Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Walnut Street Apartments, a 3-property, 44-unit multifamily investment portfolio located in Anaheim, California. Walnut Street Apartments offers a combined total of 27,520 rentable square feet across six separate, neighboring parcels. The portfolio features two, eight-unit buildings and four, seven-unit buildings and offers exclusively one-bedroom floor plans. Built in 1960, the portfolio offers amenities including gated access, spacious central courtyards, on-site laundry facilities, security doors, and carport parking. This portfolio represents a unique opportunity to acquire a sizable footprint in the direct vicinity of Disneyland with significant rental upside. A new owner could capitalize on this attractive location through the completion of a comprehensive interior and exterior renovation plan, thereby achieving significant rental premiums. Walnut Street Apartments benefits from its optimal Anaheim location, situated within walking distance of Disneyland and Downtown Disney (see OM for more details). The property is located adjacent to the ongoing The Villas at Disneyland Hotel development, a 350-room hotel scheduled to open on September 28th, 2023 (see OM for more details). Additionally, Walnut Street Apartments is located within one mile of the Anaheim GardenWalk, providing residents with convenient access to a plethora of retail, dining, and entertainment options (see OM for more details). The property is within three miles of the Platinum Triangle, an ongoing urban, business, and entertainment development that’s home to Angel Stadium, The Honda Center, and The Grove of Anaheim (see OM for more details). Furthermore, Walnut Street Apartments provides residents with convenient access to Interstate 5, connecting residents to employment hubs throughout Orange and Los Angeles Counties. The Anaheim submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.1 percent (4Q 2022) and average effective rent increase of 8.9 percent (year-over-year since 3Q 2021), demonstrating the strong demand for rental housing. Anaheim’s central location, strong economic growth, and unmatched local 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 Anaheim, the property offers an investor the ability to capture quality tenants seeking a great neighborhood with convenient access to a wide variety of activities, transportation, and retail amenities. This overall demand for well-located apartments will be a key driver in the continued growth at Walnut Street Apartments.