NOT LISTED FOR SALE

12512 Morningside Ave Garden Grove, CA 92843

6 Beds
3 Baths
16,016 Sq Ft
0.7 Acres

Last Sold March 04, 2013

Last sale price $2,750,000 $172 Per Sq Ft

15 Days on Market

Highlights

  • 0.7 Acre Lot
  • Wood Siding
  • No Heating
  • Santiago High School Rated A-

About This Home

As of March 2013

Three contiguous 8 unit apartment complexes with separate parcels. Each building is identical with a desirable mix of 1, 2 & 3 bedrooms. The property provides ample carport and open parking onsite. The property has been under the same ownership for 30+ years with rents that have fallen well below the neighboring properties. A new investor will quickly be able to improve rental rates realizing a substantially increased return.

Last Agent to Sell the Property

Rick Applebaum

Morgan Skenderian License #01273871 Listed on: 10/15/2012

Last Buyer's Agent

Jay Skenderian

Morgan Skenderian License #01220368

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1961

Lot Details

  • 0.7

Home Design

  • 16,016 Sq Ft Home
  • Wood Siding
  • Stucco

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 3 Bathrooms

Parking

  • 33 Parking Spaces
  • 22 Carport Spaces

Additional Features

  • 0.7 Acre Lot
  • No Heating

Listing and Financial Details

  • Tenant pays for electricity
  • Assessor Parcel Number 19812301

Community Details

Overview

  • 24 Units

Building Details

  • 25 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Gardener Expense $2,400
  • Insurance Expense $4,850
  • Maintenance Expense $26,250
  • Other Expense $1,250
  • Professional Management Expense $15,000
  • Trash Expense $10,270
  • Water Sewer Expense $10,271
  • New Taxes Expense $37,474
  • Gross Income $25,585
  • Net Operating Income $173,634

Property Details

Home Type

Multi-Family

Year Built

Built in 1961

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 6.04
  • Price Per Unit: 119792
  • Professional Management Expense: 15000.00
  • View: No
  • Water Sewer Expenses: 10271.00
  • Property Type: Residential Income
  • Gardener Expense: 2400.00
  • Parcel Number: 19812301
  • Year Built: 1961
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Appliances: No
  • Price Per Square Foot: 171.70

Exterior Features

  • Pool Private: No
  • Spa: No
  • Construction Materials: Stucco, Wood Siding

Garage/Parking

  • Carport Spaces: 22.00
  • Parking: No
  • Total Parking Spaces: 33.00

Utilities

  • Heating: No
  • Laundry: No
  • Trash Expense: 10270.00

Condo/Co-op/Association

  • Senior Community: No

Lot Info

  • Lot Size Sq Ft: 30510.00
  • Lot Size Acres: 0.7000

Rental Info

  • Tenant Pays: Electricity

Multi Family

  • Gross Income: 25585.00
  • Gross Multiplier: 9.36
  • Gross Scheduled Income: 307020.00
  • Gross Spendable Income: 57444.00
  • Insurance Expense: 4850.00
  • Lot Size Area: 30510.0000 Square Feet
  • Maintenance Expense: 26250.00
  • Maintenance Percent: 9.00
  • Net Operating Income: 173634.00
  • Number Of Separate Electric Meters: 25
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 24
  • Operating Expense: 118035.00
  • Operating Expense Percent: 38.00
  • Other Expense: 1250.00
  • Other Expense Description: Admin
  • Vacancy Allowance: 15351
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 37474.00

Range of Values:

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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
03/04/2013 03/04/13 Sold $2,750,000 -4.3% $172 / Sq Ft
10/30/2012 10/30/12 Pending -- -- --
10/15/2012 10/15/12 For Sale $2,875,000 -- $180 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Rick Applebaum

    Seller's Agent in 2013

    Rick Applebaum

    Morgan Skenderian

    (949) 251-8800

    3 in this area

    64 Total Sales

    Rick Applebaum
    Section Image
  • Jay Skenderian

    Buyer's Agent in 2013

    Jay Skenderian

    Morgan Skenderian

    (949) 251-8800

    18 Total Sales

    Jay Skenderian
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: P838366

California Regional Multiple Listing Service (CRMLS)

APN: 198-123-01

California Orange County Garden Grove 92703

12512 Morningside Ave, Garden Grove, CA

This home is located at 12512 Morningside Ave, Garden Grove, CA 92843 since 15 October 2012. This property was built in 1961. 12512 Morningside Ave is a home located in Orange County with nearby schools including Dwight D. Eisenhower Elementary School, Doig Intermediate School, and Santiago High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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