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Multifamily

1113 - 1125 W Porter Ave

1113 - 1125 W Porter Ave, Fullerton, CA 92833

Listing Price: $6,195,000

Cap Rate
3.42%
Number of Units
18
Price/Unit
$344,167
Price/Gross SF
$435.93
Gross SF
14,211

Investment Overview

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 appear to be approximately 11.24% below market. That equates to an estimated NOI upside of over 18.31%. With projected market rents from light upgrades, an investor can realize a potential, post upgrade 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.

Investment Highlights

  • Net Income Upside: Over 18.31%
  • All 2 Bedroom Units
  • Well-Maintained and Beautifully Landscaped
  • Most Units Have Been Upgraded
  • Three Buildings on Three Separate Parcels
  • Outstanding, Single Family Residential Neighborhood
  • Walking Distance to Nicholas Jr. High School and Nicholas Park
  • Walking Distance to Shopping

Exclusively Listed By

Listing Price: $6,195,000

Cap Rate
3.42%
Number of Units
18
Price/Unit
$344,167
Price/Gross SF
$435.93
Gross SF
14,211

Investment Highlights

  • Net Income Upside: Over 18.31%
  • All 2 Bedroom Units
  • Well-Maintained and Beautifully Landscaped
  • Most Units Have Been Upgraded
  • Three Buildings on Three Separate Parcels
  • Outstanding, Single Family Residential Neighborhood
  • Walking Distance to Nicholas Jr. High School and Nicholas Park
  • Walking Distance to Shopping

Investment Overview

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 appear to be approximately 11.24% below market. That equates to an estimated NOI upside of over 18.31%. With projected market rents from light upgrades, an investor can realize a potential, post upgrade 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.

Exclusively Listed By

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