721 South Fernwood Street

West Covina, CA 91791

$13,000,000
Price
6
Beds
30
Baths
30,200 Sq. Ft.
$430 / Sq. Ft.
30,200
Sq. Ft.
$430
per Sq. Ft.

Description

Fernwood Terrace Apartments is a 30-unit garden-style apartment community (29 legal units) in the middle of The San Gabriel Valley City of West Covina. Built in 1963, the property has been gradually undergoing a complete exterior and interior renovation for the past 3 years. Currently the last couple of units are being finished at this time. The interior renovations at Fernwood Terrace feature best-in-class finish levels: fully appointed kitchens with quartz countertops, new doors, white shaker style...Fernwood Terrace Apartments is a 30-unit garden-style apartment community (29 legal units) in the middle of The San Gabriel Valley City of West Covina. Built in 1963, the property has been gradually undergoing a complete exterior and interior renovation for the past 3 years. Currently the last couple of units are being finished at this time. The interior renovations at Fernwood Terrace feature best-in-class finish levels: fully appointed kitchens with quartz countertops, new doors, white shaker style cabinetry, wood plant-style vinyl flooring, stainless steel appliances, dishwashers, built-in microwaves, custom paint, all new blinds, and interior hardware (24 of 30 units have been completed). The units themselves are very spacious, most being between 1,000 to 1,300 sq. ft. Upper units have decks and lower units have large oversized yards. There are 43 parking spaces and the lot is 1.19 acres. Several of the units have new washer dryer units that have been installed during the renovation and there is a common laundry room as well. Exterior renovation includes all new paint, all new concrete hardscape, all new contemporary landscaping, all new asphalt, all new pool, pool deck, and pool furniture, new gating, and new exterior doors. It should be noted here that Fernwood Terrace has undergone a 3-year renovation period that is just now coming to an end, thus the financials will reflect this effort as it relates to both expenses and occupancy.
  1. Listed by Troy Reese • DRE #02029529 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest • troy.reese@marcusmillichap.com

Property Details for 721 South Fernwood Street

Parking Spaces Total
0
Private Pool
No
Total Units
30.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
30200
Assessor Parcel Number
8486-028-018
Property Attached YN
true
LISTING UPDATED: 12/17/2024 07:55 AM

Property Details for 721 South Fernwood Street

StatusActive
MLS #OC24251036
Days on Market1
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Apartment
Year Built1963
CountyLos Angeles County

Building Information for 721 South Fernwood Street

Building/Complex721 S Fernwood StFloor-Stories2Residences-Pet Policy-Year Built1963Building Size-

Property Information for 721 South Fernwood Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $77,844
  • Gross Scheduled Income: $1,068,180
  • Net Operating Income: $650,000
Expense Details
  • Operating Expense: $354,309
  • Fuel Expense: $0
  • Electric Expense: $4,858
  • Insurance Expense: $24,000
  • Professional Management Expense: $37,588
  • Trash Expense: $25,290
  • Water Sewer Expense: $12,514
  • Total Expenses: $354,309
Tax / Assessment Info
  • Tax Tract Number: 26092
  • Tax Lot: 1-4
Community / Development
Community / Development
  • Community Features: Park
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: Gate
  • Pool Features: Community
Land/Lot Info
  • Lot Features: 26-30 Units/Acre
  • Number Of Units: 30
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Other
  • Sewer: Unknown
  • Water Source: Other
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 21
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 4
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 4
  • Number Of Separate Electric Meters: 0
  • Number Of Separate Gas Meters: 0
  • Number Of Separate Water Meters: 0

Property History for 721 South Fernwood Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 721 South Fernwood Street

This home is within West Covina 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
Cameron Elementary School
PublicK to 5

Hollencrest Middle School
Public6 to 8

Edgewood High School
Public9 to 12

West Covina High 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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721 South Fernwood Street is a multi-family home for sale in West Covina, CA 91791. This property was listed for sale on December 9, 2024 by Marcus & Millichap RE Invest, it's currently listed at $13,000,000. This listing's school district is West Covina Unified School District. Nearby schools include Cameron Elementary School, Hollencrest Middle School and Edgewood High School. 721 South Fernwood Street is a 6-bed, 30-bath, 30,200 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 Marcus & Millichap RE Invest, Troy Reese, DRE #02029529

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.