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Key Details
Sold Price $3,275,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID OC23120817
Sold Date 09/29/23
Bedrooms 7
HOA Y/N No
Lot Size 0.390 Acres
Property Description
Cypress Villa is a 12-unit multifamily investment opportunity located in Covina, California. Cypress Villa features a highly desirable mix of 2, 1 bed/1 bath units, 3, 2 bed/1 bath units, 6, 2 bed/1.5 bath units, and 1, 2 bed/2 bath unit. Additionally, the property offers amenities including private patios and balconies (select units), an on-site laundry facility, gated access, a central courtyard, and ample tuck-under parking. Currently, only 25 percent of the units have undergone significant renovations. These unit improvements include fresh paint, hardwood flooring, granite countertops, upgraded cabinetry, new fixtures, modern ceiling fans, and recessed lighting, all of which have allowed current ownership to achieve a rental premium over non-renovated units. Furthermore, a new owner could potentially increase rental income through the continuation of the in-place renovation plan. Cypress Villa benefits from its fantastic Covina location, surrounded by single-family residential neighborhoods and in close proximity to attractive area amenities. Residents enjoy the propertys walkable access to Northview High School as well as an abundance of retailers and restaurants along Azuza Avenue. Additionally, Cypress Villa is located a short drive from the Covina Train Station as well as Interstates 10 and 210, providing convenient access to destinations throughout Southern California.
Cypress Villa is a 12-unit multifamily investment opportunity located in Covina, California. Cypress Villa features a highly desirable mix of 2, 1 bed/1 bath units, 3, 2 bed/1 bath units, 6, 2 bed/1.5 bath units, and 1, 2 bed/2 bath unit. Additionally, the property offers amenities including private patios and balconies (select units), an on-site laundry facility, gated access, a central courtyard, and ample tuck-under parking. Currently, only 25 percent of the units have undergone significant renovations. These unit improvements include fresh paint, hardwood flooring, granite countertops, upgraded cabinetry, new fixtures, modern ceiling fans, and recessed lighting, all of which have allowed current ownership to achieve a rental premium over non-renovated units. Furthermore, a new owner could potentially increase rental income through the continuation of the in-place renovation plan. Cypress Villa benefits from its fantastic Covina location, surrounded by single-family residential neighborhoods and in close proximity to attractive area amenities. Residents enjoy the propertys walkable access to Northview High School as well as an abundance of retailers and restaurants along Azuza Avenue. Additionally, Cypress Villa is located a short drive from the Covina Train Station as well as Interstates 10 and 210, providing convenient access to destinations throughout Southern California.
Location
State CA
County Los Angeles
Area Covina (91722)
Zoning Assessor
Building
Lot Description Curbs, Sidewalks
Story 2
Lot Size Range .25 to .5 AC
Level or Stories 2 Story
Others
Monthly Total Fees $400
Acceptable Financing Exchange
Space Rent $2,826
Listing Terms Exchange
Financing Assumable
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Douglas McCauley • MARCUS & MILLICHAP