35
See all 35 photos
$990,000
Est. payment /mo
8 Beds
2 Baths
Pending
695 N Main Street Pomona, CA 91768
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID AR25082791
Bedrooms 8
Property Sub-Type Res Income 2-4 Units
Property Description
695 W Main Street, Pomona, a beautifully located single family residential that is operated as a student housing and carries a significant value-add opportunity. Offered at a very low price compared to competing properties and an extremely attractive 6.72% CAP Rate (Proforma stated CAP is as a fully occupied student housing - buyer to verify), this offering provides an excellent 8.50% Cash-on-cash return with a low downpayment on a 30-year fixed mortgage (buyer to verify). The property is strategically located in Pomona Historical District, and within walking distance from Downtown Pomona. It has a very high Walk Score of 92 and only less than 10 minutes to CAL POLY POMONA. The property is only minutes away from Claremont Colleges, Pomona Fairplex, Claremont, San Dimas, La Verne and other well-known cities in East San Gabriel Valley. It is currently leased out to CAL POLY Pomona students with only 4 remaining bedrooms available. Because it is an SFR, it is exempt from Pomona Rent Control. Annual lease renegotiation with current tenant (Calpoly Pomona Fraternity) provides annual upside potential to bring the rents to full market proforma. The property was built in 1903, a two-story colonial architectural style, and has a total of 8 bedrooms and two bathrooms. It has a large 2,900sf living space and is situated on a large 9,145sf lot. It has been fully upgraded with modern upgrades, and electrical panels have been upgraded as well. The large bathroom is a communal bathroom with triple sinks, three shower stalls, and several private toilet areas. One of the vacant bedrooms is
Location
State CA
County Los Angeles
Zoning Assessor
Direction fwy 10 exit White Ave, go south, left on orange grove, right on Gordon St, and left on pearl St.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 8336014001
Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10483
Listed by Han Chen Growth Investment Group Pasade