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$6,195,000
103 Days Online

1113 W Porter Avenue
Fullerton, CA 92833

For Sale|Multi-Family|Active
County:
Orange

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1113 W Porter Avenue1113 W Porter Avenue1113 W Porter Avenue1113 W Porter Avenue
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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 T 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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Listing Snapshot
Price
$6,195,000
Days Online
103 Days
Bedrooms
N/A
Inside Area (SqFt)
N/A
Total Baths
N/A
Full Baths
N/A
Partial Baths
N/A
Lot Size
0.18 Acres
Year Built
N/A
MLS Number
OC21158324
Status
Active
Property Tax
N/A
HOA/Condo/Coop Fees
N/A
Sq Ft Source
N/A
Friends & Family
Recent Activity
2 months agoListing updated with changes from the MLS
2 months agoStatus changed to ACTIVE
2 months agoPrice changed to $6,195,000
3 months agoListing first seen online
General Features
Terms
Cash
Stories
2 Story
Interior Features
Cooling
N/K
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Exterior Features
Pool
N/K
Siding
Stucco
Community Features
Spa
N/K
Listing courtesy of Marcus & Millichap RE Invest

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Copyright © 2021 San Diego MLS®.

Data last update at 2021

Neighborhood & Commute
Source: Walkscore
Community information and market data Powered by ATTOM Data Solutions. Copyright ©2019 ATTOM Data Solutions. Information is deemed reliable but not guaranteed.
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