Multifamily

13171 Monroe Street

13171 Monroe St, Garden Grove, CA 92844

Listing Price: $9,900,000

Cap Rate
4.54%
Number of Units
24
Price/Unit
$412,500
Price/Gross SF
$411.99
Gross SF
24,030

Investment Overview

Marcus and Millichap is pleased to present the exclusive opportunity to acquire Monroe -- a 24 unit apartment community located in a quiet, residential cul-de-sac in Garden Grove, California. Built in 1979, and situated on over an Acre of land in Orange County, Monroe has ample tenant amenities and is comprised of an attractive unit mix of 100% 2 Bedroom 2 Bath units averaging almost 1,000 square feet. The subject property has been meticulously maintained with over $1,375,000 in luxurious interior and exterior renovations that has attracted a top notch tenant base to ensure a reliable stream of cash flow. Every unit has been upgraded with high-end vinyl plank flooring, stainless steel appliances, quartz counter tops, durable white-modern cabinets, modern lighting throughout, double-pane noise reducing vinyl windows, and modern white interior design paint scheme. The tenants enjoy oversized private balconies, generous private yards, a well-groomed common area courtyard equipped with barbeques, quaint and well-lit seating area, a sparkling pool and spa, as well as drought resistant low maintenance landscape. Additionally, the tenants benefit from 24 garage spaces as well as 26 surface spots. Monroe is located minutes from the Historic Downtown Garden Grove eateries and shopping, and ten minutes from pristine Orange County Beaches. With Disneyland, Knotts Berry Farm, John Wayne Airport, and other local attractions within close proximity, it is clear how management has attracted and retained a quality tenant base. The local nationally ranked school system has proved to be a main driver in families seeking tenancy in Garden Grove as well. Monroe is a unique opportunity that combines the strong demographics and market conditions of this Orange County submarket with luxurious, strategic upgrades to attract the highest quality tenants in the most sought after location. Monroe will prove to be a high-yielding stable investment for years to come.

Investment Highlights

  • 100% 2 Bed/2 Bath Units Averaging Almost 1,000 sq.ft. with Vaulted Ceilings and Private Yards & Balconies
  • Over $1,375,000 in Luxurious Interior and Exterior Renovations attracting a Top Tier Tenant Base with 100% Collections
  • Luxury Amenity Package – 1.08 Acres, 1979 Built, 24 Garage Spaces & 26 Surface Spots, Pool, Spa, BBQ Area, AC
  • RUBS in Place for Water, Sewer, Trash, Cleaning
  • Superior Cash Flow – 7% Cash on Cash
  • Exceptional Debt Available – 2.71%, 10-Year Interest Only
  • Proximate to Platinum Triangle (Angel Stadium, Honda Center, Disneyland and the Grove) and Knott's Berry Farm
  • Highly Sought After Orange County Location with Nationally Ranked School System Ensuring a Reliable Stream of Cash Flow from High Quality Tenants

Exclusively Listed By

  • Shane Young

    First Vice President Investments

    Email Shane

    License(s): CA: 01963090

    South Bay

Multifamily

13171 Monroe Street

Listing Price: $9,900,000

Cap Rate
4.54%
Number of Units
24
Price/Unit
$412,500
Price/Gross SF
$411.99
Gross SF
24,030

Investment Highlights

  • 100% 2 Bed/2 Bath Units Averaging Almost 1,000 sq.ft. with Vaulted Ceilings and Private Yards & Balconies
  • Over $1,375,000 in Luxurious Interior and Exterior Renovations attracting a Top Tier Tenant Base with 100% Collections
  • Luxury Amenity Package – 1.08 Acres, 1979 Built, 24 Garage Spaces & 26 Surface Spots, Pool, Spa, BBQ Area, AC
  • RUBS in Place for Water, Sewer, Trash, Cleaning
  • Superior Cash Flow – 7% Cash on Cash
  • Exceptional Debt Available – 2.71%, 10-Year Interest Only
  • Proximate to Platinum Triangle (Angel Stadium, Honda Center, Disneyland and the Grove) and Knott's Berry Farm
  • Highly Sought After Orange County Location with Nationally Ranked School System Ensuring a Reliable Stream of Cash Flow from High Quality Tenants

Investment Overview

Marcus and Millichap is pleased to present the exclusive opportunity to acquire Monroe -- a 24 unit apartment community located in a quiet, residential cul-de-sac in Garden Grove, California. Built in 1979, and situated on over an Acre of land in Orange County, Monroe has ample tenant amenities and is comprised of an attractive unit mix of 100% 2 Bedroom 2 Bath units averaging almost 1,000 square feet. The subject property has been meticulously maintained with over $1,375,000 in luxurious interior and exterior renovations that has attracted a top notch tenant base to ensure a reliable stream of cash flow. Every unit has been upgraded with high-end vinyl plank flooring, stainless steel appliances, quartz counter tops, durable white-modern cabinets, modern lighting throughout, double-pane noise reducing vinyl windows, and modern white interior design paint scheme. The tenants enjoy oversized private balconies, generous private yards, a well-groomed common area courtyard equipped with barbeques, quaint and well-lit seating area, a sparkling pool and spa, as well as drought resistant low maintenance landscape. Additionally, the tenants benefit from 24 garage spaces as well as 26 surface spots. Monroe is located minutes from the Historic Downtown Garden Grove eateries and shopping, and ten minutes from pristine Orange County Beaches. With Disneyland, Knotts Berry Farm, John Wayne Airport, and other local attractions within close proximity, it is clear how management has attracted and retained a quality tenant base. The local nationally ranked school system has proved to be a main driver in families seeking tenancy in Garden Grove as well. Monroe is a unique opportunity that combines the strong demographics and market conditions of this Orange County submarket with luxurious, strategic upgrades to attract the highest quality tenants in the most sought after location. Monroe will prove to be a high-yielding stable investment for years to come.

Exclusively Listed By

  • Shane Young

    First Vice President Investments

    Email Shane

    License(s): CA: 01963090

    South Bay

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