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$ 6,588,000

Est. payment -/mo

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Price Dropped by $211K

19531 E Cienega Ave Covina, CA 91724

40 Beds

40 Baths

16,191 SqFt

UPDATED:

09/25/2024 06:00 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 16,191 sqft

Price per Sqft $406

MLS Listing ID 24-433699

Bedrooms 40

Construction Status Updated/Remodeled

Year Built 1988

Lot Size 0.940 Acres

Acres 0.9402

Property Description

Price improvement motivated seller bring all offers. We are pleased to present for sale a 20-unit multifamily property situated at 19531 E Cienega Ave in Covina. This property offers investors the opportunity to acquire a pride-of-ownership, value-add real estate asset in the heart of the San Gabriel Valley. Constructed in 1988, the property features a favorable unit mix consisting entirely of large 2-bedroom, 2-bathroom units. The units total approximately 16,191 square feet on a spacious 0.94-acre lot. Each unit includes its own patio or balcony and is separately metered for gas and electricity, providing added convenience. The property boasts an onsite laundry facility, a swimming pool, and secure gated entries. Parking accommodations include ample carports and uncovered spaces on the large lot. Offered on the market for the first time in over 20 years, the majority of the units have been renovated by the owner. Current rents are significantly below market, providing over 25% upside on rents. Additionally, there is potential for extra rental income by adding accessory dwelling units (ADU), subject to verification by the buyer. Strategically positioned, 19531 E Cienega Ave offers convenient access to a multitude of amenities and attractions. The property is located in close proximity to supermarkets, national retailers, restaurants, and schools, with easy access to major transportation arteries, including the 210 and 10 freeways and the Covina Metrolink Station. This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Covina.

Location

State CA

County Los Angeles

Area Covina

Zoning LCA17500*

Rooms

Other Rooms None

Interior

Heating Central

Cooling Ceiling Fan, Central

Equipment Ceiling Fan, Dishwasher, Range/Oven

Laundry Community

Exterior

Garage Carport

Garage Spaces 44.0

Pool Fenced, In Ground

Building

Story 2

Level or Stories Two

Construction Status Updated/Remodeled

Others

Special Listing Condition Standard

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Colliers International Greater Los Angel

GUIDE SoCal

Broker | License ID: DRE#01976964

GUIDE SoCal

19531 E Cienega Ave Covina, CA 91724

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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19531 E Cienega Ave