221 W Dexter St
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221 W Dexter St
14 Unit Apartment Building $4,819,398 CAD ($344,243 CAD/Unit) 4.48% Cap Rate Covina, CA 91723
Executive Summary
Great opportunity to purchase a 14 unit apartment building near downtown Covina. The building offers eight 2-bedroom/1-bathroom units and six 1-bedroom/1-bathroom units. The exterior has been recently and completely repainted, and the parking and asphalt areas have been fully redone. The property features manicured grounds with a spacious interior courtyard for residents to enjoy. One of the two-bedroom units is completely remodeled and currently unrented, with an estimated rental income of $2,200 per month. The remaining seven two-bedroom units are currently rented at $1,400 per month, and the one-bedroom units are rented at $1,240 per month. The current gross income is $239,520, and with rent increases due in May, this will rise to $257,725.44. The operating income, factoring in the new property taxes at a rate of 1.25%, will be $69,225.60. Calculating with a 3% vacancy rate, the cap rate for this building is currently at 4.4%, which, with the upcoming rent increases in May, will increase to 4.9%.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$339,512
|
$16.05
|
| Other Income |
$10,185
|
$0.48
|
| Vacancy Loss |
$10,185
|
$0.48
|
| Effective Gross Income |
$339,512
|
$16.05
|
| Taxes |
$65,558
|
$3.10
|
| Operating Expenses |
$32,568
|
$1.54
|
| Total Expenses |
$98,126
|
$4.64
|
| Net Operating Income |
$241,387
|
$11.41
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $339,512 |
| Annual Per SF | $16.05 |
| Other Income (CAD) | |
|---|---|
| Annual | $10,185 |
| Annual Per SF | $0.48 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,185 |
| Annual Per SF | $0.48 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $339,512 |
| Annual Per SF | $16.05 |
| Taxes (CAD) | |
|---|---|
| Annual | $65,558 |
| Annual Per SF | $3.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $32,568 |
| Annual Per SF | $1.54 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $98,126 |
| Annual Per SF | $4.64 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $241,387 |
| Annual Per SF | $11.41 |
Property Facts
| Price | $4,819,398 CAD | Apartment Style | Low Rise |
| Price Per Unit | $344,243 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 4.48% | Building Size | 21,158 SF |
| Gross Rent Multiplier | 15.44 | No. Stories | 2 |
| No. Units | 14 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 0.85/1,000 SF |
| Property Subtype | Apartment |
| Price | $4,819,398 CAD |
| Price Per Unit | $344,243 CAD |
| Sale Type | Investment |
| Cap Rate | 4.48% |
| Gross Rent Multiplier | 15.44 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 21,158 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 0.85/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $2,551 CAD | 1 |
| 1+1 | 6 | $1,758 CAD | 1 |
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Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 8444-007-025 | Total Assessment | $2,408,090 CAD (2024) |
| Land Assessment | $560,843 CAD (2024) | Annual Taxes | $65,558 CAD ($3.10 CAD/SF) |
| Improvements Assessment | $1,847,247 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
8444-007-025
Land Assessment
$560,843 CAD (2024)
Improvements Assessment
$1,847,247 CAD (2024)
Total Assessment
$2,408,090 CAD (2024)
Annual Taxes
$65,558 CAD ($3.10 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | CVR3-RD125 |
| CVR3-RD125 |
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221 W Dexter St
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