Marcus & Millichap has closed the sale of Vincent Village, a 40-unit apartment property located at 4810 N. Vincent Ave. in Covina. The property sold for $8.2 million, or $205,000 per unit, at a 5.9% cap rate with approximately 29% rental upside..
“The property was located in unincorporated Los Angeles County where annual rent increases are limited to 60% of the Consumer Price Index, which created a challenge,” said Douglas McCauley, senior managing director investments. “However, the property’s strong in-place cash flow, rental upside and the potential to construct multiple accessory dwelling units created significant buyer interest as we generated more than 10 offers for this asset.”
McCauley and David Covarrubias, managing director investments, both in Marcus & Millichap’s Inland Empire office, marketed the property on behalf of the seller, Vincent Village Venture LLC. They also procured the buyer, DIBA LLC
The 26,969-square-foot property was built in 1984 and is well-positioned in the San Gabriel Valley. The property features 38 two-bedroom, one-bathroom units and two non-conforming studio units. It was recently featured on ApartmentBuildings.com.
