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For sale
  • Listing Provided by: 

    Douglas McCauley DRE #01155706 626-695-6776,

    MARCUS & MILLICHAP,

    David Covarrubias DRE #01941403,

    MARCUS & MILLICHAP

    Price cut: $450K (7/17)
    $7,350,000

    475 E Foothill Blvd, Pomona, CA 91767

    24beds
    60baths
    22,686sqft
    : 
    Multi Family
    Built in 1969
    -- sqft lot
    $7,000,500 Zestimate®
    $324/sqft
    $-- HOA

    What's special

    Swimming pool
    A rare opportunity to acquire a value-add 60-unit extended stay property being operated as a multifamily community in Pomona, California. Foothill Suites is located in the northernmost section of Pomona, which anchors the eastern end of Los Angeles County. This serves as a gateway city to the powerful Los Angeles employment base and the Inland Empire, a region with a population of approximately four million people. The city is surrounded by vibrant and affluent communities like La Verne to the west and Claremont to the east, and the submarket is known as a powerhouse of higher learning institutions. It is conveniently situated just 2 miles from the prestigious Claremont Colleges, including Claremont McKenna College, Pomona College, Scripps College, Harvey Mudd College, and Pitzer College. Additionally, Foothill Suites is a short car ride away from other prominent educational institutions such as Cal Poly Pomona, University of La Verne, and Western University of Health Sciences. Comprising 36 studios and 24 one-bedroom units, the property is designed to cater to the diverse housing needs of its residents. Foothill Suites offer convenience and amenities such as a swimming pool, controlled access for enhanced security, on-site laundry facility, and sixty open space parking spaces, ensuring practicality for residents. The building features a manager's office and is master metered for all utilities. The City of Pomona has rent control, buyer to verify. Presently, the property’s vacancy rate is 15%, and the current Pomona sub-market vacancy rate is 3.45%. This delta of 11.55% vacancy upside through active management gives the new investor a substantial upside in rental income. In addition, Foothill Suites would greatly benefit from implementing the Ratio Utility Billing System (RUBS), this would add a sizable increase directly to the net operating income of the building. Given the property’s upside potential, desirable location, and connectivity between major employment centers in Los Angeles and the Inland Empire, Foothill Suites is poised to deliver meaningful returns and appreciation to investors over the next hold period.
    58 days
    on Zillow
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    Zillow last checked: 7 hours ago

    Listing updated: July 17, 2025 at 03:39pm

    Listing Provided by:

    Douglas McCauley DRE #01155706 626-695-6776,

    MARCUS & MILLICHAP,

    David Covarrubias DRE #01941403,

    MARCUS & MILLICHAP

    Source: CRMLS,MLS#: CV25132036MLS LogoOriginating MLS: California Regional MLS
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    Facts & features

    Interior

    Bedrooms & bathrooms
    • Bedrooms: 24
    • Bathrooms: 60
    Appliances
    • Laundry: Common Area
    Features
    • Common walls with other units/homes: 2+ Common Walls
    Interior area
    • Total structure area: 22,686
    • Total interior livable area: 22,686 sqft

    Property

    Parking
    • Total spaces: 60
    Features
    • Levels: Two
    • Stories: 2
    • Entry location: Drive By
    • Pool features: Community
    Lot
    • Size: 1.03 Acres
    • Features: Lot Over 40000 Sqft
    Details
    • Parcel number: 8304014014
    • Zoning: POC4*
    • Special conditions: Standard

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Multi Family
    • Attached to another structure: Yes
    Condition
    • New construction: No
    • Year built: 1969

    Utilities & green energy

    • Sewer: Public Sewer
    • Water: Public

    Community & HOA

    Community
    • Features: Sidewalks, Pool
    Location
    • Region: Pomona

    Financial & listing details

    • Price per square foot: $324/sqft
    • Date on market: 6/12/2025
    • Listing terms: Cash,Cash to New Loan
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