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Flowing Streams LLC Acquires Multifamily Property In Pomona For $9.9M

Property Image
SOLD
$9,900,000

California

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MultiFamily
Sold 05/02/2024
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Property Image
SOLD

Flowing Streams LLC Acquires Multifamily Property In Pomona For $9.9M

3106 North Garey Avenue

See Similar Deals
MultiFamily
Sold 05/02/2024
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The North Garey Village Apartments in Pomona have been sold for $9.9 million. The 44-unit property, located at 3106 North Garey Avenue, features two-bedroom floorplans, single-car garages, on-site laundry, storage rooms, and select units with fireplaces. Constructed in 1963, the sale equates to a price per unit of $225,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $9,900,000
  • Units: 44
  • Address: 3106 North Garey Avenue
  • Market: Pomona

Douglas McCauley and David Covarrubias of Marcus & Millichap's Inland Empire office played pivotal roles in this transaction. They represented the seller, Kot and Offenbecher Trust, and successfully secured the buyer, Flowing Streams LLC, accomplishing the closing within a swift 28 days. The property's sale was efficiently facilitated by these experienced brokers.

Players

Douglas McCauley
9 deals$72.1M volume
BROKER

David Covarrubias
Marcus & Millichap
9 deals$72.1M volume
BROKER

Details

SOLD
IMAGE: 05/02/2024 ADDRESS: 3106 North Garey Avenue MARKET: Pomona ASSET TYPE: Multifamily BUYER: Flowing Streams LLC SELLER: Kot and Offenbecher Trust BROKER: Douglas McCauley & David Covarrubias - Marcus & Millichap SALE PRICE: $9,900,000 UNITS: 44 ~ PPU: $225,000 NOTE: Marcus & Millichap facilitated the $9.9 million sale of North Garey Village Apartments, a 44-unit property in Pomona. Douglas McCauley and David Covarrubias from Marcus & Millichap's Inland Empire office represented the seller, Kot and Offenbecher Trust, and also secured the buyer, Flowing Streams LLC, closing the transaction within 28 days. The property, constructed in 1963, features 11 apartment buildings with two-bedroom floorplans, single-car garages, on-site laundry, storage rooms, and select units with fireplaces.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$528,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,172.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,931.05
Annual Debt Service$563,172.61