695 N Main St Pomona, CA 91768

695 W Main Street, Pomona, a beautifully located single family residential that is operated as a student housing and carries a significant value-add opportunity. Offered at a very low price compared to competing properties and an extremely attractive ±6.72% CAP Rate (Proforma – stated CAP is as a fully occupied student housing - buyer to verify), this offering provides an excellent ±8.50% Cash-on-cash return with a low downpayment on a 30-year fixed mortgage (buyer to verify). The property is strategically located in Pomona Historical District, and within walking distance from Downtown Pomona. It has a very high Walk Score of 92 and only less than 10 minutes to CAL POLY POMONA. The property is only minutes away from Claremont Colleges, Pomona Fairplex, Claremont, San Dimas, La Verne and other well-known cities in East San Gabriel Valley. It is currently leased out to CAL POLY Pomona students with only 4 remaining bedrooms available. Because it is an SFR, it is exempt from Pomona Rent Control. Annual lease renegotiation with current tenant (Calpoly Pomona Fraternity) provides annual upside potential to bring the rents to full market proforma. The property was built in 1903, a two-story colonial architectural style, and has a total of 8 bedrooms and two bathrooms. It has a large 2,900sf living space and is situated on a large 9,145sf lot. It has been fully upgraded with modern upgrades, and electrical panels have been upgraded as well. The large bathroom is a communal bathroom with triple sinks, three shower stalls, and several private toilet areas. One of the vacant bedrooms is a large bedroom that could easily accommodate 2 students. Washer and dryer is included in the rent – savvy owner should replace this into coin operated machines to boost the income. The property has a side yard and back yard and has alley access to the parking area in the back. There is a 2-car garage that is being used as a game room. Savvy owners should convert this 2-car garage into a junior ADU. There is additional parking space (open area) accessible from the alley (gated). Centrally located in Pomona, CA and just within minutes to Cal Poly Pomona, Claremont Colleges, Fairplex Pomona, Claremont, La Verne, San Dimas, Phillips Ranch, and other well-known cities in the area. It is minutes away from Lake Bonelli area, Raging Waters, dining and transportation on Holt Ave. It offers superb access to multiple freeways (FWY 10, FWY 71, and FWY 57).