1072 Wilson StPomona, CA 91768

Property Details for 1072 Wilson St

Year built

1955

Construction

WOOD

Lot size

0.40 AC

Property size (Sq ft)

8,104 SF

Zone code

POR3YY

Property type

Apartment buildings

APN

8357-006-035

APU

8357006035

Description

This exceptional 10-unit apartment building presents a compelling investment opportunity in Pomona, California. The property, situated on a sizable 0.4-acre corner lot, encompasses 8,104 square feet and features two, two-story buildings constructed in 1955. The unit mix includes four one-bedroom/one-bathroom and six two-bedroom/one-bathroom apartments, offering a diverse tenant base. Ten enclosed garages and ample street parking are provided. Building amenities include an on-site laundry facility, secure gated access, and a spacious courtyard. Individual gas and electric meters are installed in each unit, along with wall-mounted air conditioning and gas wall heaters. Five units have undergone extensive renovations, boasting upgraded flooring, kitchens, and bathrooms. Currently, rents are over 25% below market value, presenting a significant opportunity to increase revenue and achieve a projected cap rate of 5.74%. The property boasts a strong NOI of $107,385, contributing to an attractive 4.05% cap rate at the asking price of $2,650,000 ($265,000 per unit). Pomona's absence of local rent control allows for maximized returns under California AB1482. The property's strategic location near Interstate 10 and Highway 71, along with attractions like the Pomona Fairplex and Auto Club Raceway, enhances its appeal. Further income potential exists through the addition of accessory dwelling units (ADUs), subject to buyer verification. This property offers a blend of stable tenancy and substantial upside potential in a prime Southern California location. The Los Angeles County Assessor's Parcel Number (APN) is 8357-006-035.

• CAP approach

  CAP return

  Valuation

  6%

  $2,502,836

  6.5%

  $2,310,310

  7%

  $2,145,288

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,129,759

  Geo Method

  $2,409,078

• Alternative Use

  Use

  Valuation

  Residential

  $2,310,310

  Hospitality

  $2,116,232

  Educational

  $1,760,680

  Medical

  $1,821,232

  Retail

  $2,738,836

Location Insight

City

Pomona

County

Los Angeles

State

California

Latitude

34.0656

Longitude

-117.768

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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