724 W 2nd ST new Save Request In-Person Tour Request Virtual Tour
Pomona,CA 91766
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25082143
Year Built 1902
Lot Size 7,801 Sqft
Property Sub-Type Duplex
Property Description
724 W 2nd St, Pomona, a strategically located Duplex with significant Value-Add Opportunity. Offered at attractive ±6.20% CAP Rate (as student housing - buyer to verify), this offering provides a good ±6.38% Cash-on-cash return with a low down payment on a 30-year fixed mortgage – buyer to verify. The property is strategically located on 2nd St which is a walking distance from Downtown Pomona and less than 10 minutes to CAL POLY POMONA. This provides consistent and high demand for rental units due to its friendly transit location. 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.
The property was built in 1902 and consists of 2 units. The ground floor unit is a large 4bedroom + 1 communal bathroom (3 shower stalls, and 2 toilets). It is being operated as a student housing but could easily be operated as a regular apartment unit or owner-user unit. The 2nd floor unit is a large 3bedroom+1bathroom unit (#B). The property has ±2,978SF living space and situated on a large 7,802 SF C3 zone lot. Originally it was a 3-unit property where 2 units were combined to make the large 4-bedroom unit (buyer to verify). There are 3 separate electric meters, and electrical panels have been upgraded. It has a master meter for water and gas. The property has a large side and back yard and has alley access to the parking area in the back. There are 2 to 4 parking spaces in the back that are not being used. There are plenty of backyard spaces for savvy investor to build ADUs. Savvy investors can also install coin operated washer/dryer in the 4bedroom unit to boost the cash flow.
The 4-bedroom unit has been fully upgraded with modern upgrades and consists of 4 student housing bedrooms, the 1st bedroom is a large bedroom that can easily house 2 students and has 3 separate closets. The 2nd bedroom is a large bedroom that should generate slightly higher rent. The 3rd and 4th bedrooms are standard sized bedrooms. The bathroom for this unit is a communal bathroom with double bathroom sinks, 3 shower stalls and 2 toilet aeras. The kitchen has been fully upgraded with new kitchen cabinets and countertops.
Location
State CA
County Los Angeles
Area 687 - Pomona
Zoning POC3*
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Wood
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Concrete,Uncovered
Fence Chain Link
Pool None
Community Features Suburban
Utilities Available Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected
View Y/N No
View None
Roof Type Asbestos Shingle
Building
Lot Description Level,Rectangular Lot,Street Level
Story 2
Foundation Raised
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan
Listing Terms Cash,Cash to New Loan
Special Listing Condition Standard
Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10482