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4/11/23
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A five-unit multifamily complex in Newport Beach traded in a $3.6 mil deal, which works out to $720k per unit. Constructed in the 1970s, the property is located at 800-808 Amigos Way, just west of Jamboree Rd.
The complex is situated on three acres and consists of two two-story buildings comprising two two-bed/2.5-bath townhomes, two two-bed/two-bath units, and one one-bed/one-bath units. Four units offer fireplaces, and each unit has two covered carports and either private patios or balconies. The complex also features an on-site laundry room.
The property is situated between Pacific Coast Highway and Hwy 73, allowing residents to easily access much of SoCal, including an abundance of coastal amenities such as shopping, dining and the beach, all within close proximity.
Mark Bridge with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented the buyer, Fahed Group Inc, and the seller, Woods Family LP, in the transaction.
“This was a very attractive multifamily investment of a well-maintained asset in a robust and well-located submarket of Orange County. The property is nestled atop a beautifully landscaped hillside and offers an excellent unit mix and range of floorplans, with spacious units that far exceed the average one- and two-bedroom square footage,” said Bridge. “The property’s Class A location in Newport Beach is also near major retail, educational and employment opportunities for residents.”
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