|
|
10/17/24
|
A 10-unit multifamily property at 3926 Franklin Avenue in Fullerton was purchased by a private investor for $2.665 mil in an off-market transaction. The deal comes in at $266.5k/unit and $360/sf.
Built in 1985, the two-story, 7.4k sf apartment building is located on a 0.44-acre lot near the intersection of Magnolia Ave and Franklin Ave. The apartment community features 10 two-bedroom units, providing a spacious living environment. The property also includes 17 parking spaces, including 12 garage spaces, and on-site laundry facility. Each unit has individual gas and electric meters and water heaters.
CBRE’s Executive Vice President Dan Blackwell, along with Vice President Andrew Boukather, who is now with MBI Equity Partners, represented the repeat buyer in the deal. The seller was based in Las Vegas, while the buyer was from Los Angeles County.
Blackwell noted, “With a 61% upside in rents to reach market levels, the buyer has a prime opportunity to significantly increase the property’s value through substantial capital improvements, both interior and exterior, to realize its full potential. These improvements could boost the cap rate from the current 4.52% to an impressive 8.60%, providing a strong return on investment.”
Located in northern Orange County, Fullerton is a vibrant and bustling city known for its rich history, diverse community, and thriving educational institutions. Home to California State University, Fullerton, and Fullerton College, the city boasts a large student population that contributes to its dynamic atmosphere. Fullerton offers a blend of suburban charm and urban amenities, with a variety of parks, cultural attractions, and a lively downtown area. The city’s strategic location, just 25 miles from Los Angeles, provides residents with easy access to major employment centers and recreational opportunities. Fullerton’s commitment to community development and quality of life makes it an attractive destination for both residents and investors.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
