1033 W Cypress St - Apartments FOR SALE


Covina, CA 91722- Covina-Valley
$2,200,000 USD
626-257-8502
1033 W Cypress St, Covina, CA for Sale
$2,200,000 USD
Apartments - FOR SALE
1/11
null | 3.86% Cap Rate

1033 W Cypress St
Covina, CA 91722
Covina-Valley


HIGHLIGHTS

  • Well-maintained 6-unit multifamily property with a desirable mix of studio, one-bedroom, and two-bedroom units
  • Rental upside with current rents below market, offering potential for increased returns
  • Most units have been upgraded, providing additional appeal to tenants and reducing future capital expenditures
  • No local rent control in Covina, allowing rent increases under California AB1482
  • Prime location across from Northview High School and walking distance to local schools, shops, and restaurants
  • Convenient access to Covina Metrolink station and major freeways (10 and 210), enhancing tenant commute options

OVERVIEW

The Pacific Partners of Colliers International is 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.

FOR SALE DETAILS

PRICE

$2,200,000 USD

PRICE/SF

$429 USD /SF

# OF UNITS

6

PRICE/UNIT

$366,667

CAP RATE

3.86%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,713 SF

ZONING

LCR3*

APN/PARCEL ID

8420-014-052

ASK ABOUT THIS PROPERTY

David LinColliersMore Info
626-257-8502

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

David LinColliersMore Info
626-257-8502

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.