1127 E Garvey Ave , West Covina, CA 91790
$6,800,000
Est. Payment: $36,017.26/mo
3 Bed
3 Bath
18382 Sqft
Status: Active | Days on site: 8
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CLW-B2003114 - CLW-X13399,p17276
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House Description

28-Unit Multifamily Investment Opportunity in West Covina. Exceptional opportunity to acquire West Covina Terrace Apartments, a well-located 28-unit multifamily apartment community situated at 1127-1131 E Garvey Ave N in West Covina. Built in 1958, the two-story property encompasses approximately 18,382 square feet of building area on an approximately 33,829-square-foot (0.78-acre) lot.The property is currently generating approximately $560,000 in annual gross income, providing an investor with substantial in-place revenue from day one. With an asking price of $6,800,000, the property is offered at approximately $243,000 per unit, an attractive basis for a 28-unit multifamily asset in the San Gabriel Valley. In addition to its current income stream, the property offers the potential for future revenue growth through continued professional management and the opportunity to increase rents over time as permitted.An additional benefit to ownership is the property's tenant utility reimbursement program for water and trash. Water and trash expenses are initially paid by ownership and subsequently billed back to and reimbursed by a majority of the tenants through a third-party utility billing service. These reimbursements provide additional income to help offset a portion of the property's utility expenses and improve operating efficiency.West Covina Terrace features a desirable and diversified unit mix consisting of 4 studio units, 20 one-bedroom/one-bathroom units, and 4 two-bedroom/one-bathroom units. The strong concentration of highly marketable one-bedroom apartments, complemented by studio and two-bedroom residences, appeals to a broad tenant base and provides a balanced rental mix.Additional property features include a gated courtyard-style setting, community laundry facilities, 28 separately metered electrical services, and designated on-site parking for every unit. Providing each residence with assigned parking is a particularly desirable amenity in the Southern California rental market and further enhances the property's tenant appeal.Strategically positioned along the Garvey Avenue corridor, the property offers excellent access to the I-10 Freeway and is conveniently located near Plaza West Covina, shopping, restaurants, employment centers, schools and everyday services. Its central San Gabriel Valley location provides convenient connectivity to surrounding communities and the greater Los Angeles area.The surrounding area also benefits from attractive demographics, with approximately 23,000 residents and more than 7,000 households within a one-mile radius, along with a median household income of approximately $89,000.With 28 units, approximately $539,000 in current annual gross income, Significant tenant reimbursement of water and trash expenses, designated parking for every unit, an asking price of approximately $243,000 per unit, a highly marketable unit mix and a substantial parcel, West Covina Terrace Apartments represents an excellent opportunity for an investor seeking immediate income, scale and long-term ownership potential in an established Southern California rental market. Please do not disturb tenants or walk the property without an appointment. Buyer and buyer's representatives are advised to independently verify all information, including but not limited to unit count and mix, square footage, lot size, zoning, permitted uses, rents, income, expenses, utility reimbursements, parking, building systems and development potential with the appropriate governmental agencies and other sources.

Highlights

Listed by Lane Aronson , 323-671-1233 and Mei-Mei Liu , (626) 429-5715 Berkshire Hathaway HomeServices California Properties , 626-440-5100. CRMLS/Multi-Regional MLS mls logo

Property Type

Multi-Family

Lot/Acreage
0.78

Year Built

1958

County

Los Angeles

Area

669 - West Covina

Listing ID

26877653

Questions about this listing?

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:3
  • Bathrooms:3
  • Full Bathrooms:0
Air Cond:Wall/Window Unit(s)
Fireplaces:

Exterior Features

Lot:No Land Lease
Garage Capacity:32
Others:
  • Additional:2+ Total Units
Sewer:Sewer Tap Paid
Parking Features:Assigned,Uncovered
Principal Interest
$36,017
Taxes
$4,335

Home Price

$6,800,000

Loan Details

30 yrs
6.952%

Down Payment

20%
$1,360,000
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Monthly Price:
$36,017.26

Principal

Taxes

Principal Taxes HOA Total
Monthly $36,017.26 $4,335.00 $0.00 $40,352.26
Yearly $432,207.10 $52,020.00 $0.00 $484,227.10
Total $12,966,213.09 $1,560,600.00 $0.00 $14,526,813.09

Today's Rates

30 Year

6.95%

20 Year

6.73%

15 Year

6.35%

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Market insight data is pulled from the same city as the listing being viewed (West Covina, CA).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Based on information from California Regional Multiple Listing Service, Inc. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. All properties are subject to prior sale, change or withdrawal.

IDX service by Blueroof 360

Data last updated: 2026-09-23T10:55:49.000Z

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