708 E Ruddock St - Apartments FOR SALE


Covina, CA 91723- Downtown Covina | 
$4,100,000 USD
310-994-9158
708 E Ruddock St, Covina, CA for Sale
$4,100,000 USD
Apartments - FOR SALE
1/12
null | 5.1% Cap Rate

708 E Ruddock St
Covina, CA 91723
Downtown Covina


HIGHLIGHTS

  • NO LOCAL RENT CONTROL | ALL 2-BEDROOM UNITS
  • CENTRAL AC | SEVERAL TOWNHOUSE STYLE UNITS
  • 34,379 SF LOT | BUILT IN 1978
  • INDIVIDUAL WATER HEATERS IN EACH UNIT
  • 40 PARKING SPACES (INCLUDING 2-CAR GARAGES)

OVERVIEW

**CALL NICK HAYNER 310-994-9158 or SAI REDDY 951-407-8676 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 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.

FOR SALE DETAILS

PRICE

$4,100,000 USD

PRICE/SF

$293 USD /SF

# OF UNITS

14

PRICE/UNIT

$292,857

CAP RATE

5.1%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

COVINA TROPHY WITH NO LOCAL RENT CONTROL

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1978

PARKING SPACES

33

LAND DETAILS

LAND ACRES

0.74 AC

LAND SF

32,365 SF

ZONING

R3-RD1250, Covina

APN/PARCEL ID

8429-033-025

ASK ABOUT THIS PROPERTY

Nicholas HaynerMaywood Property GroupMore Info
310-994-9158

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Nicholas HaynerMaywood Property GroupMore Info
310-994-9158

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.