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$6,800,000
P1-28578 MLS ⋅ Active Status
Exceptional opportunity to acquire West Covina Terrace Apartments, a well-located 28-unit multifamily apartment community situated at 1127-1131 E Garvey Ave N in West Covina. Built in 1958, the two-story property encompasses approximately 18,382 square feet of building area on an approximately 33,829-square-foot (0.78-acre) lot.The property is currently generating approximately $539,000 in annual gross income, providing an investor with substantial in-place revenue from day one. With an asking price of $6,800,000, the property is offered at approximately $243,000 per unit, an attractive basis for a 28-unit multifamily asset in the San Gabriel Valley. In addition to its current income stream, the property offers the potential for future revenue growth through continued professional management and the opportunity to increase rents over time as permitted.West Covina Terrace features a desirable and diversified unit mix consisting of 4 studio units, 20 one-bedroom/one-bathroom units, and 4 two-bedroom/one-bathroom units. The strong concentration of highly marketable one-bedroom apartments, complemented by studio and two-bedroom residences, appeals to a broad tenant base and provides a balanced rental mix.Additional property features include a gated courtyard-style setting, community laundry facilities, 28 separately metered electrical services, and designated on-site parking for every unit. Providing each residence with assigned parking is a particularly desirable amenity in the Southern California rental market and further enhances the property's tenant appeal.Strategically positioned along the Garvey Avenue corridor, the property offers excellent access to the I-10 Freeway and is conveniently located near Plaza West Covina, shopping, restaurants, employment centers, schools and everyday services. Its central San Gabriel Valley location provides convenient connectivity to surrounding communities and the greater Los Angeles area.The surrounding area also benefits from attractive demographics, with approximately 23,000 residents and more than 7,000 households within a one-mile radius, along with a median household income of approximately $89,000.

1127 1131 E Garvey Avenue N, West Covina
$1,850,000
SW26150430 MLS ⋅ Active Status
Excellent investment opportunity in the heart of West Covina. This well maintained five unit apartment building sits on a generous 12,079 square foot lot and offers a total of 5,310 square feet of living space. The property features an attractive unit mix of four 2 bedroom, 1 bathroom units and one spacious 3 bedroom, 2.5 bathroom unit, providing strong rental appeal for a variety of tenants. Many of the units have been updated with recessed lighting and newer cabinetry, while the spacious three bedroom unit also features central air conditioning. The building has been upgraded with PEX plumbing and includes a 200 gallon water heater with a hot water recirculation system to improve efficiency and tenant comfort. Parking is a valuable feature with three garages on the property. The larger unit includes a two car garage, while each of the remaining four units has a garage space plus an additional assigned outdoor parking space. Conveniently located near shopping, restaurants, schools, parks, and major freeways, this property offers both accessibility and strong long term rental appeal. Whether you are looking to expand your investment portfolio or acquire a well maintained multifamily property in a desirable location, this is an opportunity you won’t want to miss.

2323 E Garvey Avenue N, West Covina

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.