Property listed by Maywood Property Group, Nicholas Hayner 310-650-9696
708 E Ruddock Street
Covina, CA 91723
Beds
28
Baths
26
Square Ft.
14,999
$4,100,000
708 E Ruddock Street, Covina offers investors a compelling combination rarely found in Southern California multifamily: a 14-unit asset with no local rent control, central air conditioning, and a below market basis. Set on a quiet cul-de-sac in one of Covina's most established neighborhoods, this pride-of-ownership community sits on an… Read More expansive 34,279 square foot lot.The freedom from local rent control is significant. While many nearby submarkets cap owners' ability to push rents toward market, Covina gives ownership full flexibility to reposition the property as units turn, with only state level regulatory ceiling on the upside. Unit sizes stand out too, averaging over 1,000 square feet, well above the norm for this submarket. Six of the fourteen units are townhouse-style, offering a true two-story living experience that drives tenant loyalty and premium rents. Each unit also has its own individual water heater, keeping utility costs low and operations simple. Parking is another strength: 40 spaces across two-car garages, one-car garages, covered parking, and on-grade parking, well above typical ratios nearby. A gated entrance and quiet cul-de-sac setting round out the property's appeal and keep turnover low. The rent roll reflects a stable, well-run asset at 100% occupancy with many long-term tenants in place.Current rents span a wide range, from the $1,300s to nearly $2,200 for similarly configured units, pointing to clear upside as units turn.For investors seeking dependable in-place income paired with an easy to realize path to rent growth, 708 E Ruddock Street is the most compelling multifamily investment opportunity available in Covina today. Read Less
Listing Snapshot
Days Online
17
Last Updated
Beds
28
3/4 Baths
26
Square Ft.
14,999
Lot Size
0.79 Acres
Year Built
1978
MLS Number
26993819
Additional Details
Appliances & Equipment
Disposal, Refrigerator
Building
Built in 1978, Living area: 14999.0, 1 building, Levels: ThreeOrMore
Cooling
CentralAir
Heating
Central
Income
Gross Income: $312,876, Net Operating Income: $209,136
Lot
0.7872 acres
Parking
AttachedCarport, DoorMulti, DoorSingle, Garage
Taxes
Parcel Number: 8429033025, Zoning: CVR3-RD1250*
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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