | KG-5 | B+ |
| Sierra Vista Middle School | 1.0 mi | Public | 6-8 | C+ |
| Covina-valley Learning Options Academy | 1.1 mi | Public | KG-12 | |
| Christ Lutheran School | 1.1 mi | Private | PK-8 | |
| Mt. Sac Early College Academy At West Covina | 1.2 mi | Public | 9-12 | A+ |
| Northview High School | 1.3 mi | Public | 9-12 | B- |
| Fairvalley High (continuation) | 1.4 mi | Public | 9-12 | D- |
| Ben Lomond Elementary School | 1.4 mi | Public | KG-5 | B |
| Grovecenter Elementary School | 1.4 mi | Public | KG-5 | A- |
| Mesa Elementary School | 1.4 mi | Public | KG-5 | B+ |
| Rowland Avenue Elementary School | 1.4 mi | Public | KG-5 | B- |
| Las Palmas Middle School | 1.5 mi | Public | 6-8 | B |
| Kindercare Learning Center #219 | 1.5 mi | Private | PK-KG |
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.
Demographic Data
Covina, CA 91723
| Median Age: | 36.8 |
|---|---|
| Married: | 42% |
| Number of Households: | 6,107 |
| Households with Children: | 36% |
Covina, CA 91723
Demographic Data
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Occupancy Types
- 0 Vacant
- 0 Owned
- 0 Rented
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Transportation to Work
- 0 Drive
- 0 Public Transportation
- 0 Walk / Bike / Other
- 0 Work at Home
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