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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
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 -
Walk Score ®
Very Walkable (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

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*
  • Listing ID: 33058446

  • Date on Market: 9/4/2024

  • Last Updated:

  • Address: 731 N Azusa Ave, West Covina, CA 91791

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