348 N Prospero DR Covina, CA 91723

The Prospero Apartments has an excellent unit mix of 1 - one bedroom one bath unit, 9 - two bedroom one bath units, and 4 - three bedroom two bath units. Currently, the rent for the one bedroom one bath unit is $75 or 8% below the market rate of $925/month. The two bedroom one bath units are $125-$175 or 10%-14% below the market rate of $1,225/month. The three bedroom two bath units are $100 or 7% below the market rate of $1,400/month. Upon bringing up the current rents to the market level, this property will generate an additional $1,650/month income, and the annual gross income is targeted at $213,960. The Prospero Apartments is situated on a 16,358 square foot lot, with 14 carport parking, one for each unit. Historically, this apartment building has always had the occupancy rate of 100%. This is an ideal opportunity for owners who enjoy stable cash flow in a solid rental neighborhood with healthy rent increases to apply for higher returns in the next 12 months.