19531 E Cienega Avenue

Covina, CA 91724

PRICE REDUCED

arrow_downward
-$211,500 (-3.11%)

$6,588,000

List Price

40

bed Beds

40

shower Baths

16,191 sqft

straighten / sqft

1988

calendar_month Built

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.

Listing Information

List Price $6,588,000
Status Active
MLS 24433699
Type Residential Income
Year Built 1988
Lot Size 40,957
Structure Size 16,191
DOM 26
Courtesy Of Colliers International Greater Los Angel
Listing Agent Edward Pan DRE#01894476

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms 40
Total Bathroom
Bathrooms 40
Additional Information
Additional Features Ceiling Fan(s)
Cooling Type
Cooling Type Central Air

Exterior Information

Maps

Listing information courtesy of: Edward Pan, Colliers International Greater Los Angel . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 5:51 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.