West Covina Gardens | 731 N Azusa Ave
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West Covina Gardens 731 N Azusa Ave
28 Unit Apartment Building $6,950,000 ($248,214/Unit) 5.16% Cap Rate West Covina, CA 91791
Investment Highlights
- Laudry room
- Garages
- Community pool
Executive Summary
This well-maintained two-story apartment building presents an excellent investment opportunity in a highly sought-after market. Comprising 28 units, including twenty-four 2-bed, 1-bath units, three 1-bed, 1-bath units, and one studio. Key features include a separate community laundry room and a gated in-ground pool centrally located in the courtyard, providing a serene escape for residents. The property is secured with a gated entrance, ensuring peace of mind for tenants. Additionally, there are 28 garages with storage, plus 4 extra parking spaces currently being rented, adding to the income potential. The building is efficiently managed with 29 electric meters, 29 gas meters, and 1 water meter. Positioned on a beautiful tree-lined street and the 10 Freeway, this property is an enticing option for investors looking to expand their portfolio in a desirable and thriving area. Buyers and/or their agent to complete their own due diligence in regard to all aspects of the property, including but not limited to income, expenses, and potential rents, etc. ***For Investment Analysis and Offer Cover Sheet click on attachments***
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $512,052 | $22.83 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $512,052 | $22.83 |
Taxes | $79,500 | $3.54 |
Operating Expenses | $90,864 | $4.05 |
Total Expenses | $170,364 | $7.60 |
Net Operating Income | $341,688 | $15.23 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $512,052 |
Annual Per SF | $22.83 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $512,052 |
Annual Per SF | $22.83 |
Taxes | |
---|---|
Annual | $79,500 |
Annual Per SF | $3.54 |
Operating Expenses | |
---|---|
Annual | $90,864 |
Annual Per SF | $4.05 |
Total Expenses | |
---|---|
Annual | $170,364 |
Annual Per SF | $7.60 |
Net Operating Income | |
---|---|
Annual | $341,688 |
Annual Per SF | $15.23 |
Property Facts Under Contract
Price | $6,950,000 | Apartment Style | Low Rise |
Price Per Unit | $248,214 | Building Class | C |
Sale Type | Investment | Lot Size | 0.77 AC |
Cap Rate | 5.16% | Building Size | 22,428 SF |
No. Units | 28 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1960 |
Property Subtype | Apartment | Parking Ratio | 1.43/1,000 SF |
Price | $6,950,000 |
Price Per Unit | $248,214 |
Sale Type | Investment |
Cap Rate | 5.16% |
No. Units | 28 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.77 AC |
Building Size | 22,428 SF |
No. Stories | 2 |
Year Built | 1960 |
Parking Ratio | 1.43/1,000 SF |
Site Amenities
- Laundry Facilities
- Pool
- Gated
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
2+1 | 24 | $1,488 | - |
1+1 | 3 | $1,373 | - |
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Walk Score ®
Very Walkable (72)
PROPERTY TAXES
Parcel Number | 8442-008-009 | Total Assessment | $1,262,727 |
Land Assessment | $252,527 | Annual Taxes | $79,500 ($3.54/SF) |
Improvements Assessment | $1,010,200 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
8442-008-009
Land Assessment
$252,527
Improvements Assessment
$1,010,200
Total Assessment
$1,262,727
Annual Taxes
$79,500 ($3.54/SF)
Tax Year
2023
zoning
Zoning Code | WCR3-MF45* |
WCR3-MF45* |
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West Covina Gardens | 731 N Azusa Ave
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