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12/16/15
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A 23-unit apartment building in Tustin sold for $3.5 mil, or $150k per unit. The property is located at 1431 Nisson Rd, west of Red Hill Ave and adjacent to I-5.
Built in 1961, the 16.4k sf property offers an average unit size of about 750 sf, and also has a pool. The property is situated in a prime area just several blocks from of Tustin High school and five middle schools all within a quarter mile. At the time of the sale the building was 100% occupied.
The vacancy rate in Tustin for apartment units of similar size is extremely low due to heightened demand, which has contributed to escalating rents and outstanding sales prices with exceptionally low cap rates. The seller had this property in their portfolio for a long time.
Steve Heri, CCIM, and Steve Gim with NAI Capital represented the buyer, Nisson Rd LLC, and the seller, Cal Receivers in the transaction.
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