Sold

1113 W Porter Avenue W

Fullerton CA, 92833

$6,095,000


$428.89 per sqft

Sold

14,211 sqft

Commercial

Built in 1960

Listed by Joseph Berkson with Marcus & Millichap RE Invest 949-419-3200

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 property's 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

OC21163489

MLS ID

February 10, 2024

Updated

Map

1113 W Porter Avenue W
Fullerton CA, 92833

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Cooling Description

None


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.18 Acres


Lot Features

31-35 Units/Acre, Corner Lot, Cul-De-Sac, Landscaped


Roof

Flat

Other Property Details

Area Name

83 - Fullerton


Taxes

$6,195,000


Tax Frequency

Annually


Days on Market

98


Garage

No


Parking Total

0


View

No


County

Orange


Water Source

Public


Pool

No


Buyer Agency Compensation

2%

Listing Contact: 949-419-3200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/10/2024. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/10/2024 at 7:08 AM UTC

 

Powered byLuxury Presence