544 S 1st AVE #3 Covina, CA 91723
UPDATED:
Key Details
Sold Price $1,250,000
Property Type Apartment
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV25040761
Sold Date 07/22/25
HOA Y/N No
Year Built 1962
Lot Size 7,827 Sqft
Property Sub-Type Apartment
Property Description
Each unit is individually metered for electricity (all electric building), offering efficiency in utility management while the owner covers the water and trash expenses. Notably, three of the units will be delivered vacant, presenting an immediate opportunity to adjust rental rates to current market levels. The property boasts a potential 6.78% market CAP Rate and an 10.67 market Gross Rent Multiplier (GRM), illustrating its profitability and appeal as an investment.
This probate sale requires court confirmation and is to be sold in "as-is" condition. Importantly, no loan contingency is allowed and the terms stipulate the need to close escrow in 30 days or less. This property represents a prime investment with significant upside potential in a sought-after Covina location.
Location
State CA
County Los Angeles
Area 614 - Covina
Zoning CVR3-RD1250*
Interior
Heating Central
Cooling Wall/Window Unit(s)
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features Attached Carport
Carport Spaces 6
Fence Brick
Pool None
Community Features Street Lights
Utilities Available Electricity Available, Sewer Available, Water Available
View Y/N No
View None
Roof Type Shingle
Total Parking Spaces 6
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8445026005
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
Bought with Kristopher German RE/MAX 2000 REALTY