19529 Cypress St Covina, CA 91724-2062

This 11-unit apartment building, built in 1984, presents a compelling investment opportunity. Located at 19529 E Cypress St, Covina, CA 91724, in unincorporated Los Angeles County, this property boasts 9,207 square feet on a 0.37-acre lot. The building features eleven two-bedroom, one-bathroom units, each with two parking spaces (a mix of tuck-under with storage, carport, and open spaces). Amenities include an on-site laundry room, copper plumbing, central air conditioning and heating, and upgraded dual-pane windows in most units. Selected kitchens and bathrooms have been recently renovated. All units have individual gas and electric meters. The property enjoys a prime location near major freeways (I-210, 10, and CA-57), the Metrolink Covina Station, and numerous shopping and dining options, including Stater Bros Markets, Dollar Tree, and Vons. Nearby schools include Cedargrove Elementary, Sonrise Christian School, Royal Oak Middle School, and Charter Oak High School. Recreational opportunities abound with proximity to Kahler Russell Park and the Via Verde Country Club. The current NOI is $141,403, with a pro-forma NOI of $244,961, representing a significant upside potential. An existing loan is assumable at a fixed rate of 3.07% until October 2026. The asking price is $3,288,000, representing a price per unit of $298,909.09 and a price per square foot of $357.12. The current cap rate is 4.30%, with a pro-forma cap rate of 7.45%. The average household income within a 5-mile radius exceeds $116,000.