8
See all 8 photos
$1,200,000
Est. payment /mo
7,827 Sqft Lot
New
544 S 1st AVE Covina, CA 91723
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UPDATED:
02/24/2025 11:01 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRCV25040761
Originating Board California Regional MLS
Year Built 1962
Lot Size 7,827 Sqft
Property Description
Probate Sale! 5 Units in Covina! We are pleased to exclusively offer for sale this value-add opportunity which is comprised of of two (2-Bedroom/1-Bathroom) units and three (1-Bedroom/1-Bathroom) units, totaling 3,788 rental square feet on a 7,827 square foot lot. This asset provides desirable tenant amenities including an onsite laundry facility and covered car-port parking, enhancing the living experience and convenience for residents. Each unit is individually metered for electricity (all electric building), offering efficiency in utility management while the owner covers the water and trash expenses. Notably, three of the units will be delivered vacant, presenting an immediate opportunity to adjust rental rates to current market levels. The property boasts a potential 6.78% market CAP Rate and an 10.67 market Gross Rent Multiplier (GRM), illustrating its profitability and appeal as an investment. This probate sale requires court confirmation and is to be sold in "as-is" condition. Importantly, no loan contingency is allowed and the terms stipulate the need to close escrow in 30 days or less. This property represents a prime investment with significant upside potential in a sought-after Covina location.
Location
State CA
County Los Angeles
Area 614 - Covina
Interior
Heating Central Forced Air
Cooling Window / Wall Unit
Laundry Laundry Area
Exterior
Parking Features Carport
Garage Spaces 6.0
Pool 31, None
View None
Roof Type Shingle
Building
Water District - Public
Others
Tax ID 8445026005
Special Listing Condition Not Applicable
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Listed by Kristopher German • RE/MAX 2000 REALTY