NOT LISTED FOR SALE

514 E Cypress St Covina, CA 91723

3 Beds
2 Baths
16,123 Sq Ft
0.64 Acres

Last Sold April 01, 2016

Last sale price $7,025,000 $436 Per Sq Ft

105 Days on Market

Highlights

  • In Ground Pool
  • 0.64 Acre Lot
  • Landscaped
  • South Hills High School Rated A-
  • Corner Lot
  • 3-minute walk to Kelby Park

About This Home

As of April 2016

NOTE: Property must be sold with 826 North Barranca Avenue, Covina under one transaction. $7,600,000 is for BOTH properties. ML Number: 15255177

This investment offering is located at 514 East Cypress Street and 826 North Barranca Avenue is a 40-unit asset located in the City of Covina, California. Built in 1961 and 1963, the property consists of four, two-story buildings that surround two landscaped center courtyards, with pools and two laundry facilities.

The complex is conveniently located between both the Foothill (210) and Pomona (10) Freeways. There is a park and senior center directly across the street from The Bahamas making the property attractive to families.

At a CAP rate of over 4.5%, The Bahamas provides an investor the opportunity to acquire an excellent asset at an exceptional price in an area that is in one of the highest in demand of any in the San Gabriel Valley.

Investment Highlights
¦ Central Air and Individual Water Heaters
¦ 62 Parking Spaces with 3 2-Car Garages that can be Rented
¦ Large Units with Patios
¦ Gated Communities
¦ Below Market Rents
¦ Surrounded by Single Family Residences
¦ Across from a Park and Senior Center
All Second Bathroom have Tubs which can be Upgraded

Last Agent to Sell the Property

Mark Sanfilippo

KELLER WILLIAMS COVINA License #01869254 Listed on: 12/01/2015

KELLER WILLIAMS COVINA

Last Buyer's Agent

Mark Sanfilippo

KELLER WILLIAMS COVINA License #01869254 Listed on: 12/01/2015

KELLER WILLIAMS COVINA

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 0.64 Acre Lot
  • Two or More Common Walls
  • Landscaped
  • Corner Lot
  • Level Lot

Home Design

  • 16,123 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Parking

  • 38 Parking Spaces
  • 19 Carport Spaces
  • Parking Available

Pool

  • In Ground Pool
  • Fence Around Pool

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Listing and Financial Details

  • Tax Lot 8429
  • Tax Tract Number 3410
  • Assessor Parcel Number 8429031015

Community Details

Overview

  • 2 Buildings
  • 16 Units

Building Details

  • 16 Separate Electric Meters
  • 16 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $5,600
  • Professional Management Expense $7,900
  • Trash Expense $4,304
  • Water Sewer Expense $8,608
  • New Taxes Expense $52,617
  • Gross Income $17,800
  • Net Operating Income $134,571

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Listing Details

  • Professional Management Expense: 7900.00
  • Property Attached: Yes
  • Water Sewer Expenses: 8608.00
  • Property Type: Residential Income
  • Parcel Number: 8429031015
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 2+ Common Walls
  • Price Per Square Foot: 435.71

Exterior Features

  • Pool Features: Fenced, In Ground
  • Pool Private: Yes

Garage/Parking

  • Carport Spaces: 19.00
  • Parking: Yes
  • Parking Features: Carport
  • Total Parking Spaces: 38.00

Utilities

  • Utilities: Sewer Connected
  • Trash Expense: 4304.00
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Curbs, Gutters, Sidewalks, Street Lights

Lot Info

  • Lot Features: Level, Landscaped, Lot 20000-39999 Sqft, Corner Lot
  • Lot Size Sq Ft: 28020.00
  • Price Per Lot Square Foot: 250.71
  • Lot Size Acres: 0.6430

Multi Family

  • Gross Income: 17800.00
  • Gross Scheduled Income: 213600.00
  • Insurance Expense: 5600.00
  • Lot Size Area: 28020.0000 Square Feet
  • Net Operating Income: 134571.00
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 16
  • Operating Expense: 79029.00
  • Rent Control: No

Tax Info

  • New Taxes Expense: 52617.00
  • Tax Lot: 8429
  • Tax Tract Number: 3410

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/01/2016 04/01/16 Sold $7,025,000 -7.6% $436 / Sq Ft
03/15/2016 03/15/16 Pending -- -- --
12/01/2015 12/01/15 For Sale $7,600,000 -- $471 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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 $48,939 $4,773,600 $3,468,000 $1,305,600
2024 $48,939 $3,663,805 $2,525,977 $1,137,828
2023 $48,275 $3,591,967 $2,476,449 $1,115,518
2022 $47,669 $3,521,538 $2,427,892 $1,093,646
2021 $46,958 $3,452,489 $2,380,287 $1,072,202
2019 $45,929 $3,350,698 $2,309,688 $1,041,010
2018 $44,051 $3,285,010 $2,264,400 $1,020,610
2016 $20,889 $1,361,960 $286,929 $1,075,031
2015 $20,338 $1,341,504 $282,620 $1,058,884
2014 $20,142 $1,315,226 $277,084 $1,038,142
Source: Public Records

Agents Affiliated with this Home

  • Mark Sanfilippo

    Seller's Agent in 2016

    Mark Sanfilippo

    KELLER WILLIAMS COVINA

    (909) 660-6050

    5 Total Sales

    Mark Sanfilippo
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: CV15255117

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Covina 91722

514 E Cypress St, Covina, CA

Not Listed for Sale

MultiFamily

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