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$7,800,000
Est. payment /mo
2 Beds
3 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV25132036
Bedrooms 2
Property Sub-Type Res Income 2-4 Units
Property Description
A rare opportunity to acquire a value-add 60-unit extended stay property being operated as a multifamily community in Pomona, California. Foothill Suites is located in the northernmost section of Pomona, which anchors the eastern end of Los Angeles County. This serves as a gateway city to the powerful Los Angeles employment base and the Inland Empire, a region with a population of approximately four million people. The city is surrounded by vibrant and affluent communities like La Verne to the west and Claremont to the east, and the submarket is known as a powerhouse of higher learning institutions. It is conveniently situated just 2 miles from the prestigious Claremont Colleges, including Claremont McKenna College, Pomona College, Scripps College, Harvey Mudd College, and Pitzer College. Additionally, Foothill Suites is a short car ride away from other prominent educational institutions such as Cal Poly Pomona, University of La Verne, and Western University of Health Sciences. Comprising 36 studios and 24 one-bedroom units, the property is designed to cater to the diverse housing needs of its residents. Foothill Suites offer convenience and amenities such as a swimming pool, controlled access for enhanced security, on-site laundry facility, and sixty open space parking spaces, ensuring practicality for residents. The building features a manager's office and is master metered for all utilities. The City of Pomona has rent control, buyer to verify. Presently, the propertys vacancy rate is 20%, and the current Pomona sub-market vacancy rate is 3.45%. This delta of 16.55% vaca
Location
State CA
County Los Angeles
Zoning Public Rec
Direction I-10, Exit Towne Ave, Right on Towne to Foothill Blvd, Left on Foothill, Building Located on The Right
Interior
Fireplace No
Exterior
Pool Community/Common
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 8304014014
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Listed by Douglas McCauley MARCUS & MILLICHAP