16-u Single-Story Value Add, 8.28% Proforma CAP Rate,

Highlights:

• • First time ever offered for sale since 1975
• • A rare single story 16-unit nearby many amenities
• • Strategic Covina Location, right across from City of Glendora, at the border of San Dimas, several blocks to Glendora Public Market and San Dimas Plaza, only minutes away to Azusa Pacific University, Citrus College, San Dimas Community Hospital, and much more!
• • All tenants are on month-to-month agreement, providing an estimated ±97% rental upside! 2 owner’s unit will be delivered vacant.
• • Rare value-add deal with ±8.28% Proforma CAP Rate; Priced to Sell at reasonable Price per unit and Price per SF.
• • Excellent Demographics with $133,566 AHH Income within a 1-mile radius
• • Highly desirable single-story layout, Four fourplexes on a large lot
• • Adjacent and Across from To-Be-Built Residential developments
• • Large 14,960 SF total building: large units (±935sf/unit), on a large 34,878 SF Lot.
• • Excellent Unit Mix with ALL 2bedroom units; All units are large with ±935 average unit size
• • Overparked building with 24 garage/carport spaces for 16 units. Clear ADUs upside potential (could possibly build 4 ADUs – buyer to verify)
• • Two out of 4 buildings have newer roofs.
• • Totaling ±34,878 SF Lot – Flexible LCC4/General Commercial zoning, providing future redevelopment potential
• • Fully occupied with high occupancy history due to its central location and community curb appeal
• • 8 units have a newer roof, plumbing were upgraded to copper pipe, each unit has laundry hookups, individual water heater and separately metered for electricity and gas

Description:

First Time for Sale Since 1975 – Exceptionally Rare 16-Unit Single-Story Value-Add Multifamily across from City of Glendora and at the border of San Dimas, Offering Over 8% Pro Forma CAP Rate (All Month-to-Month Tenants). Centrally Located Near Shopping, Major Freeways, and Minutes from Colleges and Universities. Excellent Unit Mix (All 2-Bed), Situated on a Large, Over-Parked Lot with Clear ADU Upside Potential (Possibly 4 ADUs – Buyer to Verify). Two Owner’s Units Will Be Delivered Vacant. Copper Plumbing, Roof mostly upgraded recently.

Growth Investment Group California proudly presents 21306–21310 E Arrow Highway, Covina, CA 91724 — a rare single-story layout multifamily investment opportunity located in the City of Covina. This is the first time this property offered for sale since 1975 (50 years). This value-add investment provides an excellent opportunity for savvy investors to increase the return to market level (over 8% CAP Rate – ALL tenants are month-to-month) and add several ADUs on the lot (buyer to verify). The property is strategically located on E Arrow Highway right across from the City of Glendora and at the border of City of San Dimas, and within blocks away from multiple shopping and dining (San Dimas Plaza, Glendora Public Market, etc.).

Built in 1963, the property is a single-story garden-style apartment comprised of 16 units (spread over 4 fourplexes) totaling ±14,960 square feet which translates to a large average size per unit of ±935 sf (buyer to verify). It sits on a large ±34,878 square foot C4 zoned lot (±0.80 acre). Although the property address is on Arrow Hwy, the lot sits behind 2 commercial properties which create a barrier from traffic noise and create a more private setting for the tenants. It has 2 long driveways on each side to access the property.

The property consists of four (4) x fourplexes and offers a superb unit mix of ALL 2bedroom+1bathroom units (Avg. size of 935 SF/unit - buyer to verify). It is currently fully occupied, and owner occupies 2 units (which will be delivered vacant). Two of the fourplexes (8 units) have a newer roof, each unit has laundry hookups, individual water heater and separately metered for electricity and gas. Each fourplex/building has six (6) parking spaces (garage/carport) making a total of 24 parking spaces. If the new owner only give 1 parking space to each unit, there are 8 extra parking spaces that can be easily converted into 4 new ADUS (buyer to verify). Recent capital improvements include plumbing upgrades to copper pipe in 2007, and newer roofing in 2018. The interiors are in original or lightly renovated condition, making this a true value-add repositioning opportunity.

Tenants enjoy the benefit of excellent local amenities and easy access to major transportation corridors. The property is just minutes from I-210, I-10, and SR-57 Freeways, and only 4.3 miles from the Covina Metrolink Station, providing convenient commuter access across Los Angeles County. Within a 5-mile radius, residents have access to major shopping centers such as Arrow Plaza Shopping Center, Covina Town Square, Glendora Public Market, and Eastland Center. Grocery options are abundant with Vons, ALDI, Stater Bros., and Sprouts all located within a short drive. In addition, tenants benefit from proximity to parks and nature including Covina Park, San Dimas Canyon Park, and Frank G. Bonelli Regional Park.

The property is located within the desirable Covina Valley Unified School District. Charter Oak High School (7/10), Royal Oak Middle School (8/10), and Glen Oak Elementary (5/10) serve the area, making this asset attractive to families. The submarket continues to see strong renter demand due to its family-oriented environment, access to schools, transit, and quality-of-life amenities.

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