1127 1131 E Garvey AVE N, West Covina, CA 91790
1127 1131 E Garvey AVE N, West Covina, CA 91790
1127 1131 E Garvey AVE N, West Covina, CA 91790
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$6,800,000
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1127 1131 E Garvey AVE N West Covina, CA 91790

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Herb Rim

Herb Rim

+1(818) 699-9179

UPDATED:

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID P1-28578

HOA Y/N No

Year Built 1958

Property Sub-Type Multi Family

Property Description

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.

Location

State CA

County Other

Area 669 - West Covina

Zoning wcr3-mf20

Interior

Heating Wall Furnace

Cooling Ductless

Fireplace No

Laundry Common Area

Exterior

Utilities Available See Remarks

Roof Type Composition

Present Use Multi-Family

Total Parking Spaces 32

Building

Lot Description 26-30 Units/Acre, Landscaped, Sprinklers None

Dwelling Type Multi Family

Story 2

Water Public

Others

Tax ID 8456023036

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by BHHS California Properties #01329663

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1127 1131 E Garvey AVE N

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Herb Rim

Herb Rim

Realtor License ID: 01870707

+1(818) 699-9179

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