Active
544 S 1st Avenue 3
Covina CA, 91723
$1,200,000
$316.79 per sqft
Active
3,788 sqft
Condos
Built in 1962
Listed by Kristopher German with RE/MAX 2000 REALTY 909-645-0443
Probate Sale! 5 Units in Covina! We are pleased to exclusively offer for sale this value-add opportunity which is comprised of of two (2-Bedroom/1-Bathroom) units and three (1-Bedroom/1-Bathroom) units, totaling 3,788 rental square feet on a 7,827 square foot lot. This asset provides desirable tenant amenities including an onsite laundry facility and covered car-port parking, enhancing the living experience and convenience for residents.
Each unit is individually metered for electricity (all electric building), offering efficiency in utility management while the owner covers the water and trash expenses. Notably, three of the units will be delivered vacant, presenting an immediate opportunity to adjust rental rates to current market levels. The property boasts a potential 6.78% market CAP Rate and an 10.67 market Gross Rent Multiplier (GRM), illustrating its profitability and appeal as an investment.
This probate sale requires court confirmation and is to be sold in "as-is" condition. Importantly, no loan contingency is allowed and the terms stipulate the need to close escrow in 30 days or less. This property represents a prime investment with significant upside potential in a sought-after Covina location.
CV25040761
MLSⓇ ID
February 24, 2025
Listed
February 25, 2025
Updated
Interior Features
Total Stories
2
Laundry Description
Common Area
Fireplace
No
Fireplace Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.18 Acres
Lot Features
0-1 Unit/Acre
Roof
Shingle
Sewer
Public Sewer
Other Property Details
Area Name
614 - Covina
Garage
No
Parking
Attached Carport
Parking Total
6
View
No
View Description
None
County
Los Angeles
Water Source
Public
Pool Features
None
Utilities
Electricity Available, Sewer Available, Water Available
Zoning
CVR3-RD1250*
Listing Contact: 626-956-0188
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/25/2025. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 2/25/2025 at 11:39 AM UTC