221 W Dexter St Covina, CA 91723
Highlights
- 0.47 Acre Lot
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- No HOA
- Laundry Room
- 4-minute walk to Cougar Park
About This Home
As of January 2025Great opportunity to purchase a 14 unit apartment building near downtown Covina. The building offers eight 2-bedroom/1-bathroom units and six 1-bedroom/1-bathroom units. The exterior has been recently and completely repainted, and the parking and asphalt areas have been fully redone. The property features manicured grounds with a spacious interior courtyard for residents to enjoy.
One of the two-bedroom units is completely remodeled and currently unrented, with an estimated rental income of $2,200 per month. The remaining seven two-bedroom units are currently rented at $1,400 per month, and the one-bedroom units are rented at $1,240 per month.
The current gross income is $239,520, and with rent increases due in May, this will rise to $257,725.44. The operating income, factoring in the new property taxes at a rate of 1.25%, will be $69,225.60. Calculating with a 3% vacancy rate, the cap rate for this building is currently at 4.4%, which, with the upcoming rent increases in May, will increase to 4.9%.
Last Agent to Sell the Property
RE/MAX MASTERS REALTY Brokerage Phone: 909-292-7888 License #01398872
Property Details
Home Type
- Apartment
Year Built
- Built in 1960
Lot Details
- 0.47 Acre Lot
- No Common Walls
- Sprinkler System
Parking
- 5 Open Parking Spaces
- 8 Car Garage
- 10 Carport Spaces
Home Design
- Slab Foundation
- Composition Roof
- Stucco
Interior Spaces
- 11,096 Sq Ft Home
- 2-Story Property
Kitchen
- Gas Range
- Disposal
Bedrooms and Bathrooms
- 5 Bedrooms
- 2 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Outdoor Features
- Exterior Lighting
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
Listing and Financial Details
- Legal Lot and Block 18 / 13
- Tax Tract Number 4061
- Assessor Parcel Number 8444007025
- $5,550 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 14 Units
Amenities
- Laundry Facilities
Building Details
- 13 Leased Units
- 14 Separate Electric Meters
- 14 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $2,700
- Gardener Expense $2,700
- Insurance Expense $4,012
- Maintenance Expense $3,144
- Other Expense $1,644
- Pest Control $540
- Professional Management Expense $11,976
- Trash Expense $6,557
- Water Sewer Expense $4,863
- New Taxes Expense $42,625
- Operating Expense $69,256
- Gross Income $239,520
- Net Operating Income $163,109
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 01/30/2025 01/30/25 | Sold | $3,402,000 | +0.1% | $307 / Sq Ft |
| 12/20/2024 12/20/24 | Pending | -- | -- | -- |
| 12/10/2024 12/10/24 | Price Changed | $3,400,000 | -8.1% | $306 / Sq Ft |
| 11/22/2024 11/22/24 | For Sale | $3,700,000 | -- | $333 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV24238095
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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