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Property Description

Price improvement motivated seller bring all offers. We are pleased to present for sale a 20-unit multifamily property situated at 19531 E Cienega Ave in Covina. This property offers investors the opportunity to acquire a pride-of-ownership, value-add real estate asset in the heart of the San Gabriel Valley. Constructed in 1988, the property features a favorable unit mix consisting entirely of large 2-bedroom, 2-bathroom units. The units total approximately 16,191 square feet on a spacious 0.94-acre lot. Each unit includes its own patio or balcony and is separately metered for gas and electricity, providing added convenience. The property boasts an onsite laundry facility, a swimming pool, and secure gated entries. Parking accommodations include ample carports and uncovered spaces on the large lot. Offered on the market for the first time in over 20 years, the majority of the units have been renovated by the owner. Current rents are significantly below market, providing over 25% upside on rents. Additionally, there is potential for extra rental income by adding accessory dwelling units (ADU), subject to verification by the buyer. Strategically positioned, 19531 E Cienega Ave offers convenient access to a multitude of amenities and attractions. The property is located in close proximity to supermarkets, national retailers, restaurants, and schools, with easy access to major transportation arteries, including the 210 and 10 freeways and the Covina Metrolink Station. This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Covina.

Features
: Fenced, In ground
: Central
: Central Air
2
: Community
0
Additional Information
Colliers International Greater Los Angel
0
CLW-C132156
CLW-X73445
Edward
8404002038
: Standard
Two
32

Multi-Family For Sale

19531 Cienega Avenue, Covina, California 91724

16,191 Sqft
$6,588,000
Listing ID #24433699
Basic Details
Status : Active
DaysOnMarket : 26
Property Type : Multi-Family
Listing Type : For Sale
Listing ID : 24433699
Price : $6,588,000
Living Area : 16,191 Sqft
Lot Size : 40,957 Sqft
Year Built : 1988
Country : US
State : California
County : Los Angeles
City : Covina
Zipcode : 91724
Price Per Square Foot : $407
ModificationTimestamp : 2024-09-24 23:12:48
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