221 West Dexter Street

Covina, CA 91723

$3,700,000
Price
5
Beds
8
Baths
11,096 Sq. Ft.
$333 / Sq. Ft.
11,096
Sq. Ft.
$333
per Sq. Ft.

Description

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...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%.
  1. Listed by Nicholas Abbadessa • DRE #01398872 • Brokerage DRE #01064901 • RE/MAX MASTERS REALTY • 909-292-7888

Property Details for 221 West Dexter Street

View
None
Parking Spaces Total
23
Private Pool
No
Cooling Type
Wall/Window
Total Units
14.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
11096
LISTING UPDATED: 11/22/2024 10:04 AM

Property Details for 221 West Dexter Street

StatusActive
MLS #CV24238095
Days on Market1
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1960
CountyLos Angeles County

Building Information for 221 West Dexter Street

Building/Complex221 W Dexter StFloor-Stories2Residences-Pet Policy-Year Built1960Building Size-

Property Information for 221 West Dexter Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $239,520
  • Gross Scheduled Income: $239,520
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $232,334
  • Net Operating Income: $163,109
  • Laundry Income: $4,800
  • Gross Multiplier: 15.44
  • Cap Rate: 4.4
Expense Details
  • Operating Expense: $69,226
  • New Taxes Expense: $46,250
  • Gardener Expense: $2,700
  • Pest Control Expense: $540
  • Electric Expense: $2,700
  • Insurance Expense: $4,012
  • Professional Management Expense: $0
  • Other Expense: $1,644
  • Other Expense Description: LndryLse
  • Trash Expense: $6,557
  • Water Sewer Expense: $4,863
  • Total Expenses: $69,256
Tax / Assessment Info
  • Tax Block: 13
  • Tax Tract Number: 4061
  • Tax Census Tract: 4061.03
  • CFD/Mello-Roos Fee: $5,550
  • Tax Lot: 18
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks, Street Lights
Property / Structure Info
Interior Features
  • Appliances: Disposal, Gas Range
  • Equipment: Laundry Area
  • Laundry: Yes
  • Laundry Features: Common Area
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
Exterior Features
  • Construction Materials: Stucco
  • Exterior Construction: Stucco
  • Exterior: Stucco
  • Roof: Composition
  • Entry Location: 1
  • Foundation Details: Slab
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: Sprinkler System
  • Number Of Units: 14
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 8
  • Uncovered Spaces: 5
  • Open Other Spaces Total: 5
  • Parking Garage Spaces: 8
  • Carport Spaces: 10
Unit Information
Unit 1
  • Unit Type Units Total: 7
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,400
  • Unit Type Total Rent: $9,800
  • Unit Type Pro Forma: 15400
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $2,200
  • Unit Type Pro Forma: 26400
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 0
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,260
  • Unit Type Total Rent: $7,560
  • Unit Type Pro Forma: 10200
  • Unit Type Type: 3
Unit Information
  • Number Of Units Leased: 13
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 14
  • Number Of Separate Gas Meters: 14
  • Number Of Separate Water Meters: 1
  • Number With Range: 14
  • Number With Disposal: 14
  • Number Wall AC: 14

Property History for 221 West Dexter 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 221 West Dexter Street

Taxable ValueLand$400,382Additions$1,318,737Total$1,719,119
Tax Record2024$25,059 ($2,088 / month)
Home Facts
Total Finished SqFt11,096 SqFtAbove Grade Finished SqFt11,096 SqFtLot Size20,440 SqFtStyleMulti-Family Res (5+ Units)Year Built1960ZoningCVR3-RD125CountyLOS ANGELESAPN8444-007-025

Schools near 221 West Dexter 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
Workman Avenue Elementary School
PublicK to 5

Traweek Middle School
Public6 to 8

Covina 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.

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221 West Dexter Street is a multi-family home for sale in Covina, CA 91723. This property was listed for sale on November 22, 2024 by RE/MAX MASTERS REALTY, it's currently listed at $3,700,000. This listing's school district is Covina-Valley Unified School District. Nearby schools include Workman Avenue Elementary School, Traweek Middle School and Covina High School. 221 West Dexter Street is a 5-bed, 8-bath, 11,096 sqft multi-family home built in 1960.

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 RE/MAX MASTERS REALTY, Nicholas Abbadessa, DRE #01398872

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.