Seller's Agent in 2014
Eric Chen
CB RICHARD ELLIS
(909) 418-2030
65 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 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 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 | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $38,401 | $2,880,770 | $1,041,979 | $1,838,791 |
| 2024 | $38,401 | $2,824,286 | $1,021,549 | $1,802,737 |
| 2023 | $37,885 | $2,768,909 | $1,001,519 | $1,767,390 |
| 2022 | $37,413 | $2,714,618 | $981,882 | $1,732,736 |
| 2021 | $36,851 | $2,661,391 | $962,630 | $1,698,761 |
| 2019 | $36,053 | $2,583,280 | $934,079 | $1,649,201 |
| 2018 | $34,585 | $2,532,644 | $915,764 | $1,616,880 |
| 2016 | $32,627 | $2,433,506 | $880,204 | $1,553,302 |
| 2015 | $31,714 | $2,396,953 | $866,983 | $1,529,970 |
| 2014 | $31,305 | $2,349,811 | $1,092,935 | $1,256,876 |
Source: Public Records
Agents Affiliated with this Home
-
Eric Chen
-
Robert Huang
R
Buyer's Agent in 2014
Robert Huang
DYNASTY REAL ESTATE
(909) 373-2505
11 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV14060791
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
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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