475 E Foothill Blvd, Condo with 0 bedrooms, 0 bathrooms and 60 parking in Pomona CA | Image 1

$7,800,000

475 E Foothill Blvd, Pomona, CA

Name: 475 E Foothill Blvd, For Sale in Pomona - eXp Commercial Brokerage
Brand: Marcus & Millichap
SKU: CV25132036
Price: 7800000 CAD

Condo

For Sale

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0060

Key Facts
Description
Map

Key Facts

Type Apartment

Levels Residential Income

Size -

Garage No

Maintenance Fees

Taxes

Days Active 2

Approx. Age 1969

MLS® Number CV25132036

Property Address:

Average square foot calculated using Size range provided by listing agent.

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 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.Show Description

MLS® NumberCV25132036

Locker

Ensuite LaundryNo

Balcony

Furnished

Laundry LevelCommon Area

Exposure

Exterior

GarageNo

Approx. Age1969

Stories2

Pets

Corp Number

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

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