Description

First Time for Sale Since 1975 Exceptionally Rare 16-Unit Single-Story Value-Add Multifamily across from City of Glendora and at the border of San Dimas, Offering Over 8% Pro Forma CAP Rate (All Month-to-Month Tenants). Centrally Located Near Shopping, Major Freeways, and Minutes from Colleges and Universities. Excellent Unit Mix (All 2-Bed), Situated on a Large, Over-Parked Lot with Clear ADU Upside Potential (Possibly 4 ADUs Buyer to Verify). Total 4 Units Will Be Delivered Vacant. Copper Plumbing, Roof mostly upgraded recently. 2130621310 E Arrow Highway, Covina, CA 91724 a rare single-story layout multifamily investment opportunity located in the City of Covina. This is the first time this property offered for sale since 1975 (50 years). This value-add investment provides an excellent opportunity for savvy investors to increase the return to market level (over 8% CAP Rate ALL tenants are month-to-month) and add several ADUs on the lot (buyer to verify). The property is strategically located on E Arrow Highway right across from the City of Glendora and at the border of City of San Dimas, and within blocks away from multiple shopping and dining (San Dimas Plaza, Glendora Public Market, etc.). Built in 1963, the property is a single-story garden-style apartment comprised of 16 units (spread over 4 fourplexes) totaling 14,960 square feet which translates to a large average size per unit of 935 sf (buyer to verify). It sits on a large 34,878 square foot C4 zoned lot (0.80 acre). Although the property address is on Arrow Hwy, the lot sits behind 2 commercial properties wh