Garden-Style Multifamily Apartment
For Sale
$7,280,000
826 N Barranca, Covina, CA 91723
Twenty-four-unit apartment community featuring central HVAC, on-site laundry, and a community swimming pool.
Property Size22,820 SF
Days on Market108
Property Features for 826 N Barranca
General Information
Standard status
Active
Size
22,820 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Multifamily Units
24
Building Details
Building Size
22,820 SF
Year Built
1961
Tenancy
Multi
Listing Agency:
MacroReal Inv Grp Inc.
Listed By:
Grady Liu · License #01290494
(626) 236-8934
Source:
Velocityrealtysd
Added: May 21
Changed: Aug 28
Last Checked: Sep 5 at 4:38AM
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 MacroReal Inv Grp Inc.
Investment Insights
Based on property information with market context.
The Bahamas Apartment is a 24-unit garden-style multifamily community built in 1961. The property offers a mix of studio, one-bedroom, two-bedroom, and four-bedroom floor plans, with select units noted as upgraded. Common features include central HVAC, on-site laundry facilities, covered carport parking, and storage areas. The community also has a swimming pool and pitched composition roofs, supporting a straightforward, tenant-ready residential setup.
The property is located at 826 N Barranca Avenue in Covina, California, with immediate access to the I-10, I-210, and I-605 freeways. Nearby conveniences include Azusa Pacific University, Citrus College, Cal Poly Pomona, Plaza West Covina, and the Covina Metrolink Station, providing regional connectivity for residents.
This offering is positioned for investors or 1031 exchange buyers seeking long-term ownership of an apartment community. From a regulatory standpoint, the property is subject only to California AB-1482 and is not under local rent control, which may offer additional flexibility for future ownership and operations. The current unit mix and on-site amenities make the community practical for tenants looking for a range of apartment sizes within a garden-style setting.
The property is located at 826 N Barranca Avenue in Covina, California, with immediate access to the I-10, I-210, and I-605 freeways. Nearby conveniences include Azusa Pacific University, Citrus College, Cal Poly Pomona, Plaza West Covina, and the Covina Metrolink Station, providing regional connectivity for residents.
This offering is positioned for investors or 1031 exchange buyers seeking long-term ownership of an apartment community. From a regulatory standpoint, the property is subject only to California AB-1482 and is not under local rent control, which may offer additional flexibility for future ownership and operations. The current unit mix and on-site amenities make the community practical for tenants looking for a range of apartment sizes within a garden-style setting.
Key Highlights
- 24‑unit garden‑style apartment community in Covina, CA at 826 N Barranca Avenue
- Built in 1961; unit mix includes studio, 1‑bedroom, 2‑bedroom, and 4‑bedroom floor plans
- Average unit size of approximately 951 SF, with select units reportedly upgraded
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
$367,192
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
5.04%
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%
$7,343,840
$7.3M
Cap Rate 7%
$5,245,600
$5.2M
Cap Rate 9%
$4,079,911
$4.1M
Market Conditions
NOI Build-Up for 22,820 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
$725.7K $31.80/SF
− Vacancy
−$58.1K −$2.54/SF
EGI
$667.6K $29.26/SF
− OpEx
−$300.4K −$13.17/SF
NOI
$367.2K $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%
$7,343,840
Cap Rate 7%
$5,245,600
Cap Rate 9%
$4,079,911
Alternative Uses
Best Use
Apartment 5plus
$5.25M
$4.59M – $6.12M
NOI $367,192 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.22M
$10.69M – $14.25M
NOI $855,242 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,066
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
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 - Twenty-four-unit apartment community featuring central HVAC, on-site laundry, and a community swimming pool.
Where is this apartment building located?
The property is located at 826 N Barranca Covina, CA.
What is the asking price?
The asking price for this property is $7,280,000.
What are key features of this property?
This property features: 24‑unit garden‑style apartment community in Covina, CA at 826 N Barranca Avenue; Built in 1961; unit mix includes studio, 1‑bedroom, 2‑bedroom, and 4‑bedroom floor plans; Average unit size of approximately 951 SF, with select units reportedly upgraded
