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$ 1,475,000
Est. payment /mo
New
1406 Prospect Pomona, CA 91766
5 Beds
3 Baths
0.94 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV26119739
Bedrooms 5
Lot Size 0.940 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
Welcome to 1402,1404 & 1406 Prospect Drive, a 40,939 Square foot parcel! Almost 1 acre!! This parcel features 3 houses on a lot which consist of a fully remodeled single-family home with 2 bds and 1 bath @$2,750mo: A 2bdrm 1 ba w/ 1 car garage @ $2,700 mo: And a 1 bd, 1 bath @ $1,800 mo. Three separate houses with a view! Currently generating at total $7,250 mo. per month in rental income. Most buyers evaluate this property with the in-place income. The property offers significant development potential to build up to 20 units with plenty of parking. However, to simplify requirements per the city it would be more economical to streamline and build 10-15 units at approximately 750 Square Ft or less. The property has 3 additional concrete areas for parking. 1 area is a 5000SF+-, 2nd area is 4000SF+- and the 3rd area is 3000SF+-. The potential of building 10- 15 additional 2 bd, 1 1/2 bath units would potentially create an opportunity for returns exceeding a 20% CAP Rate! You can collect rents while you work on your development and entitlement plans. $200,000 plus in recent capital improvements, new interior, exterior paint, flooring, cabinets, electrical, plumbing and windows. Lot lines in photos are approximate. Please review supplements. Buyers to verify all development possibilities and aspects with the City of Pomona.
Location
State CA
County Los Angeles
Zoning Assessor
Direction East of the 71 Freeway. Cross street is Phillips Blvd.
Interior
Cooling Central Forced Air, Wall/Window
Fireplace No
Exterior
View Y/N No
Roof Type Composition
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 8343018008
Acceptable Financing Cash
Listing Terms Cash
Listed by Albert Rodriguez, DRE#01250095 CENTURY 21 CITRUS REALTY INC