Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 15642 Pasadena Avenue, an 11-unit multifamily investment opportunity located in Tustin, California. Built in 1989, 15642 Pasadena Avenue consists of 4, one-bedroom units and 7, three-bedroom townhome units. Situated on a 0.46-acre lot, the property offers amenities including stainless steel appliances*, quartz countertops*, vinyl, tile, and carpet flooring, central A/C and heat, fireplaces, individual water heaters, private patios, two-car garages with direct access (townhome units), single-car garage parking, and in-unit laundry (*select units). Additionally, 15642 Pasadena Avenue’s in-place rents are currently below market rates, representing an attractive value-add opportunity for a new owner. 15642 Pasadena Avenue has an excellent central Southern California location, situated just south of the State Route 55 and Interstate 5 interchange, providing residents with easy access to Los Angeles, Orange, and Riverside Counties. Additionally, the property is just over 0.50 miles from Old Town Tustin and a plethora of major retail centers along Newport Avenue. The property presents residents with great local employment opportunities as it is within 0.60 miles of the Tustin Unified School District Administration Center as well as the Foothill Regional Medical Center, the first and fourth principal employers, respectively, per Tustin’s 2022 Annual Comprehensive Financial Report. The Tustin submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.9 percent (4Q 2022) and average effective rent increase of 9.3 percent (year-over-year since 2022), demonstrating the strong demand for rental housing. Tustin’s central Orange County location, strong economic growth, and proximity to world famous attractions have made it one of Southern California’s most desirable and versatile markets. Given the strength of the overall apartment market within the city of Tustin and the property’s versatile location, 15642 Pasadena Avenue offers an investor the ability to capture quality tenants seeking an attractive property with convenient access to a wide variety of employment, transportation, and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 15642 Pasadena Avenue.