702 N Garey · Pomona, CA 91767

$2,180,000

143 bd · 121.0 ba · 6,202 sqft · MultiFamily · 3 Days on market

Built 1948 0.28 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

702 N. Garey Ave and 706 N Garey Ave., an investment property located on two adjacent parcels in the city of Pomona. 7 units are Apartments and 3 units are commercials. Long term tenants and the rents are low. Large lot and plenty parking and 4 garages.

Key facts

• Mixed-use property
• Potential to develop
• 0.28 acre lot

Tags

• MIXED-USE PROPERTY
• STRONG RENTAL HISTORY
• NEWLY CONSTRUCTED UNIT
• POTENTIAL TO DEVELOP

Property features AI

Finance

• Other: Property does not include an ADU
• Financial info: Total building area reported as 6,202; Total of 11 units with 10 currently leased; Gross scheduled/gross income: $151,712; Total actual rent reported: $151,712; Net operating income: $88,491; Operating expenses: $63,222 (includes trash $8,442; water/sewer $8,092; insurance $7,046; maintenance $5,681; pest control $1,290; gardener $770); Other expenses (taxes): $16,701

Exterior

• Parking: Four total parking spaces; Four carport spaces
• Utilities: Public sewer; District/public water; Multiple meters: 11 separate gas meters, 11 separate electric meters, 2 separate water meters
• Home design: Attached multi-unit property; Two stories
• Construction: Year built reported from assessor; Property has 2+ common walls; Three separate buildings on the lot
• Exterior features: No pool; Lot described as 0–1 unit per acre; Mountainous neighborhood setting; Street lighting in the community

Interior

• Kitchen: Kitchens included in each unit (standard appliances not itemized)
• Bedrooms: Mix of 1- and 2-bedroom units across the property (units include 1- and 2‑bed layouts)
• Bathrooms: Combination of 1- and 2-bath units
• Interior features: Street-level entry
• Laundry & utility: No on-site laundry features listed

What this means for you Summary

Snapshot

• This is a 11 × 13-bed/11.0-bath units multifamily listed at $2.18M.

Deal economics

• At list price, monthly cash flow is $12k ($139k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($34k rent vs $2.18M).
• Cap rate 12.7% vs local median 2.8% in Pomona — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 58/100 on livability (#676 in CA) — a working-class tenant base; expect higher turnover. Strengths: commute A+; Watch: schools D, crime F, amenities F.
• Pomona Unified (suburban): math 12% / reading 31% proficiency, ranked #444 of 517 in CA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.4%/yr); 87 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $33,752/mo this rent would consume 511% of the median local household income ($79k/yr) (locally 2224% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $65k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $610k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.05M; list at $2.18M implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,180,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.80%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.41% rent growth · sell at horizon

5-year hold

• IRR: 20.6%
• Equity multiple: 1.89×
• Total profit: $542,389
• Equity at exit: $325,045

10-year hold

• IRR: 31.6%
• Equity multiple: 4.49×
• Total profit: $2,128,684
• Equity at exit: $188,487

Cash invested: $610,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91767

• Rents YoY: 7.4%
• Active inventory: 87
• Price-to-rent: 59.2×

Monthly cashflow live

• Estimated rent: $33,752 medium
• Mortgage (P&I): −$11,432
• Tax est. 1.5%: −$2,725 /mo · $32,700/yr
• Insurance: −$908
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,088
• Net cashflow: $11,599

Break-even live

Break-even rent $19,070

Max offer price $2,180,000

Occupancy floor 61%

Sensitivity live

Price	-10% $13,105	-5% $12,352	+0% $11,599	+5% $10,845	+10% $10,092
Rent	-10% $8,932	-5% $10,265	+0% $11,599	+5% $12,932	+10% $14,265
Rate	-1.0pp $12,696	-0.5pp $12,153	base $11,599	+0.5pp $11,034	+1.0pp $10,459

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	13	11	$33,748
Total (11 units)			$33,752

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $545,000
• Closing costs: $65,400
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-18
   days on market $2,180,000 Active 3 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   days on market $2,180,000 Active 2 DOM
4. 2026-06-15
   remarks 572-char remark
5. 2026-06-15
   listed $2,180,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 17 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $405,024
• − Mortgage interest: −$122,114
• − Property taxes: −$32,700
• − Insurance: −$10,900
• − Repairs & maintenance: −$32,402
• − Management: −$32,402
• − Depreciation: −$63,418
• Taxable income: $111,088
• Est. tax owed @ 24.0%: −$26,661
• After-tax cash flow: $112,522/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pomona Unified
• NCES district ID: 0631320
• Math proficiency: 12% ▼ -15.00%
• Reading proficiency: 31% ▼ -10.00%
• Median HH income: $54,839
• Composite: 19.54/100
• National rank: #8761
• State rank: #444 of 517 in CA

Livability — Pomona

• Score: 58/100
• State rank: #676
• US rank: #20782

Category grades

Amenities F Commute A+ Cost of living F Crime F Employment B- Housing B- Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pomona, CA
• County: Los Angeles County · 9,444,647 people
• City population: 152,679
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 49,152
• Household income: $79,245
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 2224.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 20% White 13% Asian 9% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 61%
• Common ancestry: Italian 1% Lithuanian 1% Russian 1%
• Foreign-born: 29% · Canada, China, South Korea
• Languages at home: 42% English-only · Spanish 48% Chinese 3% Korean 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -655.99%
• Current HPI: 486.823
• Rent YoY: ▲ 7.41%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+200.7% since first listed

13 events — show timeline

• 2026-06-15 Listed $2,180,000 CRMLS
• 2022-02-01 Price Changed $1,499 RENT.
• 2017-01-18 Sold (MLS) $1,050,000 CRMLS
• 2017-01-18 Sold (MLS) $1,050,000 SDMLS
• 2016-10-28 Pending — CRMLS
• 2016-09-28 Listed $1,050,000 CRMLS
• 2016-09-28 Listed $1,050,000 SDMLS
• 2015-08-24 Listing Removed — SDMLS
• 2015-08-24 Listing Removed — CRMLS
• 2015-06-12 Listed $1,068,000 CRMLS
• 2015-06-10 Listed $1,068,000 SDMLS
• 2004-03-19 Listing Removed — CRMLS
• 2003-09-19 Listed $725,000 CRMLS