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Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26165785
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1963
Lot Size 0.801 Acres
Property Sub-Type Apartment
Property Description
21306–21310 E Arrow Highway, Covina, CA 91724 — a rare single-story layout multifamily investment opportunity located in the City of Covina. This is the first time this property offered for sale since 1975 (50 years). This value-add investment provides an excellent opportunity for savvy investors to increase the return to market level (over 8% CAP Rate – ALL tenants are month-to-month) and add several ADUs on the lot (buyer to verify). The property is strategically located on E Arrow Highway right across from the City of Glendora and at the border of City of San Dimas, and within blocks away from multiple shopping and dining (San Dimas Plaza, Glendora Public Market, etc.).
Built in 1963, the property is a single-story garden-style apartment comprised of 16 units (spread over 4 fourplexes) totaling ±14,960 square feet which translates to a large average size per unit of ±935 sf (buyer to verify). It sits on a large ±34,878 square foot C4 zoned lot (±0.80 acre). Although the property address is on Arrow Hwy, the lot sits behind 2 commercial properties which create a barrier from traffic noise and create a more private setting for the tenants. It has 2 long driveways on each side to access the property.
The property consists of four (4) x fourplexes and offers a superb unit mix of ALL 2bedroom+1bathroom units (Avg. size of 935 SF/unit - buyer to verify). It is currently fully occupied, and owner occupies 2 units (which will be delivered vacant). Two of the fourplexes (8 units) have a newer roof, each unit has laundry hookups, individual water heater and separately metered for electricity and gas. Each fourplex/building has six (6) parking spaces (garage/carport) making a total of 24 parking spaces. If the new owner only give 1 parking space to each unit, there are 8 extra parking spaces that can be easily converted into 4 new ADUS (buyer to verify). Recent CAPEX include plumbing upgrades to copper pipe in 2007.
Location
State CA
County Los Angeles
Area 614 - Covina
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Laminate, Tile
Fireplaces Type None
Fireplace No
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Parking Features Attached Carport, Assigned
Carport Spaces 24
Fence None
Pool None
Community Features Valley, Park
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Shingle
Total Parking Spaces 24
Private Pool No
Building
Lot Description 36-40 Units/Acre, Level, Near Park, Near Public Transit, Rectangular Lot, Street Level
Faces North
Story 1
Entry Level One
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 8401021060
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Nearby Locations
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