19531 Cienega Ave Covina, CA 91724-1011

Property Details for 19531 Cienega Ave

Year built

1988

Construction

WOOD

Lot size

0.94 lot acres

Property size

16,191 SF

Zone code

LCA17500*

Property type

Apartment buildings

APN

8404-002-038

APU

8404002038

Description

This exceptional 20-unit apartment building presents a compelling investment opportunity in Covina, CA. Built in 1988, the property encompasses 16,191 square feet on a 0.94-acre lot, featuring all two-bedroom, two-bathroom units. The property boasts a 100% occupancy rate, generating a current NOI of $276,871 and a pro-forma NOI of $381,785, representing a 4.20% cap rate and a pro-forma cap rate of 5.80%. The asking price is $6,588,000, or $329,400 per unit, and $406.89 per square foot. Residents enjoy amenities such as an on-site laundry facility, a swimming pool, and secure gated entries. Ample parking is available with carports and uncovered spaces. The majority of units have been renovated, and current rents are significantly below market value, offering substantial upside potential. The property's location provides convenient access to major freeways (210 and 10), the Covina Metrolink Station, supermarkets, restaurants, schools, and other retail amenities. The large lot also presents the possibility of adding accessory dwelling units (ADUs), subject to buyer verification. This fee-simple ownership opportunity offers a strong hedge against inflation in a thriving market. The property's location in Los Angeles County, with APN 8404-002-038, and its strong cash flow potential make it an attractive investment. The property is offered for sale for the first time in over 20 years.