Apartment Building with Updated
For Sale
$1,320,000
602 Karesh Avenue, Pomona, CA 91767
Apartment building built in 1960 with multiple unit updates, including remodeled kitchens and new interior paint.
Property Size3,838 SF
Lot Size0.16 Acres
Price / SF$343.93
Days on Market107
Property Features for 602 Karesh Avenue
General Information
Standard status
Active
Size
3,838 SF
Lot size
0.16 Acres
Property subtype
Apartment
Building Details
Building Size
3,838 SF
Year Built
1960
Listing Agency:
KO TAI REALTY
(562) 869-4248
Listed By:
LILY WANG · License #01321428
Source:
Camdenmckayre
Added: Apr 29
Changed: Aug 8
Last Checked: Aug 12 at 2:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KO TAI REALTY
Investment Insights
Based on property information with market context.
Apartment building built in 1960 offering 3,838 SF of building area on a 7,098 SF lot. The property includes unit updates such as remodeled kitchens in units 2, 3, and 6, along with new interior paint in units 1, 2, 3, 4, and 6. New flooring has been completed in units 3 and 4.
The address is 602 Karesh Avenue in Pomona, CA 91767. The property is described as a 16-minute drive distance to Cal-Poly University.
Additional remarks indicate current rental performance is below marketing potential, with an opportunity for rental increases of 5% every year. This can be considered as part of a tenant or investor review of future income assumptions.
The address is 602 Karesh Avenue in Pomona, CA 91767. The property is described as a 16-minute drive distance to Cal-Poly University.
Additional remarks indicate current rental performance is below marketing potential, with an opportunity for rental increases of 5% every year. This can be considered as part of a tenant or investor review of future income assumptions.
Key Highlights
- 3,838 SF apartment building on a 7,098 SF lot
- Built in 1960
- Remodeled kitchens in units 2, 3, and 6
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,454
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,189,080
$1.2M
Cap Rate 7%
$849,343
$849.3K
Cap Rate 9%
$660,600
$660.6K
Market Conditions
NOI Build-Up for 3,838 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$112.8K $29.40/SF
− Vacancy
−$4.7K −$1.23/SF
EGI
$108.1K $28.17/SF
− OpEx
−$48.6K −$12.67/SF
NOI
$59.5K $15.49/SF
Area
Pomona, CA
Vacancy
4.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,189,080
Cap Rate 7%
$849,343
Cap Rate 9%
$660,600
Alternative Uses
Best Use
Apartment 5plus
$849.3K
$743.2K – $990.9K
NOI $59,454 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,143 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 91767, CA
51,654
Population
15,653
Households
3.3
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
5.7 sq mi
ZIP Area
9,062
Density / Sq Mi
$80,201
Median Household Income
$37,340
Median Earnings
$1,749
Median Rent
$585,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building built in 1960 with multiple unit updates, including remodeled kitchens and new interior paint.
Where is this apartment building located?
The property is located at 602 Karesh Avenue Pomona, CA.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: 3,838 SF apartment building on a 7,098 SF lot; Built in 1960; Remodeled kitchens in units 2, 3, and 6
