1033 W Cypress St
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1033 W Cypress St
6 Unit Apartment Building $2,200,000 ($366,667/Unit) 3.86% Cap Rate Covina, CA 91722
Investment Highlights
- Well-maintained 6-unit multifamily property with a desirable mix of studio, one-bedroom, and two-bedroom units
- Most units have been upgraded, providing additional appeal to tenants and reducing future capital expenditures
- Prime location across from Northview High School and walking distance to local schools, shops, and restaurants
- Rental upside with current rents below market, offering potential for increased returns
- No local rent control in Covina, allowing rent increases under California AB1482
- Convenient access to Covina Metrolink station and major freeways (10 and 210), enhancing tenant commute options
Executive Summary
The Pacific Partners of Colliers International is pleased to present 1033 W Cypress St, a well-maintained 6-unit multifamily property in Covina, California. This prime investment opportunity offers stable tenancy in the sought-after Southern California rental market.
Built in 1963, this two-story building features a desirable unit mix, including one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters for each unit. Additionally, all units are equipped with wall-mounted air conditioning, and most have undergone significant upgrades.
The property benefits from a solid tenant base, with current rents below market levels, providing great rental upside. With no local rent control in Covina, investors can capitalize on the ability to implement rent increases in line with California AB1482 guidelines.
Strategically located, the property is across from Northview High School and within walking distance to other local schools. Tenants enjoy easy access to Covina's charming downtown, which offers a variety of restaurants, shops, and entertainment options. The property is also close to the Covina Metrolink station and major thoroughfares, including the 10 and 210 freeways, providing convenient commutes.
This offering presents a rare opportunity to acquire a stable, income-producing asset with significant potential for rental growth and long-term appreciation in one of Southern California's resilient rental markets.
Built in 1963, this two-story building features a desirable unit mix, including one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters for each unit. Additionally, all units are equipped with wall-mounted air conditioning, and most have undergone significant upgrades.
The property benefits from a solid tenant base, with current rents below market levels, providing great rental upside. With no local rent control in Covina, investors can capitalize on the ability to implement rent increases in line with California AB1482 guidelines.
Strategically located, the property is across from Northview High School and within walking distance to other local schools. Tenants enjoy easy access to Covina's charming downtown, which offers a variety of restaurants, shops, and entertainment options. The property is also close to the Covina Metrolink station and major thoroughfares, including the 10 and 210 freeways, providing convenient commutes.
This offering presents a rare opportunity to acquire a stable, income-producing asset with significant potential for rental growth and long-term appreciation in one of Southern California's resilient rental markets.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$140,820
|
$27.44
|
| Other Income |
$600
|
$0.12
|
| Vacancy Loss |
$4,225
|
$0.82
|
| Effective Gross Income |
$137,195
|
$26.73
|
| Taxes |
$25,626
|
$4.99
|
| Operating Expenses |
$26,605
|
$5.18
|
| Total Expenses |
$52,231
|
$10.18
|
| Net Operating Income |
$84,964
|
$16.56
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $140,820 |
| Annual Per SF | $27.44 |
| Other Income | |
|---|---|
| Annual | $600 |
| Annual Per SF | $0.12 |
| Vacancy Loss | |
|---|---|
| Annual | $4,225 |
| Annual Per SF | $0.82 |
| Effective Gross Income | |
|---|---|
| Annual | $137,195 |
| Annual Per SF | $26.73 |
| Taxes | |
|---|---|
| Annual | $25,626 |
| Annual Per SF | $4.99 |
| Operating Expenses | |
|---|---|
| Annual | $26,605 |
| Annual Per SF | $5.18 |
| Total Expenses | |
|---|---|
| Annual | $52,231 |
| Annual Per SF | $10.18 |
| Net Operating Income | |
|---|---|
| Annual | $84,964 |
| Annual Per SF | $16.56 |
Property Facts
| Price | $2,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $366,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3.86% | Building Size | 5,132 SF |
| Gross Rent Multiplier | 15.62 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment |
| Price | $2,200,000 |
| Price Per Unit | $366,667 |
| Sale Type | Investment |
| Cap Rate | 3.86% |
| Gross Rent Multiplier | 15.62 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,132 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,470 | 650 |
| 1+1 | 1 | $1,810 | 816 |
| 2+1.5 | 4 | $2,223 | 950 |
PROPERTY TAXES
| Parcel Number | 8420-014-052 | Total Assessment | $1,600,054 |
| Land Assessment | $1,173,374 | Annual Taxes | $25,626 ($4.99/SF) |
| Improvements Assessment | $426,680 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
8420-014-052
Land Assessment
$1,173,374
Improvements Assessment
$426,680
Total Assessment
$1,600,054
Annual Taxes
$25,626 ($4.99/SF)
Tax Year
2024
zoning
| Zoning Code | LCR3* |
| LCR3* |
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