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June 24, 2024
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Trio of OC Apartment Trades Total Nearly $5.5 Mil


Here are a few recent apartment sales comps from Orange County as three four-unit properties were acquired by three separate private buyers in deals totaling $5.48 mil over a period of 10 days.

In one of the transactions, a four-unit multifamily property at 609 S. Cypress Street in Orange sold for $1.78 mil, representing $75k over the asking price. The property sold for $443.8k per unit and $350 per sf.

The Covington-style property was built in 1966 on an 8.5k sf corner lot. The property offers a mix of three two-bedroom units and one three-bedroom single-story unit. It is within walking distance of the Orange Metrolink Station, Chapman University and Old Towne Orange, a historic community offering entertainment, restaurants, shops and activities.

The buyer was a private investor based in Orange County. Dan Blackwell and Amanda Fielder with CBRE represented the seller, an out-of-state private investor. According to Blackwell, the listing generated six competitive offers at or above list price and they sold to an all-cash, 1031 exchange buyer.

In the second transaction, a four-unit multifamily property at 405 Nobel Ave in Santa Ana sold for $1.7 mil ($425k/unit). The property is less than a mile from local freeways and is near South Coast Plaza.

The property was built in 1969 on a 7.5k sf lot. It contains a mix of one-, two- and three-bedroom floor plans. The amenities include an on-site laundry facility and a private balcony or patio for each unit. There are four garage parking spaces and two open spaces. Recent capital improvements include new stairs, railings and exterior paint.

Blackwell and Fielder represented the seller in the deal. This was the first time in over 20 years this property had been offered for sale.

In the third deal, a four-unit property at 143 W. Canada in San Clemente traded for $2 mil ($500k/unit). Built in 1972 on a 6k sf lot, the property is located near the beach, parks and public transit.

143 W. Canada features a two-story building with Spanish architecture and two-double shared garages on the ground level. All units are two-bedroom, one-bath (962 square feet). The two-upper units have an ocean view. There is a shared coin-operated laundry room, which provides additional income.

Blackwell and Fielder represented the 1031 exchange buyer in the off-market transaction. Both parties were Orange County-based private investors.

“All three properties had in-place rents that were 25% to 33% below-market rent, which was an attractive value-add opportunity for the investors,” noted Blackwell. “A four-plex offers a lower-entry price point for investors looking to acquire multifamily properties and all three of these properties were well-located in a desirable infill market that was attractive to investors.”

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