1033 Cypress Street

Covina, CA 91722

$2,200,000
Price
9
Beds
9
Baths
5,133 Sq. Ft.
$429 / Sq. Ft.
5,133
Sq. Ft.
$429
per Sq. Ft.

Description

We are pleased to present 1033 W Cypress St, a well-maintained 6-unit multifamily property in Covina, California. This prime investment opportunity offers stable tenancy in the sought-after Southern California rental market. Built in 1963, this two-story building features a desirable unit mix, including one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters...We are pleased to present 1033 W Cypress St, a well-maintained 6-unit multifamily property in Covina, California. This prime investment opportunity offers stable tenancy in the sought-after Southern California rental market. Built in 1963, this two-story building features a desirable unit mix, including one studio, two 1-bedroom/1-bath units, and three 2-bedroom/1.5-bath units. The property offers amenities such as an on-site laundry facility, covered parking, and individual gas and electricity meters for each unit. Additionally, all units are equipped with wall-mounted air conditioning, and most have undergone significant upgrades. The property benefits from a solid tenant base, with current rents below market levels, providing great rental upside. With no local rent control in Covina, investors can capitalize on the ability to implement rent increases in line with California AB1482 guidelines. Strategically located, the property is across from Northview High School and within walking distance to other local schools. Tenants enjoy easy access to Covina's charming downtown, which offers a variety of restaurants, shops, and entertainment options. The property is also close to the Covina Metrolink station and major thoroughfares, including the 10 and 210 freeways, providing convenient commutes. This offering presents a rare opportunity to acquire a stable, income-producing asset with significant potential for rental growth and long-term appreciation in one of Southern California's resilient rental markets.
  1. Listed by Edward Pan • DRE #01894476 • Brokerage DRE #01895979 • Colliers International Greater Los Angel

Property Details for 1033 Cypress Street

Zoning
LCR3*
Parcel Number
8420014052
Total Units
6.0
Living Area
5133
Source Living Area
Vendor Enhanced
Area
Covina (614)
Vacancy Rate
0
Lot Size Area
7716
LISTING UPDATED: 11/09/2024 12:01 AM

Property Details for 1033 Cypress Street

StatusActive
MLS #24-459205
Days on Market51
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.18 AC / 7,716 SF
CountyLos Angeles County

Building Information for 1033 Cypress Street

Stories2Residences-Year Built1963Building Size-Lot Size0.18 AC / 7,716 SF

Property Information for 1033 Cypress Street

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Multifamily
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $137,195
  • Net Operating Income: $84,964.00
  • Gross Income: $600
  • Gross Rent Multiplier: $15.62
  • Actual Annual Gross Rent: $140,820.00
  • Laundry Income: $600
  • Vacancy Allow Dollar: $4,225.00
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 52231
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1771
  • Lot Size Square Feet: 7716
Parking Details
Parking Details
  • Parking Garage: Carport
  • Total Parking: 0
  • Parking Features: Carport
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall Unit(s)
  • Heating: Forced Air
  • Heating Type: Forced Air
  • Equipment: Microwave, Range/Oven
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 11-01-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,470.00
  • Unit Actual Rent: $1,470.00
  • Unit Projected Rent: $1,700.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,810.00
  • Unit Actual Rent: $3,620.00
  • Unit Projected Rent: $4,040.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,215.00
  • Unit Actual Rent: $6,645.00
  • Unit Projected Rent: $7,200.00
  • Like Units: 3
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $418,314.00
  • Assessed Improvement Percent: 26.67
  • Assessed Land Value: $1,150,367.00
  • Assessed Land Percent: 73.33
  • Assessed Total Value: $1,568,681.00

Property History for 1033 Cypress Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1033 Cypress Street

Taxable ValueLand$1,173,374Additions$426,880Total$1,600,254
Tax Record2024$21,006 ($1,750 / month)
Home Facts
Total Finished SqFt5,133 SqFtAbove Grade Finished SqFt5,133 SqFtLot Size7,713 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningLCR3*CountyLOS ANGELESAPN8420-014-052

Schools near 1033 Cypress Street

This home is within Covina-Valley Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Cypress Elementary School
PublicK to 5

Las Palmas Middle School
Public6 to 8

Northview High School
Public9 to 12

Fairvalley High (Continuation) School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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1033 Cypress Street is a multi-family home for sale in Covina, CA 91722. This property was listed for sale on November 1, 2024 by Colliers International Greater Los Angel, it's currently listed at $2,200,000. It has been on the market for a total of 51 days and was last sold on May 14, 2014. This listing's school district is Covina-Valley Unified School District. Nearby schools include Cypress Elementary School, Las Palmas Middle School and Northview High School. 1033 Cypress Street is a 9-bed, 9-bath, 5,133 sqft multi-family home built in 1963.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Colliers International Greater Los Angel, Edward Pan, DRE #01894476

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.