$ 2,200,000
1033 W Cypress ST Covina, CA 91722
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$ 2,200,000
Est. payment /mo
Active
1033 W Cypress ST Covina, CA 91722
9 Beds
9 Baths
5,133 SqFt
UPDATED:
11/09/2024 01:13 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,133 sqft
Price per Sqft $428
MLS Listing ID 24459205
Bedrooms 9
HOA Y/N No
Year Built 1963
Lot Size 7,714 Sqft
Property Description
We are pleased to present 1033 W Cypress St, a well-maintained 6-unit multifamily property in Covina, California. This prime investment opportunity offers stable tenancy in the sought-after Southern California rental market. Built in 1963, this two-story building features a desirable unit mix, including one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters for each unit. Additionally, all units are equipped with wall-mounted air conditioning, and most have undergone significant upgrades. The property benefits from a solid tenant base, with current rents below market levels, providing great rental upside. With no local rent control in Covina, investors can capitalize on the ability to implement rent increases in line with California AB1482 guidelines. Strategically located, the property is across from Northview High School and within walking distance to other local schools. Tenants enjoy easy access to Covina's charming downtown, which offers a variety of restaurants, shops, and entertainment options. The property is also close to the Covina Metrolink station and major thoroughfares, including the 10 and 210 freeways, providing convenient commutes. This offering presents a rare opportunity to acquire a stable, income-producing asset with significant potential for rental growth and long-term appreciation in one of Southern California's resilient rental markets.
Location
State CA
County Los Angeles
Area 614 - Covina
Zoning LCR3*
Interior
Heating Forced Air
Fireplace No
Appliance Microwave
Exterior
Garage Carport
Parking Type Carport
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8420014052
Special Listing Condition Standard
Listed by Edward Pan • Colliers International Greater Los Angel