19531 E Cienega Avenue,Covina, CA 91724
Covina, CA 91724
Description
We are pleased to present for sale a 20-unit multifamily property situated at 19531 E Cienega Ave in Covina. This property offers investors the opportunity to acquire a pride-of-ownership, value-add real estate asset in the heart of the San Gabriel Valley. Constructed in 1988, the property features a favorable unit mix consisting entirely of large 2-bedroom, 2-bathroom units. The units total approximately 16,191 square feet on a spacious 0.94-acre lot. Each unit includes its own patio or balcony and is separately metered for gas and electricity, providing added convenience. The property boasts an onsite laundry facility, a swimming pool, and secure gated entries. Parking accommodations include ample carports and uncovered spaces on the large lot. The property has been well-maintained under long-term ownership for over 20 years with most units having been renovated. Current rents are more than 25% below market, presenting a clear path for income growth. Located in unincorporated Los Angeles County, the property falls under the county's rent stabilization ordinance. Additionally, there is potential for additional rental income by adding accessory dwelling units (ADUs), subject to verification by the buyer. Strategically positioned, 19531 E Cienega Ave offers convenient access to a multitude of amenities and attractions. The property is in close proximity to supermarkets, national retailers, restaurants, and schools, with easy access to major transportation arteries, including the 210 and 10 freeways and the Covina Metrolink Station. This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Covina.
Details
| MLS # | 26783895 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1988 |
| Days On Site | 122 |
| Listing Provided By | Colliers International Greater Los Angel | Edward Pan |
Features
| Bed(s) | 40 |
|---|---|
| Bath(s) | 40 |
| SQ Feet | 16,191 |
| Car Port | Yes |
| Story(s) | 2 |
| Units | 20 |
| Building(s) | 1 |
| Zoning | LCA17500* |
| Acreage | 0.94 |
Interior
| Cooling | Central Air |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Interior Features | Ceiling Fans |
| Appliances | Dishwasher |
Exterior
| Security Features | Carbon Monoxide Detectors, Gated Community, Smoke Detectors |
|---|
Parking
| Parking Features | Carport |
|---|
Location
| Community Features | Gated |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Covina |
| Zip Code | 91724 |
| Area | 614 Covina |
| Listing VS Median (in 91724) | |
Price: $5,700,000 low | high Med: $5,099,000 sqft: 16,191 low | high Med: 15,576 $ / sqft: $352 low | high Med: $326 On site: 122 low | high Med: 73 | |
Market Activity 91724
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Covina |
| Zip Code | 91724 |
| Area | 614 Covina |
| Listing VS Median (in 91724) | |
Price: $5,700,000 low | high Med: $5,099,000 sqft: 16,191 low | high Med: 15,576 $ / sqft: $352 low | high Med: $326 On site: 122 low | high Med: 73 | |