The Growth Investment Group is proud to offer Pima Apartments, a 14-units (two x 7-unit) non-rent-controlled apartment investment opportunity located in the City of West Covina, CA. The property is superbly located one block south of Glendora Ave where many national and well-known retailers are concentrated. The property is in a residential area of West Covina with many amenities just within walking distance. Pima Apartments is a unique investment opportunity due to its high-quality location and significant rental upside potential. Just a few blocks away, the city of West Covina is planning to spend approximately $12 million to revitalize Glendora Avenue into a pedestrian friendly gathering place for shopping, performing arts and community events.
The property consists of two twin buildings with center courtyard and detached garage parking in the back. Each building is a two-story garden style apartment that was built in 1959. It has a total of ±11,392 SF building size and situated on ±14,804 SF lot size (#226: ±7,413 SF lot, #234: ±7,391 SF lot). It offers a very attractive unit mix with eight (8) 2bed+1bath, and six (6) 1bed+1bath.
The property has undergone major capital improvements during the seller’s ownership. Some of the upgrades are new landscaping with new sprinkler system and plants/trees, renovated stairs and 2nd floor walkways, plumbing re-pipe to copper in building #234, new exterior paint throughout, new hardscape of the common area, and partially replaced portion of the roof. 13-units have been completely upgraded with luxury wood flooring, upgraded kitchens, fully upgraded bathrooms with new bathroom tubs and vanity cabinets, ceiling fans in the bedrooms, and much more.
There is a total of 14 parking spaces in the back. It is provided by 10 garage spaces, and 4 open spaces. The property is separately metered for electricity and gas, has a shared laundry room and a storage room. Current leases and rents do not cover parking; 4 garages are rented out to tenants at a rate of $50/space per month. The remaining 6 garage spaces are available and can bring additional $300/month income.
