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$ 7,800,000
Est. payment /mo
New
475 E Foothill BLVD Pomona, CA 91767
1.03 Acres Lot
UPDATED:
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
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.
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
Listed by Douglas McCauley • MARCUS & MILLICHAP • 626-695-6776