78-Unit Apartment
New
For Sale
$22,500,000
19550 E Cienega Avenue, Covina, CA 91724
Two-story apartment community with gated pool, spa, upgraded interiors, and on-site laundry facilities.
Property Size65,688 SF
Lot Size3.35 Acres
Days on Market3
Property Features for 19550 E Cienega Avenue
General Information
Standard status
Active
Size
65,688 SF
Total Parking Spaces
177
Lot size
3.35 Acres
Property subtype
Apartment
Units
Unit Mix
49 x 2BR/2BA, 29 x 3BR/2BA
Multifamily Units
78
Taxes and HOA fees
Annual Taxes
$254,703
Amenities
gated pool and spa
barbecue areas
property-owned laundry facility
Building Details
Building Size
65,688 SF
Year Built
1988
Buildings
4
Stories
2
Listing Agency:
Keller Williams Realty/Pasadena
Listed By:
KEVIN LUTZ · License #00925595
(626) 429-0685
Source:
Archetyperealty
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 10 at 6:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty/Pasadena
Investment Insights
Based on property information with market context.
This 78-unit apartment property comprises four two-story buildings on 3.35 acres. The unit mix includes 49 two-bedroom, two-bath residences and 29 three-bedroom, two-bath residences. Community amenities include a gated pool and spa, barbecue areas, 177 parking spaces, and a laundry facility owned by the property. Interior improvements have been completed in approximately 68% of the units, including stone countertops, custom cabinetry, and full appliance packages in upgraded residences.
The property is located in the Charter Oak neighborhood of Covina within unincorporated Los Angeles County. A pool and spa renovation was completed in 2024, and Building B's roof was replaced in 2026. The asset is subject to the LA County Rent Stabilization Ordinance, and the source information identifies potential for ADU additions, subject to buyer evaluation. The property was built in 1988 and has been family owned and operated for 37 years.
The property is located in the Charter Oak neighborhood of Covina within unincorporated Los Angeles County. A pool and spa renovation was completed in 2024, and Building B's roof was replaced in 2026. The asset is subject to the LA County Rent Stabilization Ordinance, and the source information identifies potential for ADU additions, subject to buyer evaluation. The property was built in 1988 and has been family owned and operated for 37 years.
Key Highlights
- 78 units across four two‑story buildings on 3.35 acres
- Unit mix includes 49 two‑bedroom/two‑bath and 29 three‑bedroom/two‑bath residences
- 177 on‑site parking spaces plus a property‑owned laundry facility
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,056,972
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$21,139,440
$21.1M
Cap Rate 7%
$15,099,600
$15.1M
Cap Rate 9%
$11,744,133
$11.7M
Market Conditions
NOI Build-Up for 65,688 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.09M $31.80/SF
− Vacancy
−$167.1K −$2.54/SF
EGI
$1.92M $29.26/SF
− OpEx
−$864.8K −$13.17/SF
NOI
$1.06M $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$21,139,440
Cap Rate 7%
$15,099,600
Cap Rate 9%
$11,744,133
Alternative Uses
Best Use
Apartment 5plus
$15.10M
$13.21M – $17.62M
NOI $1,056,972 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$35.17M
$30.77M – $41.03M
NOI $2,461,837 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
78
Residential units
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
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Business Placement
Demographics for 91724, CA
27,180
Population
9,372
Households
2.9
Avg Household Size
41
Median Age
36%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
4,384
Density / Sq Mi
$102,129
Median Household Income
$49,276
Median Earnings
$2,056
Median Rent
$722,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story apartment community with gated pool, spa, upgraded interiors, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 19550 E Cienega Avenue Covina, CA.
What is the asking price?
The asking price for this property is $22,500,000.
What are key features of this property?
This property features: 78 units across four two‑story buildings on 3.35 acres; Unit mix includes 49 two‑bedroom/two‑bath and 29 three‑bedroom/two‑bath residences; 177 on‑site parking spaces plus a property‑owned laundry facility
