544 S 1st Ave Unit 3 Covina, CA 91723
Estimated payment $7,917/month
Highlights
- No HOA
- Cooling System Mounted To A Wall/Window
- 6 Attached Carport Spaces
- South Hills High School Rated A-
- Laundry Room
- Central Heating
About This Home
Probate Sale! 5 Units in Covina! We are pleased to exclusively offer for sale this value-add opportunity which is comprised of of two (2-Bedroom/1-Bathroom) units and three (1-Bedroom/1-Bathroom) units, totaling 3,788 rental square feet on a 7,827 square foot lot. This asset provides desirable tenant amenities including an onsite laundry facility and covered car-port parking, enhancing the living experience and convenience for residents.
Each unit is individually metered for electricity (all electric building), offering efficiency in utility management while the owner covers the water and trash expenses. Notably, three of the units will be delivered vacant, presenting an immediate opportunity to adjust rental rates to current market levels. The property boasts a potential 6.78% market CAP Rate and an 10.67 market Gross Rent Multiplier (GRM), illustrating its profitability and appeal as an investment.
This probate sale requires court confirmation and is to be sold in "as-is" condition. Importantly, no loan contingency is allowed and the terms stipulate the need to close escrow in 30 days or less. This property represents a prime investment with significant upside potential in a sought-after Covina location.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1962
Lot Details
- 7,827 Sq Ft Lot
- Two or More Common Walls
- Brick Fence
- Density is up to 1 Unit/Acre
Home Design
- Apartment
- Shingle Roof
Interior Spaces
- 3,788 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 7 Bedrooms
- 5 Bathrooms
Parking
- 6 Parking Spaces
- 6 Attached Carport Spaces
- Parking Available
Outdoor Features
- Exterior Lighting
Utilities
- Cooling System Mounted To A Wall/Window
- Central Heating
Listing and Financial Details
- Tax Lot 13
- Tax Tract Number 17368
- Assessor Parcel Number 8445026005
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 5 Units
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 5 Separate Electric Meters
- 1 Separate Water Meter
- Electric Expense $225
- Insurance Expense $3,840
- Trash Expense $3,600
- Water Sewer Expense $1,560
- New Taxes Expense $13,978
- Operating Expense $27,703
- Gross Income $112,044
- Net Operating Income $81,387
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/22/2025 03/22/25 | Pending | -- | -- | -- |
| 02/24/2025 02/24/25 | For Sale | $1,200,000 | -- | $317 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV25040761
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