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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.
Property Type(s):
Residential Income
| Last Updated | 10/6/2024 | Year Built | 1988 |
|---|---|---|---|
| Community | Covina | County | Los Angeles |
Price History
| Prior to Sep 24, '24 | $6,799,500 |
|---|---|
| Sep 24, '24 - Today | $6,588,000 |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher |
| AREA | Covina |
| GARAGE | Carport |
| HEAT | Central |
| INTERIOR | Ceiling Fan(s) |
| LOT | 0.94 acre(s) |
| LOT DIMENSIONS | 161x260 |
| PARKING | Carport |
| POOL | Yes |
| POOL DESCRIPTION | Fenced,In Ground |
| STORIES | 2 |
| ZONING | LCA17500* |
Location
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Listed with Colliers International Greater Los Angel
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