Seller's Agent in 2014
Eric Chen
CB RICHARD ELLIS
(909) 418-2030
60 Total Sales
348 N Prospero Dr Covina, CA 91723
6
Beds
4
Baths
13,862
Sq Ft
0.38
Acres
Highlights
- Private Pool
- 0.38 Acre Lot
- Wood Flooring
- South Hills High School Rated A-
- Property is near a park
- Cooling System Mounted To A Wall/Window
About This Home
As of June 2014The Prospero Apartments has an excellent unit mix of 1 - one bedroom one bath unit, 9 - two bedroom one bath units, and 4 - three bedroom two bath units. Currently, the rent for the one bedroom one bath unit is $75 or 8% below the market rate of $925/month. The two bedroom one bath units are $125-$175 or 10%-14% below the market rate of $1,225/month. The three bedroom two bath units are $100 or 7% below the market rate of $1,400/month. Upon bringing up the current rents to the market level, this property will generate an additional $1,650/month income, and the annual gross income is targeted at $213,960. The Prospero Apartments is situated on a 16,358 square foot lot, with 14 carport parking, one for each unit. Historically, this apartment building has always had the occupancy rate of 100%. This is an ideal opportunity for owners who enjoy stable cash flow in a solid rental neighborhood with healthy rent increases to apply for higher returns in the next 12 months.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1963
Lot Details
- 0.38 Acre Lot
- No Common Walls
- Landscaped
- Front Yard
- Density is 36-40 Units/Acre
Home Design
- Frame Construction
- Composition Roof
- Wood Siding
- Stucco
Interior Spaces
- 13,862 Sq Ft Home
- Blinds
- Wood Flooring
Kitchen
- Gas Cooktop
- Disposal
Bedrooms and Bathrooms
- 6 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Parking
- 14 Parking Spaces
- 14 Carport Spaces
- Parking Available
Pool
- Private Pool
- Fence Around Pool
Location
- Property is near a park
- Suburban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
Listing and Financial Details
- Tenant pays for cable TV, electricity, gas
- Tax Lot 22
- Tax Tract Number 21003
- Assessor Parcel Number 8429033032
Community Details
Recreation
- Community Pool
Building Details
- 14 Leased Units
- 14 Separate Electric Meters
- 15 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,345
- Gardener Expense $1,200
- Insurance Expense $2,942
- Maintenance Expense $7,533
- Pool Expense $1,680
- Professional Management Expense $6,592
- Trash Expense $4,471
- Water Sewer Expense $8,682
- New Taxes Expense $27,892
- Gross Income $16,180
- Net Operating Income $119,158
Additional Features
- 14 Units
- Laundry Facilities
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/30/2014 06/30/14 | Sold | $2,350,000 | -4.1% | $170 / Sq Ft |
| 05/16/2014 05/16/14 | Pending | -- | -- | -- |
| 03/25/2014 03/25/14 | For Sale | $2,450,000 | -- | $177 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
R
Buyer's Agent in 2014
Robert Huang
DYNASTY REAL ESTATE
(909) 373-2505
13 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV14060791
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