211 Center StCovina, CA 91723

Property Details for 211 Center St

Year built

1962

Construction

WOOD

Lot size

0.24 AC

Property size (Sq ft)

4,152 SF

Zone code

CVR3-RD125

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

8445-011-020

APU

8445011020

Description

This exceptional 6-unit apartment building presents a compelling investment opportunity in the heart of Covina, California. Situated on a 0.24-acre lot, this single-story property boasts 4,152 square feet of building area, encompassing three separate structures. Each unit features a one-bedroom, one-bathroom floor plan. The property includes six single-car garages with new garage doors accessible via a rear alley, plus two enclosed carports. An on-site laundry room adds convenience for residents. Recent upgrades include new external electrical panels and at least one unit renovated with laminated hardwood flooring and fresh paint. All units have individual gas and electric meters and individual hot water heaters. The property enjoys a highly desirable location, a three-minute walk from Downtown Covina's vibrant shops and restaurants, and within easy reach of major freeways, providing convenient access to the San Gabriel Valley and Inland Empire. Nearby amenities include Target, IKEA, and other major retailers. The area also benefits from excellent schools, including those within the award-winning Covina-Valley Unified School District, and proximity to Mt. San Antonio College and Cal Poly Pomona. The property's strong location and features contribute to a current NOI of $83,044 and a pro-forma NOI of $98,879, representing a 4.90% cap rate and a pro-forma cap rate of 5.83%, respectively. The asking price is $1,695,000, or $282,500 per unit. Seller financing is available.

• CAP approach

  CAP return

  Valuation

  6%

  $1,379,580

  6.5%

  $1,273,459

  7%

  $1,182,498

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,218,698

  Geo Method

  $1,223,794

• Alternative Use

  Use

  Valuation

  Residential

  $1,273,459

  Hospitality

  $1,166,482

  Educational

  $970,499

  Medical

  $1,003,876

  Retail

  $1,509,665

Location Insight

City

Covina

County

Los Angeles

State

California

Latitude

34.0854

Longitude

-117.888

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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