$1,990,000
$1,795,000
10.9%For more information regarding the value of a property, please contact us for a free consultation.
7,779 Sqft Lot
SOLD DATE : 08/01/2023
Key Details
Sold Price $1,990,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV23113471
Sold Date 08/01/23
HOA Y/N No
Year Built 1963
Lot Size 7,779 Sqft
Property Description
We are pleased to offer for sale this 6 unit, one of a kind, multi-family investment property in the city of Covina. The subject property is comprised of 5 two-story townhouse style units and one traditional apartment unit. The unit mix consists of 1(3Bed/2.5Bath) Town-House “Owner's Unit”, 3(3Bed/1.5Bath) Town-Houses, 1(2Bed/1.5Bath) Town-House, 1(2Bed/1.5Bath) unit. Tenants enjoy an onsite laundry facility and covered car-port parking. The current owner has kept the rents quite modest for the area allowing a new investor the ability to “substantially improve” the subject property and increase the rental rates by as much as 60+%. By repositioning the property, a new investor can realize an 8+% cash on cash return when utilizing the private seller financing available. Private seller financing terms: 30% Down Payment, 6.5% Interest Only Payments, Due and Payable in 5 years.
Location
State CA
County Los Angeles
Area 614 - Covina
Zoning CVRD2000*
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features Assigned
Carport Spaces 6
Pool None
Community Features Gutter(s), Sidewalks
Total Parking Spaces 6
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 8429033007
Energy Description 300.0
Acceptable Financing Cash to New Loan, Owner Will Carry, Private Financing Available
Listing Terms Cash to New Loan, Owner Will Carry, Private Financing Available
Financing Seller Financing
Special Listing Condition Standard
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Bought with KRISTOPHER GERMAN • RE/MAX 2000 REALTY
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "