Mixed-Use Income Property with
For Sale
$2,180,000
702 N Garey, Pomona, CA 91767
11-unit mixed-use property with apartments and commercial units, plus a newly constructed unit ready for lease-up.
Property Size6,202 SF
Days on Market60
Property Features for 702 N Garey
General Information
Standard status
Active
Size
6,202 SF
Property subtype
Investment
Additional Details
Multifamily Units
8
Building Details
Building Size
6,202 SF
Year Built
1948
Units
11
Listing Agency:
(626) 308-1536
Listed By:
JOYCE LEE
(626) 308-1536
Source:
Elliman
Added: Jun 18
Changed: Aug 14
Last Checked: Aug 15 at 7:51AM
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 JOYCE LEE
Investment Insights
Based on property information with market context.
This 11-unit mixed-use income property includes 8 apartment units and 3 commercial units across two adjacent parcels totaling approximately 12,335 SF. The offering also features a newly constructed unit that is ready for lease-up, providing an additional step toward stabilizing income within the existing mix of residential and commercial space.
The property is located in Pomona, and the surrounding area reflects walkability and everyday accessibility, with a walkScore of 75 and a transitScore of 43. BikeScore is listed at 58, indicating the area is reasonably bikeable. The site includes an existing carport that the remarks suggest may be convertible into two Accessory Dwelling Units, subject to City approvals and applicable regulations.
For investors, developers, or owner-users, the combination of in-place rental units and commercial space can support an owner’s ability to manage both residential and income-producing commercial operations under one ownership structure. The remarks further indicate the site may offer potential to develop up to 23 units, but the buyer should verify zoning and development requirements with the City of Pomona.
The property is located in Pomona, and the surrounding area reflects walkability and everyday accessibility, with a walkScore of 75 and a transitScore of 43. BikeScore is listed at 58, indicating the area is reasonably bikeable. The site includes an existing carport that the remarks suggest may be convertible into two Accessory Dwelling Units, subject to City approvals and applicable regulations.
For investors, developers, or owner-users, the combination of in-place rental units and commercial space can support an owner’s ability to manage both residential and income-producing commercial operations under one ownership structure. The remarks further indicate the site may offer potential to develop up to 23 units, but the buyer should verify zoning and development requirements with the City of Pomona.
Key Highlights
- 11‑unit mixed‑use income property in Pomona: 8 apartment units and 3 commercial units
- Two adjacent parcels totaling approximately 12,335 SF
- Includes a newly constructed unit ready for lease‑up
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
$96,074
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
4.41%
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%
$1,921,480
$1.9M
Cap Rate 7%
$1,372,486
$1.4M
Cap Rate 9%
$1,067,489
$1.1M
Market Conditions
NOI Build-Up for 6,202 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
$182.3K $29.40/SF
− Vacancy
−$7.7K −$1.23/SF
EGI
$174.7K $28.17/SF
− OpEx
−$78.6K −$12.67/SF
NOI
$96.1K $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%
$1,921,480
Cap Rate 7%
$1,372,486
Cap Rate 9%
$1,067,489
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,074 @ 7.0% cap · market cap 4.41%
Second Best
Mixed Use
$1.22M
$1.07M – $1.43M
NOI $85,588 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,203 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
996
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 11-unit mixed-use property with apartments and commercial units, plus a newly constructed unit ready for lease-up.
Where is this apartment building located?
The property is located at 702 N Garey Pomona, CA.
What is the asking price?
The asking price for this property is $2,180,000.
What are key features of this property?
This property features: 11‑unit mixed‑use income property in Pomona: 8 apartment units and 3 commercial units; Two adjacent parcels totaling approximately 12,335 SF; Includes a newly constructed unit ready for lease‑up
