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Key Details
Sold Price $3,148,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Other (Othr)
MLS Listing ID OC19233101
Sold Date 12/12/19
HOA Y/N No
Year Built 1963
Lot Size 10,890 Sqft
Acres 0.25
Property Description
The Leatrice Lane Apartments is an eight-unit apartment building located in the highly desirable rental market of Anaheim, California within the Greater Orange County area. The property offers an attractive unit mix consisting of (2) four bedroom/ two bathroom units, (3) three bedroom/ two bathroom units, (1) three bedroom/ one bathroom unit, and (2) two bedroom/ one bathroom units totaling 9,036 square feet, situated on an 11,014 square foot lot.
The property has gone through an extensive remodel of the interiors and exterior. Some interior upgrades include but are not limited to: new kitchens, stainless steel appliances, backsplashes, quartz countertops, new bathrooms, and new flooring. Common area amenities include: fresh landscaping, enclosed garages, and on-site laundry room.
This offering represents a rare opportunity for an investor to acquire a turnkey, low expense, stable investment in the desirable rental market of Anaheim at a 5.9% CAP Rate and 13% Total Return on current income. The location offers high visibility in an area known for its strong tenancy, good rent growth, and a historically high occupancy rate.
Location
State CA
County Orange
Area 78 - Anaheim East Of Harbor
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks
Total Parking Spaces 16
Private Pool No
Building
Lot Description Landscaped, Near Public Transit
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 13733902
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Cash
Special Listing Condition Standard
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Bought with Greg Bassirpou • Marcus & Millichap RE Invest
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960