MLS® ID: CV19217168
1148 W Grand Avenue
Pomona, California, 91766 $2,300,000
We are pleased to offer for sale for the first time since initial construction this rare 11 unit multi-family opportunity in the city of Pomona. The subject property is comprised of 9 single-story detached cottage style units of which there are (1) 3-Bed/2-Bath, (2) 3-Bed/1-Bath, (3) 2-Bed/1-Bath and (3) 1-Bed/1-Bath cottages.
The 9 cottages are situated on two adjoining lots which can be sold individually in the future. The lot addressed 1148 W. Grand Avenue has 4 cottages on it while the lot addressed 1140 W. Grand Avenue contains the remaining 5 units (plus 2 "non-conforming units".) Each cottage has an attached one-car garage, individual laundry hookups, as well as individual private backyards. Eight of the cottage style units pay for ALL utilities including gas, electricity, & water. The two non-conforming units are included in the legal square footage and have been utilized as living quarters for the last 30 years. They are comprised of one Studio unit which is part of the legal square footage of the main 3 bedroom house, and the remaining non-conforming unit is a 1 Bedroom/1 Bathroom and also legal square footage of the structure behind it. With the current rental rates in place a new investor can look to earn a cash-on-cash return of 5.52% upon close of escrow, and with some modest improvement a value-add opportunity of over 8.8%+ cash-on-cash return!