920 W 3rd Street
Multifamily | 4 Units | $248,750/unit
Marketing description
920 W 3rd Street is a fully renovated charming 4-plex with approved plans for a 2-bed/1-bath ADU, delivered mostly vacant in one of Pomona's fastest-growing neighborhoods. 3 of 4 bungalows will be delivered vacant and fully upgraded, featuring new bathrooms, updated kitchens, modern appliances, fresh paint, new flooring, contemporary finishes, storage room, + private yards.
The property will include approved ADU plans, allowing an investor to begin construction immediately and add significant value. Once leased, the property will operate at an impressive 6.84% cap rate before even factoring in the ADU. After construction, it projects a 7.46% cap rate and a 10.07 GRM (including build costs), making this an exceptional investment. Whether you're an investor or an owner-user, this 4+1 asset offers immediate strong cash flow, plus the upside of additional equity through ADU development.
Prime Location: Minutes from Downtown Pomona's Arts Colony, Western University of Health Sciences, Pomona Valley Hospital, the Metrolink Station, and with direct access to the 10 and 71 freeways.
*The sqft reflected represents the ADU conversion.
Investment highlights
3 UNITS DELIVERED VACANT: Three units will be delivered fully remodeled, vacant, and rent ready at close of escrow, allowing for immediate market lease up and strong day one income potential.
ATTRACTIVE PRICING WITH STRONG RETURNS: Offered at $995,000, and based on projected rents the property delivers a 6.84 percent cap rate with strong income and upside.
DESIRABLE UNIT MIX: Four units consisting of three 1BD/1BA and one 2BD/1BA totaling 1,950 SF, plus approved plans by COE for a 2BD/2BA ADU increasing total rentable area to 2,699 SF.
ADDITIONAL INCOME POTENTIAL: The back storage space may be rented to tenants for supplemental income or incorporated into the planned ADU.
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