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Rick Lee

rickjleehomes@gmail.com +1(714) 943-1598

$ 6,588,000

Est. payment -/mo

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19531 E Cienega AVE Covina, CA 91724

40 Beds

40 Baths

16,191 SqFt

UPDATED:

09/30/2024 05:51 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 16,191 sqft

Price per Sqft $406

MLS Listing ID 24433699

Bedrooms 40

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1988

Lot Size 0.940 Acres

Property Description

Price improvement motivated seller bring all offers. We are pleased to present for sale a 20-unit multifamily property situated at 19531 E Cienega Ave in Covina. This property offers investors the opportunity to acquire a pride-of-ownership, value-add real estate asset in the heart of the San Gabriel Valley. Constructed in 1988, the property features a favorable unit mix consisting entirely of large 2-bedroom, 2-bathroom units. The units total approximately 16,191 square feet on a spacious 0.94-acre lot. Each unit includes its own patio or balcony and is separately metered for gas and electricity, providing added convenience. The property boasts an onsite laundry facility, a swimming pool, and secure gated entries. Parking accommodations include ample carports and uncovered spaces on the large lot. Offered on the market for the first time in over 20 years, the majority of the units have been renovated by the owner. Current rents are significantly below market, providing over 25% upside on rents. Additionally, there is potential for extra rental income by adding accessory dwelling units (ADU), subject to verification by the buyer. Strategically positioned, 19531 E Cienega Ave offers convenient access to a multitude of amenities and attractions. The property is located in close proximity to supermarkets, national retailers, restaurants, and schools, with easy access to major transportation arteries, including the 210 and 10 freeways and the Covina Metrolink Station. This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Covina.

Location

State CA

County Los Angeles

Area 614 - Covina

Zoning LCA17500*

Rooms

Ensuite Laundry Common Area

Interior

Interior Features Ceiling Fan(s)

Laundry Location Common Area

Heating Central

Cooling Central Air

Fireplace No

Appliance Dishwasher

Laundry Common Area

Exterior

Garage Carport

Pool Fenced, In Ground

Community Features Gated

Parking Type Carport

Total Parking Spaces 44

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 8404002038

Security Features Carbon Monoxide Detector(s),Gated Community,Smoke Detector(s)

Special Listing Condition Standard

Listed by Edward Pan • Colliers International Greater Los Angel

Rick Lee

Team Leader | License ID: 02130981

+1(714) 943-1598

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Rick Lee

Rick Lee

19531 E Cienega AVE Covina, CA 91724

Key Details

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Rooms

Interior

Exterior

Building

Others

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19531 E Cienega AVE