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1113 1119, 11 W Porter Avenue W

Fullerton, CA 92833
  • $6,195,000
  • STATUS: Active
  • ON SITE: 92 Days
  • ID#: OC21158324
UPDATED: 42 min ago
$6,195,000
  • 0
    BEDS
  • 0.18
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1960
County:

School Ratings & Info

Description

This offering consists of three buildings on three individual parcels with addresses including 1113, 1119 and 1125 West Porter Avenue.The Porter Avenue property is a well maintained, well located, 18 unit apartment community consisting of three buildings on three separate parcels in the City of Fullerton. All of the units are two-bedroom / one-bath floor plans.In addition to being a clean, attractive asset, what sets this property apart from its competitive set is its highly desirable location nestled in the midst of single family homes averaging in value between $700,000 and $823,000 according to Zillow. It is also just a short walk to Nicolas Junior High School and Nicolas Park, and within walking distance to Orangethorpe Plaza and Fullerton Marketplace - home to Food4Less supermarket. Also within close proximity, at the intersection of Orangethorpe and Euclid, are three major retail centers including Fullerton Town Center, Metro Center Fullerton and Orangefair Marketplace.Despite the propertys intrinsic advantages of location and condition, rents are at least 11.24% below market with the current unit upgrades . That equates to an estimated NOI upside of over 18.31%. By leveling rents at the property in its as-is condition, an investor has an easy path of upside to a 14.61 GRM which equates to a 4.05% cap rate with expenses fully underwritten to include professional management, onsite payroll and capital reserves of $250 per unit per year.PROPERTY TOURS MUST BE COORDINATED WITH THE LISTING AGENT.PLEASE DO NOT DISTURB TENANTS OR ONSITE STAFF.MAKE ALL OFFERS SUBJECT TO INSPECTION

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-26T20:28:50.48. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
www.therealestategirl.com/homes/119703474
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1113 1119, 11 W Porter Avenue W Fullerton, CA 92833

  • Price: $6,195,000
  • Status: Active
  • Updated: 42 min ago
  • ID#: OC21158324
0
Beds
0
Baths
0
½ Baths
0.18
Acres
1960
Built
Neighborhood:
Fullerton Heights (Fulh)
County:
Orange
Area:
83 - Fullerton
Property Description
This offering consists of three buildings on three individual parcels with addresses including 1113, 1119 and 1125 West Porter Avenue.The Porter Avenue property is a well maintained, well located, 18 unit apartment community consisting of three buildings on three separate parcels in the City of Fullerton. All of the units are two-bedroom / one-bath floor plans.In addition to being a clean, attractive asset, what sets this property apart from its competitive set is its highly desirable location nestled in the midst of single family homes averaging in value between $700,000 and $823,000 according to Zillow. It is also just a short walk to Nicolas Junior High School and Nicolas Park, and within walking distance to Orangethorpe Plaza and Fullerton Marketplace - home to Food4Less supermarket. Also within close proximity, at the intersection of Orangethorpe and Euclid, are three major retail centers including Fullerton Town Center, Metro Center Fullerton and Orangefair Marketplace.Despite the propertys intrinsic advantages of location and condition, rents are at least 11.24% below market with the current unit upgrades . That equates to an estimated NOI upside of over 18.31%. By leveling rents at the property in its as-is condition, an investor has an easy path of upside to a 14.61 GRM which equates to a 4.05% cap rate with expenses fully underwritten to include professional management, onsite payroll and capital reserves of $250 per unit per year.PROPERTY TOURS MUST BE COORDINATED WITH THE LISTING AGENT.PLEASE DO NOT DISTURB TENANTS OR ONSITE STAFF.MAKE ALL OFFERS SUBJECT TO INSPECTION
Exterior Features

Carport Spaces 0 Construction Materials DrywallFrameStucco Exterior Features Lighting Lot Features 31-35 Units/AcreCorner LotCul-De-SacLandscaped Number Of Separate Electric Meters 21 Open Parking Spaces 0 Parking Features Garage Faces Rear Parking Total 18 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type AlleyCity Street Road Surface Type Alley PavedPaved Roof Flat Spa Features None Spa YN No View None View YN No

Interior Features

Appliances Built-In RangeDisposalGas RangeHigh Efficiency Water Heater Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring Vinyl Heating Wall Furnace Heating YN Yes Interior Features Ceiling Fan(S) Window Features Double Pane Windows

Property Features

Additional Parcels YN Yes Association Fee 0 Association YN No Cap Rate 3.42 Common Interest Community Apartment Community Features Sidewalks Current Financing None Electric Expense 4996 Fuel Expense 0 Garage YN Yes Gross Income 381960 Gross Scheduled Income 381960 Insurance Expense 5130 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Entry Only Listing Terms CashCash To New Loan Maintenance Expense 14400 Net Operating Income 211929 New Construction YN No New Taxes Expense 71212 Number Of Separate Gas Meters 21 Number Of Separate Water Meters 3 Operating Expense 158788 Other Expense 6300 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 6195000 Tax Year 2021 Tenant Pays ElectricityGas Trash Expense 1598 Vacancy Allowance Rate 3 Water Sewer Expense 14420 Water Source Public

Listing provided courtesy of Joseph Berkson of Marcus & Millichap Re Invest


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-26T20:28:50.48. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
 
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