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8/14/24
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An eight-unit multifamily property in Garden Grove was purchased by an OC-based private investor for $2.23 mil, or $278.1k/unit. The property features seven one-bedroom units and one two-bedroom unit, all of which were recently renovated.
The property is located at 10651 Tibbs Circle in Garden Grove, near the intersection of Katella Ave and Palmwood Dr. The 5.1k sf, two-story apartment building, which was built in 1960, sits on a 9.2k sf lot (approximately 0.21 acres). The units have individual water heaters and ample parking. The property also has an on-site laundry room.
Recent capital improvements include vinyl plank flooring, new countertops, new wall fixtures and lights, stainless steel appliance package, new cabinet hardware and handles, new bathroom vanities, toilets and bathroom fixtures and new windows in select units.
The Tibbs Circle property is located near parks, health services, restaurants, entertainment options and public transportation. The Disney resorts and Great Wolf Lodge Garden Grove are only a few miles away. The property is also conveniently located to Interstate 5 and CA-22 freeways.
CBRE’s Dan Blackwell represented the seller, a repeat client based in Los Angeles. The buyer was from Orange County.
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