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Rick Lee

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

$ 2,200,000

Est. payment -/mo

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1033 W Cypress ST Covina, CA 91722

9 Beds

9 Baths

5,133 SqFt

UPDATED:

11/01/2024 06:56 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

Rick Lee

Team Leader | License ID: 02130981

+1(714) 943-1598

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Rick Lee

Rick Lee

1033 W Cypress ST Covina, CA 91722

Key Details

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1033 W Cypress ST