1031 Friar Lane, Pomona, California 91766, Pomona, 91766 - bed, bath

1031 Friar Lane, Pomona, California 91766 home-pic-0
ACTIVE$1,259,000
1031 Friar Lane, Pomona, California 91766
0Bed
0Bath
4,125Sqft
9,803Lot
Year Built
1964
Close
-
List price
$1.26M
Original List price
$1.26M
Price/Sqft
$305
HOA
-
Days on market
-
Sold On
-
MLS number
TR25263034
Home ConditionFair
Features
Good View:
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.26M(90th), sqft - 4125(90th), beds - undefined(50th), baths - undefined(50th).

Investment Opportunity! Discover this well-maintained fourplex in the City of Pomona, offering strong rental income and excellent future upside. The front unit, Unit A, is a rare single-story 3-bedroom, 2-bath layout featuring a private backyard, giving tenants a desirable home-like living experience. The property offers significantly stronger cash flow compared to single-family homes or condos, making it an attractive choice for investors seeking both stability and income. Attached to Unit A is a two-story triplex consisting of three additional units. Units B and C are well-designed 2-bedroom, 1-bath units located on the upper level, while Unit D, situated downstairs, offers 2 bedrooms and 1.5 baths. All units benefit from the convenience of onsite parking, including four single-car garages and additional guest parking spaces. The property is separately metered with four electric meters, four gas meters, and one water meter. Tenants also enjoy a fenced front yard, full perimeter wood fencing, and a secure gated entry for added privacy and peace of mind. The exterior of the building was recently painted, making the property clean, attractive, and ready for a new owner to take over. Current monthly rents are below market, providing a great value-add opportunity. The property generates a total monthly gross rent of $6,280, resulting in annual gross income of $75,360.

Price History

Date
Event
Price
12/10/25
Listing
$1,259,000
06/10/22
Sold
$1,118,000
11/13/06
Sold
$700,000
Condition Rating
Fair

Built in 1964, this property is 60 years old. While the exterior has been recently painted and it's described as 'well-maintained,' the listing explicitly notes 'below market rents' and 'potential for interior renovation costs,' strongly suggesting that the kitchens, bathrooms, and other interior elements are dated and require updates to achieve full market potential. No interior images were provided to assess the condition of these critical areas directly, but the description points to functional yet outdated interiors.
Pros & Cons

Pros

Strong Investment & Cash Flow: The property is highlighted as an 'Investment Opportunity!' offering 'stronger cash flow compared to single-family homes or condos,' making it attractive for income-seeking investors.
Significant Value-Add Potential: Current monthly rents are explicitly stated as 'below market,' providing a clear opportunity for a new owner to increase income through rent adjustments.
Diverse & Desirable Unit Mix: Features a rare single-story 3-bedroom, 2-bath unit with a private backyard (Unit A), alongside three 2-bedroom units, appealing to a broad range of tenants.
Comprehensive Tenant Amenities & Security: Tenants benefit from onsite parking, four single-car garages, additional guest parking, a fenced front yard, full perimeter fencing, and a secure gated entry.
Operational Efficiency with Separate Metering: The property is separately metered with four electric meters and four gas meters, allowing tenants to pay for their individual usage, reducing landlord utility expenses.

Cons

Shared Water Meter: Despite separate electric and gas meters, there is only one water meter for all units, meaning the landlord will likely bear the cost of water for the entire property.
Age of Property: Built in 1964, the property is 60 years old, which may imply older building systems (plumbing, electrical, HVAC) that could require significant capital expenditures in the future.
Potential for Interior Renovation Costs: While the exterior was recently painted, the 'below market rents' suggest that interior units may be dated and require renovation to achieve full market rental potential, adding to initial investment.

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