NOT LISTED FOR SALE
4 Beds
2 Baths
8,310 Sq Ft
0.37 Acres

Last Sold March 19, 2015

Last sale price $2,250,000 $271 Per Sq Ft

24 Days on Market

Highlights

  • 0.37 Acre Lot
  • Property is near a park
  • Landscaped
  • Enders Elementary School Rated A
  • Corner Lot
  • 3-minute walk to Eastgate Park

About This Home

As of March 2015

We are pleased to present this unique opportunity to acquire two side-by-side fourplexes (with separate parcels) in the highly desirable submarket of West Garden Grove near the Los Alamitos and Cypress borders. Built in 1964, this pride of ownership property features all 2 Bedroom / 1 ½ Bath Townhome style units with private patios. There are 8 single car garages (2 of the units have direct access single car garages) and 4 open spaces in the back of the property, coupled with ample street parking to the westside of the complex. The property has brand new exterior paint, new landscaping and brand new garage doors. This is an all electric building. Listing also includes 12022 Bailey Street.

RESIDENTIAL 30 YEAR FIXED RATE FINANCING AVAILABLE.

This corner lot property is located just south of Chapman Avenue and west of Valley View Street. Tenants benefit from close proximity to retail amenities including East gate Park, Public Library, Von' s, Rite-Aid, Ace Hardware, Restaurants, Movie Theaters, Bowling Alley, Fitness Center, Post Office & Bus Stop.

Last Agent to Sell the Property

Paul Espinosa

Morgan Skenderian License #01942627 Listed on: 01/07/2015

Co-Listed By

Rick Applebaum

Morgan Skenderian License #01273871

Last Buyer's Agent

MLS Department

Out Of Area License #88888888

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 0.37 Acre Lot
  • 1 Common Wall
  • Landscaped
  • Corner Lot
  • Density is 6-10 Units/Acre

Parking

  • 8 Car Garage

Home Design

  • 8,310 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 2 Bathrooms

Location

  • Property is near a park

Listing and Financial Details

  • Tax Lot 21
  • Tax Tract Number 3624
  • Assessor Parcel Number 22420201

Community Details

Overview

  • 2 Buildings
  • 8 Units

Building Details

  • 8 Leased Units
  • 9 Separate Electric Meters
  • 1 Separate Water Meter
  • Gardener Expense $1,320
  • Insurance Expense $2,493
  • Maintenance Expense $7,128
  • Other Expense $500
  • Trash Expense $4,416
  • Water Sewer Expense $4,417
  • New Taxes Expense $27,248
  • Gross Income $11,826
  • Net Operating Income $90,133

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Parking

8

Listing Details

  • CapRate: 4.10
  • Property Attached: Yes
  • Water Sewer Expenses: 4417.00
  • Property Type: Residential Income
  • Gardener Expense: 1320.00
  • Parcel Number: 22420201
  • Year Built: 1964
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 1 Common Wall
  • Levels: Two
  • Price Per Square Foot: 270.76

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 8.00
  • Total Parking Spaces: 12.00

Utilities

  • Utilities: Sewer Available
  • Trash Expense: 4416.00
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Curbs, Sidewalks

Lot Info

  • Lot Features: 6-10 Units/Acre, Landscaped, Lot 10000-19999 Sqft, Park Nearby, Corner Lot
  • Lot Size Sq Ft: 15950.00
  • Lot Size Acres: 0.3660

Multi Family

  • Gross Income: 11826.00
  • Gross Multiplier: 15.50
  • Gross Scheduled Income: 141912.00
  • Insurance Expense: 2493.00
  • Lot Size Area: 15950.0000 Square Feet
  • Maintenance Expense: 7128.00
  • Net Operating Income: 90133.00
  • Number Of Separate Electric Meters: 9
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 8
  • Number Of Units Total: 8
  • Operating Expense: 47522.00
  • Operating Expense Percent: 33.50
  • Other Expense: 500.00
  • Other Expense Description: Admin
  • Rent Control: No
  • Total Actual Rent: 11615.00
  • Vacancy Allowance: 4257
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 27248.00
  • Tax Lot: 21
  • Tax Tract Number: 3624

Range of Values:

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Average Value
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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/19/2015 03/19/15 Sold $2,250,000 +2.3% $271 / Sq Ft
01/31/2015 01/31/15 Pending -- -- --
01/07/2015 01/07/15 For Sale $2,200,000 -- $265 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW15003727

California Regional Multiple Listing Service (CRMLS)

APN: 224-202-01