100% Vacant Duplex/Student Housing near CalPoly Pomona, Over 7% Proforma CAP and Over 10% Proforma Cash-on-cash

Highlights:

• Duplex/Student Housing near CAL POLY POMONA and Downtown Pomona, Low Price/SF with Over 7% CAP Rate (Proforma – 100% Vacant), Perfect for Owner-User, Investment or Student Housing, 100% VACANT! Large Backyard for ADU
• Over 7% CAP Rate (Proforma – 100% Vacant) on a Duplex/Student Housing, Low Down-payment with 30-year fixed financing
• Good location in a high rental demand area and minutes away from Cal Poly Pomona and Fairplex Pomona
• Can be delivered 100% Vacant
• Well-maintained Duplex (2-unit)/Student Housing in a good transit-oriented location
• The main unit is a fully upgraded large 4bed+1bath unit with modern updates
• Large lot size ±7,802 SF on a high-density C3 zoning; Perfect for ADUS
• Walking distance to Downtown Pomona, and minutes away from CAL POLY POMONA, Pomona Fairplex, Claremont Downtown, Raging Waters, Bonelli Park area, etc.
• Over 10% Cash-on-cash w/ proper financing (proforma – 100% vacant - buyer to verify)
• Easy to manage and to rent apartment building

Description:

Growth Investment Group California is proud to present the sale of 724 W 2nd St, Pomona, a strategically located Duplex with significant Value-Add Opportunity. Offered at attractive over ±7% CAP Rate (proforma – 100% vacant - buyer to verify), this offering provides a good ±10% Cash-on-cash return with a low down payment on a 30-year fixed mortgage (proforma – 100% vacant) – buyer to verify. It is 100% and may be delivered vacant (depending on COE Date). 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.

The 2nd floor unit is a spacious 3bedroom and 1 bathroom. It has just become vacant, and it is perfect for a new tenant or an owner user.

Centrally located in Pomona, CA and just within minutes to Cal Poly Pomona, Claremont Colleges, Fairplex Pomona, Claremont, La Verne, San Dimas, Phillips Ranch, and other well-known cities in the area. It is minutes away from Lake Bonelli area, Raging Waters, dining and transportation on Holt Ave. It offers superb access to multiple freeways (FWY 10, FWY 71, and FWY 57).

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