1390 Prospect, Pomona, California 91766

$1,675,000

Property Type

Residential Income

Building Size

1,455 sqft

City

Pomona

Status

Active

Welcome to 1390 Prospect Drive, an 88,182 Square foot parcel! (2.2 Acres) featuring a fully renovated single family home and studio guest house with a view and pool currently generating $5,000 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 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 plans. $100,000 plus in recent capital improvements, new interior, exterior paint, cabinets, electrical, plumbing and windows.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.