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Listed by Kristopher German • RE/MAX 2000 REALTY
$ 1,200,000
Est. payment /mo
Pending
544 South 1st Avenue Covina, CA 91723
3,788 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 3,788 sqft
Price per Sqft $316
MLS Listing ID CV-25040761
Year Built 1962
Lot Size 7,827 Sqft
Property Sub-Type Apartment
Property Description
Probate Sale! 5 Units in Covina! We are pleased to exclusively offer for sale this value-add opportunity which is comprised of of two (2-Bedroom/1-Bathroom) units and three (1-Bedroom/1-Bathroom) units, totaling 3,788 rental square feet on a 7,827 square foot lot. This asset provides desirable tenant amenities including an onsite laundry facility and covered car-port parking, enhancing the living experience and convenience for residents. Each unit is individually metered for electricity (all electric building), offering efficiency in utility management while the owner covers the water and trash expenses. Notably, three of the units will be delivered vacant, presenting an immediate opportunity to adjust rental rates to current market levels. The property boasts a potential 6.78% market CAP Rate and an 10.67 market Gross Rent Multiplier (GRM), illustrating its profitability and appeal as an investment. This probate sale requires court confirmation and is to be sold in "as-is" condition. Importantly, no loan contingency is allowed and the terms stipulate the need to close escrow in 30 days or less. This property represents a prime investment with significant upside potential in a sought-after Covina location.
Location
State CA
County Los Angeles
Area 614 - Covina
Zoning CVR3-RD1250*
Interior
Heating Central
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Attached Carport
Pool None
Community Features Street Lights
Utilities Available Sewer Available, Water Available, Electricity Available
View Y/N No
View None
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer