Exclusive Listings

14-Units Upgraded apartment with rental upside in West Covina

Address:
226-234 S Pima Ave.
West Covina, CA 91790
Price:
$4,000,000
Status:
Available
Type:
Apartment
# Units:
14
Year Built:
1959
Building Size:
11,392 SF
Lot Size:
14,804 SF
CAP Rate:
3.33%
GRM:
18.40x
Price/Unit:
$285,700
Price/SqFt:
$351

INVESTMENT HIGHLIGHTS

  • Excellent location in West Covina entertainment district! Nearby amenities within walking distance:
    • Edwards Theater 18 West Covina
    • Plaza West Covina
    • The Colony at the Lakes Apartments (newly built 450-units Class A apartment)
    • West Covina Farmers Market
    • Myriad of restaurants, retail shopping, banks, and professional offices
  • Strong rental demographics with ±$85,000 average household income in a mile radius
  • Superb access to FWY 10; Strong rental submarket in the San Gabriel Valley; Stabil rent growth and low vacancy rate area
  • Two (2) separate lots which provides flexibility of future exit strategy
  • Excellent rental upside potential
  • Meticulous pride of ownership property

 

PROPERTY HIGHLIGHTS

  • Attractive garden style apartments with excellent curb appeal
  • Excellent unit mix with many 2-bedroom units
  • Capital improvements completed: NEW landscaping with new sprinkler system and plants/trees, renovated stairs and 2nd floor walkways, plumbing re-pipe to copper in building #234, new exterior paint throughout, new hardscape of the common area, partially replaced portion of the roof,
  • 13 out of 14 units have been renovated with luxury upgrades like laminate wood flooring, completely redone kitchen with granite countertops and stainless-steel gas range, fully upgraded bathroom with modern tile, all new fixtures, tub, and vanity cabinets
  • Separately metered for electricity and gas; 10 garage parking and 4 exterior parking spots shared laundry room

LIST OF CAPITAL IMPROVEMENTS

  • Complete re-landscape of the property with new sprinkler system and plants/trees
  • Renovated/refinished the stair landings and second floor walkways
  • Replaced pipes in building 234
  • Replaced the small flat roof area next to the second floor G units
  • Repainted entire property
  • Replaced hardscape of the common area


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer Pima Apartments, a 14-units (two x 7-unit) non-rent-controlled apartment investment opportunity located in the City of West Covina, CA. The property is superbly located one block south of Glendora Ave where many national and well-known retailers are concentrated. The property is in a residential area of West Covina with many amenities just within walking distance. Pima Apartments is a unique investment opportunity due to its high-quality location and significant rental upside potential. Just a few blocks away, the city of West Covina is planning to spend approximately $12 million to revitalize Glendora Avenue into a pedestrian friendly gathering place for shopping, performing arts and community events.

The property consists of two twin buildings with center courtyard and detached garage parking in the back.  Each building is a two-story garden style apartment that was built in 1959. It has a total of ±11,392 SF building size and situated on ±14,804 SF lot size (#226: ±7,413 SF lot, #234: ±7,391 SF lot). It offers a very attractive unit mix with eight (8) 2bed+1bath, and six (6) 1bed+1bath.

The property has undergone major capital improvements during the seller’s ownership. Some of the upgrades are new landscaping with new sprinkler system and plants/trees, renovated stairs and 2nd floor walkways, plumbing re-pipe to copper in building #234, new exterior paint throughout, new hardscape of the common area, and partially replaced portion of the roof. 13-units have been completely upgraded with luxury wood flooring, upgraded kitchens, fully upgraded bathrooms with new bathroom tubs and vanity cabinets, ceiling fans in the bedrooms, and much more.

There is a total of 14 parking spaces in the back. It is provided by 10 garage spaces, and 4 open spaces. The property is separately metered for electricity and gas, has a shared laundry room and a storage room.

 

LOCATION AMENITIES AND ACCESS

The property is in the heart of West Covina within walking distance to a well-known shopping area that hosts myriads of entertainment, shopping, restaurants and professional offices. It is a block away from Edwards Theater 18 West Covina. Plaza West Covina which is considered as the main shopping center in the area is less than a mile away. FWY 10 which is one of the major freeway in Greater Los Angeles area is located less than a mile.

The area has seen tremendous growth and demand for rental units in recent years. The recently completed 450-units Class-A luxury apartment (Colony at the Lakes West Covina) is located one street away from Pima Apartments. The area has an excellent demographics with an ±$85,286 Average Household Income within a mile radius. Because of this excellent location, the property enjoys low vacancy history and a stable rent growth.

Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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