Marcus & Millichap Brokers Sell Pomona Development Site On N. Mills Ave For $4.2M
SOLD
$4,200,000
California
See Similar DealsDevelopment Site146,928 SF
Sold 05/19/2022
SOLD
Marcus & Millichap Brokers Sell Pomona Development Site On N. Mills Ave For $4.2M
655 N Mills Ave, Pomona, CA 91767
See Similar DealsDevelopment Site146,928 SF
Sold 05/19/2022
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$28
Total Square Footage:146,928 SF
Transaction Type:Sale
A development site located at 655 N. Mills Ave. in Pomona has been sold for a price of $4,200,000. The property spans 146,928 square feet, resulting in a price per square foot of $28. The transaction took place on 05/19/2022. The deal was facilitated by brokers Neema Ahadian and Iman Mossanen from Marcus & Millichap.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,200,000
- Address: 655 N. Mills Ave.
- Market: Pomona
- Total Square Footage: 146,928
- Price per Square Foot: $28
- Date: 05/19/2022
Neema Ahadian and Iman Mossanen from Marcus & Millichap represented the parties involved in the deal. The sale of the development site marks a significant transaction in the Pomona market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$223,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$14,921.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$19,910.14
Annual Debt Service$238,921.71
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