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 ConditionPoor
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
Poor

The property was built in 1964, making it 60 years old. While the exterior has been recently painted and the property is described as 'well-maintained,' there are no interior images or descriptions of any major renovations to the kitchens, bathrooms, or other living spaces. The listing explicitly states 'current monthly rents are below market, providing a great value-add opportunity,' and the property analysis notes 'unspecified interior condition/updates' and 'property age & potential for system updates.' This strongly suggests that the interiors, especially kitchens and bathrooms, are significantly outdated and would require substantial repairs and rehabilitation to meet current market standards and maximize rental income. The lack of interior updates for a property of this age, despite being functional, places it in the 'poor' category due to the extensive work needed to modernize.
Pros & Cons

Pros

Multi-Unit Investment Opportunity: A well-maintained fourplex offering strong cash flow and diversification, explicitly marketed as an investment opportunity with excellent future upside.
Significant Value-Add Potential: Current monthly rents are below market, providing a clear opportunity for a new owner to increase income and maximize returns.
Desirable Unit Mix & Tenant Amenities: Features a sought-after 3-bedroom unit with a private backyard, along with onsite parking including four single-car garages and additional guest spaces, enhancing tenant satisfaction and retention.
Separately Metered Utilities (Gas & Electric): Individual electric and gas meters for each unit reduce landlord operating expenses and simplify utility management.
Enhanced Security & Curb Appeal: Benefits from a fenced front yard, full perimeter wood fencing, secure gated entry, and a recently painted exterior, contributing to tenant safety and property attractiveness.

Cons

Single Water Meter: The property has only one water meter for all four units, meaning the landlord is likely responsible for a significant and potentially increasing water bill.
Property Age & Potential for System Updates: Built in 1964, the property is 60 years old, which may lead to higher maintenance costs or necessitate future capital expenditures for major systems like plumbing, electrical, or roofing, despite being described as well-maintained.
Unspecified Interior Condition/Updates: While the exterior is recently painted, the description does not detail interior updates across all units, suggesting potential future renovation costs to achieve market-rate rents and maximize value.

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