14-Unit Apartment
For Sale
$4,100,000
708 E Ruddock Street, Covina, CA 91723
Central air conditioning serves the units, including six townhouse-style residences.
Property Size14,999 SF
Lot Size0.79 Acres
Price / SF$273.35
Days on Market8
Property Features for 708 E Ruddock Street
General Information
Standard status
Active
Size
14,999 SF
Total Parking Spaces
40
Lot size
0.79 Acres
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
14
Amenities
central air conditioning
gated entrance
Building Details
Year Built
1978
Listing Agency:
Maywood Property Group
Listed By:
Nicholas Hayner
(714) 497-3550
Source:
Sevengables
Added: Sep 25
Changed: Oct 1
Last Checked: Oct 1 at 2:13PM
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 Maywood Property Group
Investment Insights
Based on property information with market context.
This 14-unit apartment property in Covina contains 14,999 square feet on a 34,279-square-foot lot. Built in 1978, the community includes six two-story townhouse-style residences. Central air conditioning and individual water heaters serve the units, while the gated entrance and cul-de-sac setting define the property’s access and layout.
The property was fully occupied at 100%, with many long-term residents. Its 40 parking spaces include two-car garages, one-car garages, covered spaces, and on-grade parking. The source describes the property as not subject to local rent control and subject to state-level regulation.
The property was fully occupied at 100%, with many long-term residents. Its 40 parking spaces include two-car garages, one-car garages, covered spaces, and on-grade parking. The source describes the property as not subject to local rent control and subject to state-level regulation.
Key Highlights
- 14 apartment units on a 34,279‑square‑foot lot
- 14,999 square feet of building area; built in 1978
- Six townhouse‑style units offer two‑story layouts
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
$241,346
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
5.89%
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%
$4,826,920
$4.8M
Cap Rate 7%
$3,447,800
$3.4M
Cap Rate 9%
$2,681,622
$2.7M
Market Conditions
NOI Build-Up for 14,999 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
$477.0K $31.80/SF
− Vacancy
−$38.2K −$2.54/SF
EGI
$438.8K $29.26/SF
− OpEx
−$197.5K −$13.17/SF
NOI
$241.3K $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%
$4,826,920
Cap Rate 7%
$3,447,800
Cap Rate 9%
$2,681,622
Alternative Uses
Best Use
Apartment 5plus
$3.45M
$3.02M – $4.02M
NOI $241,346 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.03M
$7.03M – $9.37M
NOI $562,128 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,559
Businesses Nearby
Explore this area
Business Placement
Demographics for 91723, CA
19,653
Population
6,516
Households
3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
8,545
Density / Sq Mi
$87,363
Median Household Income
$44,154
Median Earnings
$1,711
Median Rent
$663,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Central air conditioning serves the units, including six townhouse-style residences.
Where is this apartment building located?
The property is located at 708 E Ruddock Street Covina, CA.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 14 apartment units on a 34,279‑square‑foot lot; 14,999 square feet of building area; built in 1978; Six townhouse‑style units offer two‑story layouts
