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221 W Dexter Street

Covina, CA 91723

– beds
– baths
– sqft
~1/2 acre lot
1960 build
– on site

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%.

Listed By CRMLS_CA / Nicholas Abbadessa / RE/MAX MASTERS REALTY / 909-292-7888

Last checked: Checking… • Last updated Dec 20, 2024 •

MLS# CV24238095 —

The Building

Year Built:

1960
Year Built Source:

Assessor
New Construction:

No
Construction Materials:

Stucco
Building Area Total:

11096.00
Building Area Units:

Square Feet
Total Number Of Units:

14
# of Buildings:

1
Roof:

Composition
Foundation:

Slab
Stories Total:

2
Entry Level:

1
Common Walls:

No Common Walls
# of Separate Gas Meters:

14
# of Separate Water Meters:

1
# of Separate Electric Meters:

14

Interior

Levels:

Two
Entry Location:

1
Number Wall AC:

14
Fireplace:

No
Fireplace:

None
Laundry:

Common Area
Laundry:

1

Location

Directions:

West of Citrus on Dexter, north side of the street
Latitude:

34.08422200
Longitude:

-117.89299400

The Property

Property Type:

Residential Income
Subtype:

Apartment
Zoning:

CVR3-RD1250*
Lot Features:

Sprinkler System
Lot Size Area:

20446.0000
Lot Size Acres:

0.4694
Lot Size SqFt:

20446.00
Lot Size Source:

Assessor
View:

None
Road Frontage:

City Street
Road Surface Type:

Paved
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Block:

13
Tax Census Tract:

4061.03
Tax Tract:

4061
Tax Lot:

18

The Listing

Special Listing Conditions:

Trust
Parcel Number:

8444007025

Heating & Cooling

Heating:

1
Heating:

Wall Furnace
Cooling:

Yes
Cooling:

Wall/Window Unit(s)

Utilities

Sewer:

Public Sewer
Water Source:

Public

Appliances

Appliances:

Disposal, Gas Range
Included:

Yes

The Community

Features:

Curbs, Sidewalks, Street Lights
Association:

No
Pool:

None
Senior Community:

No
Private Pool:

No
Spa Features:

None

Parking

Parking Spaces:

23.00
Garage Spaces:

8.00
Uncovered Spaces:

5.00
Carport Spaces:

10.00

Extra Units

Number With Disposal:

14

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
12/20/24 Dec 20, 2024	Pending	CRMLS_CA	$3,400,000
12/10/24 Dec 10, 2024	Price Changed	CRMLS_CA	$3,400,000	-8.1%
11/22/24 Nov 22, 2024	Listed / Active	CRMLS_CA	$3,700,000

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This multifamily located in Covina Town Center, Covina, CA 91723 is currently pending sale for $3,400,000. 221 W Dexter Street is a – square foot multifamily with – beds and – baths that has been on Estately for 34 days. 221 W Dexter Street is in the Covina Town Center neighborhood of Covina and has a WalkScore® of 88, making it very walkable. This multifamily is in the attendance area of Workman Avenue Elementary School, Covina High School, and Traweek Middle School.

Listing Courtesy of: CRMLS_CA and RE/MAX MASTERS REALTY. Based on information from California Regional Multiple Listing Service, Inc. as of 17:29 on Dec 26.

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, 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.