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June 18, 2024
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OC Four-Plex Goes for Nearly $400k/Unit


A four-unit multifamily property in Orange County sold for $1.59 mil ($397.5k/unit), in a deal that came in at 99% of the list price and $462 per square foot. The single-story property is located on a spacious 10.8k sf parcel of land at 224 S. Oak St in the city of Orange, near Old Towne Orange Circle and Chapman University.

Built in 1957, the property comprises two one-bedroom and two two-bedroom units, each equipped with an in-unit washer and dryer. It offers eight parking spaces, including four garage spaces and four tandem spaces, providing ample parking options for residents.

The location of the property offers numerous advantages. Situated in the vibrant city of Orange, residents can enjoy access to a wide range of lifestyle amenities. The property is conveniently located 1.5 miles from Chapman University and Old Towne Orange Circle. Additionally, its proximity to major freeways, including State Route 55, 22 and 57, as well as Interstate 5 and 91, provides easy access to Orange County and Los Angeles, making it an ideal residential base. Moreover, the world-famous Disneyland theme park, which attracts over 18.6 million visitors annually, is only a short drive away.

Dan Blackwell, Sean Farag and Amanda Fielder with CBRE represented the Orange County-based 1031 exchange seller in the transaction. According to Blackwell, the negotiation process included the inclusion of two 30-day options to extend the transaction, accommodating the seller’s 1031 exchange requirement.

“The property is a fully turnkey asset featuring 100% one-story, one- and two-bedroom units,” Fiedler said. “Extensive interior and exterior renovations totaling $200,000 were completed within the past year, including a full renovation of all four units. The gross monthly rent of $9,500 appealed to buyers seeking an in-place 5.25% cap rate. The buyer will benefit from immediate cash flow with minimal deferred maintenance needs.”

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