21306 E ArrowCovina, CA 91724

Description

First Time for Sale Since 1975 – Exceptionally Rare 16-Unit Single-Story Value-Add Multifamily across from City of Glendora and at the border of San Dimas, Offering Over 8% Pro Forma CAP Rate (All Month-to-Month Tenants). Centrally Located Near Shopping, Major Freeways, and Minutes from Colleges and Universities. Excellent Unit Mix (All 2-Bed), Situated on a Large, Over-Parked Lot with Clear ADU Upside Potential (Possibly 4 ADUs – Buyer to Verify). Total 4 Units Will Be Delivered Vacant. Copper Plumbing, Roof mostly upgraded recently. 21306–21310 E Arrow Highway, Covina, CA 91724 — a rare single-story layout multifamily investment opportunity located in the City of Covina. This is the first time this property offered for sale since 1975 (50 years). This value-add investment provides an excellent opportunity for savvy investors to increase the return to market level (over 8% CAP Rate – ALL tenants are month-to-month) and add several ADUs on the lot (buyer to verify). The property is strategically located on E Arrow Highway right across from the City of Glendora and at the border of City of San Dimas, and within blocks away from multiple shopping and dining (San Dimas Plaza, Glendora Public Market, etc.). Built in 1963, the property is a single-story garden-style apartment comprised of 16 units (spread over 4 fourplexes) totaling ±14,960 square feet which translates to a large average size per unit of ±935 sf (buyer to verify). It sits on a large ±34,878 square foot C4 zoned lot (±0.80 acre). Although the property address is on Arrow Hwy, the lot sits behind 2 commercial properties which create a barrier from traffic noise and create a more private setting for the tenants. It has 2 long driveways on each side to access the property. The property consists of four (4) x fourplexes and offers a superb unit mix of ALL 2bedroom+1bathroom units (Avg. size of 935 SF/unit - buyer to verify). It is currently fully occupied, and owner occupies 2 units (which will be delivered vacant). Two of the fourplexes (8 units) have a newer roof, each unit has laundry hookups, individual water heater and separately metered for electricity and gas. Each fourplex/building has six (6) parking spaces (garage/carport) making a total of 24 parking spaces. If the new owner only give 1 parking space to each unit, there are 8 extra parking spaces that can be easily converted into 4 new ADUS (buyer to verify). Recent CAPEX include plumbing upgrades to copper pipe in 2007.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1963

Stories

1

Building area

14,960 Sq Ft

Lot size

0.80 acres

Parking spaces

24

Days on market

63

MLS^® Listing#

AR26165785

Property Features

Cooling

Wall/Window Unit(s)

Heating

Wall Furnace

Flooring

Carpet · Laminate · Tile

Fireplace

None

Pool

None

Parking

Attached Carport · Assigned

Laundry

Washer Hookup · Gas Dryer Hookup

Fencing

None

Lot features

Level · Near Public Transit · Rectangular Lot

Foundation

Slab

Roof

Shingle

Community

Park

Utilities

Cable Connected · Electricity Connected · Natural Gas Connected · Phone Available · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

None

Parcel number

8401021060

Directions

210 FWY EXIT SUNFLOWER AVE, GO SOUTH, AND LEFT ON ARROW HWY.