221 W Dexter St
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221 W Dexter St
14 Unit Block of Flats £2,923,037 (£208,788/Unit) 4.40% Net Initial Yield Covina, CA 91723
Executive Summary
Great opportunity to purchase a 14 unit apartment building near downtown Covina. The building offers eight 2-bedroom/1-bathroom units and six 1-bedroom/1-bathroom units. The exterior has been recently and completely repainted, and the parking and asphalt areas have been fully redone. The property features manicured grounds with a spacious interior courtyard for residents to enjoy. One of the two-bedroom units is completely remodeled and currently unrented, with an estimated rental income of $2,200 per month. The remaining seven two-bedroom units are currently rented at $1,400 per month, and the one-bedroom units are rented at $1,240 per month. The current gross income is $239,520, and with rent increases due in May, this will rise to $257,725.44. The operating income, factoring in the new property taxes at a rate of 1.25%, will be $69,225.60. Calculating with a 3% vacancy rate, the cap rate for this building is currently at 4.4%, which, with the upcoming rent increases in May, will increase to 4.9%.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£188,981
|
£8.93
|
| Other Income |
£5,669
|
£0.27
|
| Vacancy Loss |
£5,669
|
£0.27
|
| Effective Gross Income |
£188,981
|
£8.93
|
| Taxes |
£36,491
|
£1.72
|
| Operating Expenses |
£18,128
|
£0.86
|
| Total Expenses |
£54,619
|
£2.58
|
| Net Operating Income |
£134,362
|
£6.35
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £188,981 |
| Annual Per SF | £8.93 |
| Other Income | |
|---|---|
| Annual | £5,669 |
| Annual Per SF | £0.27 |
| Vacancy Loss | |
|---|---|
| Annual | £5,669 |
| Annual Per SF | £0.27 |
| Effective Gross Income | |
|---|---|
| Annual | £188,981 |
| Annual Per SF | £8.93 |
| Taxes | |
|---|---|
| Annual | £36,491 |
| Annual Per SF | £1.72 |
| Operating Expenses | |
|---|---|
| Annual | £18,128 |
| Annual Per SF | £0.86 |
| Total Expenses | |
|---|---|
| Annual | £54,619 |
| Annual Per SF | £2.58 |
| Net Operating Income | |
|---|---|
| Annual | £134,362 |
| Annual Per SF | £6.35 |
Property Facts
| Price | £2,923,037 | Apartment Style | Low Rise |
| Price Per Unit | £208,788 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Net Initial Yield | 4.40% | Building Size | 21,158 SF |
| Gross Rent Multiplier | 15.44 | Number of Floors | 2 |
| No. Units | 14 | Year Built | 1960 |
| Property Type | Residential | Parking Ratio | 0.85/1,000 SF |
| Property Subtype | Apartment |
| Price | £2,923,037 |
| Price Per Unit | £208,788 |
| Sale Type | Investment |
| Net Initial Yield | 4.40% |
| Gross Rent Multiplier | 15.44 |
| No. Units | 14 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 21,158 SF |
| Number of Floors | 2 |
| Year Built | 1960 |
| Parking Ratio | 0.85/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 7 | £1,106 | 1 |
| 1+1 | 6 | £979.61 | 1 |
| 2+1 | 1 | £1,738 | 1 |
1 of 1
Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 8444-007-025 | Total Assessment | £1,349,493 (2024) |
| Land Assessment | £314,296 (2024) | Annual Taxes | £36,491 (£1.72/sf) |
| Improvements Assessment | £1,035,197 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
8444-007-025
Land Assessment
£314,296 (2024)
Improvements Assessment
£1,035,197 (2024)
Total Assessment
£1,349,493 (2024)
Annual Taxes
£36,491 (£1.72/sf)
Tax Year
2023
zoning
| Zoning Code | CVR3-RD125 |
| CVR3-RD125 |
-
Nick Abbadessa -
RE/MAX Masters Realty
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221 W Dexter St
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