1.03 Acres Lot
1.03 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV25132036
HOA Y/N No
Year Built 1969
Lot Size 1.030 Acres
Property Sub-Type Apartment
Property Description
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 property's vacancy rate is 20%, and the current Pomona sub-market vacancy rate is 3.45%. This delta of 16.55% vacancy upside through active management gives the new investor a substantial upside in rental income. In addition, Foothill Suites would greatly benefit from implementing the Ratio Utility Billing System (RUBS), this would add a sizable increase directly to the net operating income of the building.
Given the property's upside potential, desirable location, and connectivity between major employment centers in Los Angeles and the Inland Empire, Foothill Suites is poised to deliver meaningful returns and appreciation to investors over the next hold period.
Location
State CA
County Los Angeles
Area 687 - Pomona
Zoning POC4*
Interior
Fireplace No
Laundry Common Area
Exterior
Pool Community
Community Features Sidewalks, Pool
Total Parking Spaces 60
Private Pool No
Building
Lot Description Lot Over 40000 Sqft
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 8304014014
Energy Description 21838.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "