Apartment Building with Assigned
For Sale
$4,498,000
21306 E Arrow, Covina, CA 91724
The property includes wall-mounted units, a wall furnace, and assigned covered parking.
Property Size14,960 SF
Days on Market35
Property Features for 21306 E Arrow
General Information
Standard status
Active
Size
14,960 SF
Property subtype
Apartment
Building Details
Building Size
14,960 SF
Year Built
1963
Listing Agency:
Growth Investment Group Pasade
(626) 224-2495
Listed By:
Handoko Chen · License #01749321
Source:
Velocityrealtysd
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 30 at 10:33PM
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 Growth Investment Group Pasade
Investment Insights
Based on property information with market context.
This apartment building at 21306 E Arrow in Covina, California, was constructed in 1963. Interior features include wall/window unit(s) and a wall furnace. The property also provides an attached carport with assigned parking.
Access is described from the 210 Freeway via the Sunflower Avenue exit, continuing south before turning left onto Arrow Highway. The property is located in Los Angeles County.
Access is described from the 210 Freeway via the Sunflower Avenue exit, continuing south before turning left onto Arrow Highway. The property is located in Los Angeles County.
Key Highlights
- 1963 construction year
- Attached carport with assigned parking
- Wall/window unit(s) listed among interior features
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
$240,718
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
5.35%
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%
$4,814,360
$4.8M
Cap Rate 7%
$3,438,829
$3.4M
Cap Rate 9%
$2,674,644
$2.7M
Market Conditions
NOI Build-Up for 14,960 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
$475.7K $31.80/SF
− Vacancy
−$38.1K −$2.54/SF
EGI
$437.7K $29.26/SF
− OpEx
−$197.0K −$13.17/SF
NOI
$240.7K $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%
$4,814,360
Cap Rate 7%
$3,438,829
Cap Rate 9%
$2,674,644
Alternative Uses
Best Use
Apartment 5plus
$3.44M
$3.01M – $4.01M
NOI $240,718 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.01M
$7.01M – $9.34M
NOI $560,667 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The property includes wall-mounted units, a wall furnace, and assigned covered parking.
Where is this apartment building located?
The property is located at 21306 E Arrow Covina, CA.
What is the asking price?
The asking price for this property is $4,498,000.
What are key features of this property?
This property features: 1963 construction year; Attached carport with assigned parking; Wall/window unit(s) listed among interior features
