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4/03/24
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In a recent Orange County multifamily comp, a seven-unit property in Anaheim traded for $2.525 mil, or $360.7k/unit. The apartment community features individual patios, garage parking, and a newly installed fire sprinkler system.
Built in 1985, the 6.5k sf apartment building sits on a 9.1k sf lot at 406 East South St, east of I-5 near South Olive St and East South St. It is close to schools, medical services, shopping, restaurants, public transportation and the iconic Disneyland theme park. Its Walk Score of 80 validates its “Very Walkable” location.
Dan Blackwell and Amanda Fielder with CBRE represented the non-exchange buyer, who was based in Orange County. The seller was from Alameda County, CA.
“Based on our client’s financial goals, we sourced a great multifamily investment opportunity situated in the desirable Colony neighborhood of Anaheim, secured the winning bid over multiple competitive offers and negotiated favorable seller financing for the buyer,” said Blackwell. “We negotiated a 14-day due diligence period with a 50-day close and seller financing for five years.”
Fielder added, “The buyer was particularly drawn to the property’s attractive features, including its amenity-rich and walkable location, well-designed two-bedroom townhome layouts and solid 1980s construction. Furthermore, there is potential to increase the rent roll, resulting in a 4.95% cap rate.”
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