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19531 E Cienega Avenue Covina, CA 91724
16,191 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 16,191 sqft
Price per Sqft $370
MLS Listing ID CL26783895
HOA Y/N No
Year Built 1988
Lot Size 0.940 Acres
Acres 0.9402
Property Sub-Type Other
Property Description
We are pleased to present for sale a 20-unit multifamily property situated at 19531 E Cienega Ave in Covina. This property offers investors the opportunity to acquire a pride-of-ownership, value-add real estate asset in the heart of the San Gabriel Valley. Constructed in 1988, the property features a favorable unit mix consisting entirely of large 2-bedroom, 2-bathroom units. The units total approximately 16,191 square feet on a spacious 0.94-acre lot. Each unit includes its own patio or balcony and is separately metered for gas and electricity, providing added convenience. The property boasts an onsite laundry facility, a swimming pool, and secure gated entries. Parking accommodations include ample carports and uncovered spaces on the large lot. The property has been well-maintained under long-term ownership for over 20 years with most units having been renovated. Current rents are more than 25% below market, presenting a clear path for income growth. Located in unincorporated Los Angeles County, the property falls under the county's rent stabilization ordinance. Additionally, there is potential for additional rental income by adding accessory dwelling units (ADUs), subject to verification by the buyer. Strategically positioned, 19531 E Cienega Ave offers convenient access to a multitude of amenities and attractions. The property is in close proximity to supermarkets, national retailers, restaurants, and schools, with easy access to major transportation arteries, including the 210 and 10 freeways and the Covina Metrolink Station. This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of Covina.
Location
State CA
County Los Angeles
Zoning LCA17500*
Interior
Heating Other
Cooling Central Air
Fireplace No
Laundry Common Area
Building
New Construction No
Others
Tax ID 8404002038
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Listed by Edward Pan • Colliers International Greater Los Angel
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