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11/07/23
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A 10-unit multifamily property in Garden Grove sold for $2.875 mil, or $287.5k/unit. This marks the first time the property was listed for sale in over 60 years.
Located at 11821 Stuart Drive, this two-story apartment building was constructed in 1958 on a 0.28-acre lot. The unit mix consists of three one-bedroom and seven two-bedroom floor plans, totaling 8.6k sf of rentable space. Amenities include a community pool, on-site laundry facilities, garage parking, and individual water heaters in each unit.
Recent capital improvements encompass exterior paint, a new sprinkler system, updated gas lines, and new garage doors. Notably, four units underwent comprehensive renovations.
The community enjoys a strategic location, just a mile from the 22 Fwy on/off ramp and in proximity to Interstate 5, providing central access to major employment centers. The property is just a couple of blocks from Garden Grove Blvd and is close to Orange County’s most popular tourist destinations, including the Disney resorts and the Anaheim Convention Center. Residents also have easy access to shopping, schools, parks, restaurants, entertainment and medical services.
Dan Blackwell and Andrew Boukather with CBRE represented the seller and buyer, both private investors based in Orange County. According to Blackwell, the listing generated multiple competitive offers.
According to Boukather, “The acquisition of 11821 Stuart Drive presented a value-add opportunity for the buyer in a strong, sought-after rental market. The new owner can potentially increase rents by 25% and achieve an approximate cap rate of 6.25% through a renovation plan.”
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