514 E Cypress St, Covina, CA 91723

Property Description

NOTE: Property must be sold with 826 North Barranca Avenue, Covina under one transaction. $7,600,000 is for BOTH properties. ML Number: 15255177 This investment offering is located at 514 East Cypress Street and 826 North Barranca Avenue is a 40-unit asset located in the City of Covina, California. Built in 1961 and 1963, the property consists of four, two-story buildings that surround two landscaped center courtyards, with pools and two laundry facilities. The complex is conveniently located between both the Foothill (210) and Pomona (10) Freeways. There is a park and senior center directly across the street from The Bahamas making the property attractive to families. At a CAP rate of over 4.5%, The Bahamas provides an investor the opportunity to acquire an excellent asset at an exceptional price in an area that is in one of the highest in demand of any in the San Gabriel Valley. Investment Highlights ¦ Central Air and Individual Water Heaters ¦ 62 Parking Spaces with 3 2-Car Garages that can be Rented ¦ Large Units with Patios ¦ Gated Communities ¦ Below Market Rents ¦ Surrounded by Single Family Residences ¦ Across from a Park and Senior Center All Second Bathroom have Tubs which can be Upgraded