Covina Multifamily for Sale - Eastern SGV
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). Two Owner’s Units Will Be Delivered Vacant. Copper Plumbing, Roof mostly upgraded recently.
Growth Investment Group California proudly presents 21306–21310 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 which create a barrier from traffic noise and create a more private setting for the tenants. It has 2 long driveways on each side to access the property.
The property consists of four (4) x fourplexes and offers a superb unit mix of ALL 2bedroom+1bathroom units (Avg. size of 935 SF/unit - buyer to verify). It is currently fully occupied, and owner occupies 2 units (which will be delivered vacant). Two of the fourplexes (8 units) have a newer roof, each unit has laundry hookups, individual water heater and separately metered for electricity and gas. Each fourplex/building has six (6) parking spaces (garage/carport) making a total of 24 parking spaces. If the new owner only give 1 parking space to each unit, there are 8 extra parking spaces that can be easily converted into 4 new ADUS (buyer to verify). Recent capital improvements include plumbing upgrades to copper pipe in 2007, and newer roofing in 2018. The interiors are in original or lightly renovated condition, making this a true value-add repositioning opportunity.
Tenants enjoy the benefit of excellent local amenities and easy access to major transportation corridors. The property is just minutes from I-210, I-10, and SR-57 Freeways, and only 4.3 miles from the Covina Metrolink Station, providing convenient commuter access across Los Angeles County. Within a 5-mile radius, residents have access to major shopping centers such as Arrow Plaza Shopping Center, Covina Town Square, Glendora Public Market, and Eastland Center. Grocery options are abundant with Vons, ALDI, Stater Bros., and Sprouts all located within a short drive. In addition, tenants benefit from proximity to parks and nature including Covina Park, San Dimas Canyon Park, and Frank G. Bonelli Regional Park.
