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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$4,498,000

Est. payment - /mo

0.8 Acres Lot

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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

First Time for Sale Since 1975 – Exceptionally Rare 16-Unit Single-Story Value-Add Multifamily across from City of Glendora and at the border of San Dimas, Offering Over 8% Pro Forma CAP Rate (All Month-to-Month Tenants). Centrally Located Near Shopping, Major Freeways, and Minutes from Colleges and Universities. Excellent Unit Mix (All 2-Bed), Situated on a Large, Over-Parked Lot with Clear ADU Upside Potential (Possibly 4 ADUs – Buyer to Verify). Total 4 Units Will Be Delivered Vacant. Copper Plumbing, Roof mostly upgraded recently.

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

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Listed by Handoko Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com, DRE #01749321

Nearby School & Business

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Patricia Beattie

+1(415) 286-8292

Broker | License ID: 01405369

Broker License ID: 01405369

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21306 E Arrow Covina, CA 91724

Patricia Beattie

Key Details

Location

Interior

Exterior

Building

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Nearby School & Business

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