Homes for sale - 1072 W Wilson ST, Pomona, CA 91768

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Engel & Völkers Palm Desert

palmspringsdesertrealestate@gmail.com +1(909) 327-2223

$ 2,650,000

Est. payment -/mo

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Active

1072 W Wilson ST Pomona, CA 91768

16 Beds

10 Baths

8,104 SqFt

UPDATED:

09/30/2024 05:46 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 8,104 sqft

Price per Sqft $326

MLS Listing ID 24441717

Bedrooms 16

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1955

Lot Size 0.400 Acres

Property Description

We are pleased to exclusively present the Wilson Street Apartments, a well-maintained 10-unit multifamily property located at 1072 West Wilson Street in Pomona, California. This value-add investment opportunity offers a blend of stable, long-term tenancy and significant upside potential in a prime Southern California rental market. Built in 1955, the two-story building consists of ten spacious units, including four one-bedroom/one-bath units and six two-bedroom/one-bath units. The property sits on a large 17,442 square foot corner lot, offering 8,104 rentable square feet. Located in a quiet residential neighborhood, the complex provides tenants with ten enclosed garages and ample street parking. Additional amenities include an on-site laundry facility, a secure gated entrance, and a spacious enclosed courtyard ideal for a children's play area. Each unit is individually metered for gas and electricity and is equipped with a wall-mounted air conditioning unit and a gas wall heater. The property features a stable tenant base, with current rents over 25% below market, offering investors a substantial rental upside and the potential to achieve a Pro Forma CAP rate of 5.74%. Five of the units have been extensively renovated, featuring upgraded flooring, kitchens, and bathrooms. Pomona has no local rent control, allowing investors to maximize returns with rent increases under California AB1482. Additionally, there is potential for further income growth through the addition of accessory dwelling units (ADUs), subject to buyer verification. Strategically located, the Wilson Street Apartments are just a short drive from key transportation routes, including Interstate 10 and Highway 71, as well as popular destinations such as Mountain Meadows Golf Course and Pomona Fairplex, home to the world-renowned LA County Fair and the historic Auto Club Raceway. This offering presents investors with the opportunity to acquire a stable, income-generating asset with considerable potential for increased returns and long-term growth in one of Southern California's most resilient rental markets.

Location

State CA

County Los Angeles

Area 687 - Pomona

Zoning POR3YY

Interior

Heating Forced Air

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 10.0

Garage Description 10.0

Community Features Gated

Attached Garage No

Total Parking Spaces 10

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 8357006035

Security Features Carbon Monoxide Detector(s),Gated Community,Smoke Detector(s)

Special Listing Condition Standard

Listed by Edward Pan • Colliers International Greater Los Angel

Engel & Völkers Palm Desert

Broker | License ID: d24350

+1(909) 327-2223

Engel & Völkers Palm Desert

1072 W Wilson ST Pomona, CA 91768

Key Details

Location

Interior

Exterior

Building

Others

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1072 W Wilson ST