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708 E Ruddock Street Covina, CA 91723
14,999 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,999 sqft
Price per Sqft $273
MLS Listing ID CL26993819
HOA Y/N No
Year Built 1978
Lot Size 0.787 Acres
Acres 0.7872
Property Sub-Type Other
Property Description
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.
Location
State CA
County Los Angeles
Zoning CVR3-RD125
Interior
Heating Other
Cooling Central Air
Fireplace No
Building
New Construction No
Others
Tax ID 8429033025
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Listed by Nicholas Hayner • Maywood Property Group