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Olive Tree Apartments 3101-3119 Abbott St 48 Unit Apartment Building $17,500,000 ($364,583/Unit) 3.54% Cap Rate Pomona, CA 91767
Investment Highlights
- Recently underwent extensive exterior renovations and unit upgrades, enhancing overall appeal and functionality.
- Situated on approximately 2.04 acres with 70 parking spaces, providing convenience for residents.
- Located in a walkable neighborhood with strong access to local amenities and major transportation routes
- Offers significant upside potential through rent increases and additional income opportunities from an undeveloped lot on the northeast portion of the
Executive Summary
The property has recently undergone extensive exterior renovations along with a number of unit upgrades as tenants have moved out. There is significant room to move rents and add additional income with the undeveloped lot at the northeast portion of the property.
Property Facts
| Price | $17,500,000 | Apartment Style | Garden |
| Price Per Unit | $364,583 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.04 AC |
| Cap Rate | 3.54% | Building Size | 60,642 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 16.62 | No. Stories | 2 |
| No. Units | 48 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.15/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3, Pomona - restricted Density Multiple Dwelling | ||
| Price | $17,500,000 |
| Price Per Unit | $364,583 |
| Sale Type | Investment |
| Cap Rate | 3.54% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 16.62 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.04 AC |
| Building Size | 60,642 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.15/1,000 SF |
| Zoning | R3, Pomona - restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 48 | - | 1,100 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,277,330 | |
| Land Assessment | $851,641 | Total Assessment | $2,128,971 |
Property Taxes
Parcel Numbers
Land Assessment
$851,641
Improvements Assessment
$1,277,330
Total Assessment
$2,128,971
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Videos
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Platinum Properties Real Estate
Olive Tree Apartments | 3101-3119 Abbott St
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