NOT LISTED FOR SALE

8361 15th St Westminster, CA 92683

3 Beds
2 Baths
12,409 Sq Ft
0.46 Acres

Last Sold September 13, 2022

Last sale price $5,960,000 $480 Per Sq Ft

34 Days on Market

Highlights

  • 0.46 Acre Lot
  • Warner Middle Rated A-
  • Laundry Room

About This Home

As of September 2022

The 15th st. Apartments offers an astute investor the opportunity to acquire a Value Add property with over 30% in rental upside. The asset exterior has been extensively renovated, interiors are primed for a full rehabilitation. Situated in the Westminster Civic Center just a block from the City Library and Police department, the complex has an incredible walk score of 86! Conservative market rents put the pro-forma CAP Rate at almost 6%. 15th St. Apartments stands as the lowest priced per unit majority 2 bedroom asset on the market in all of Orange County. Further, the property will be delivered with a BRAND NEW roof and electrical panels.

Last Agent to Sell the Property

Randall Mycorn

R L M Equities License #02078223 Listed on: 06/14/2022

Last Buyer's Agent

Mark Bridge

Mark Bridge, Broker License #01316702

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 0.46 Acre Lot
  • Two or More Common Walls
  • Density is 2-5 Units/Acre

Home Design

  • Property Attached

Interior Spaces

  • 12,409 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Location

  • Suburban Location

Listing and Financial Details

  • Tax Lot 17
  • Tax Tract Number 4340
  • Assessor Parcel Number 09758128
  • $6,639 per year additional tax assessments

Community Details

Building Details

  • 20 Leased Units
  • Rent Control
  • 20 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Electric Expense $1,028
  • Fuel Expense $10,598
  • Gardener Expense $1,000
  • Insurance Expense $4,963
  • Maintenance Expense $6,500
  • Professional Management Expense $10,800
  • Trash Expense $6,000
  • Water Sewer Expense $11,590
  • New Taxes Expense $73,128
  • Operating Expense $125,607
  • Gross Income $12,240
  • Net Operating Income $234,400

Additional Features

  • 20 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Listing Details

  • CapRate: 3.88
  • Professional Management Expense: 10800.00
  • Property Attached: Yes
  • Subdivision Name Other: Civic Center
  • Water Sewer Expenses: 11590.00
  • Zoning: R-2
  • Property Type: Residential Income
  • Gardener Expense: 1000.00
  • Parcel Number: 09758128
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 480.30

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 6000.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 20038.00
  • Lot Size Acres: 0.4600

Multi Family

  • Average1 Bed Area: 500 Square Feet
  • Average2 Bed Area: 750 Square Feet
  • Electric Expense: 1028.00
  • Fuel Expense: 10598.00
  • Garage Income: 8640.00
  • Gross Income: 12240.00
  • Gross Multiplier: 16.47
  • Gross Operating Income: 7097.00
  • Gross Scheduled Income: 354864.00
  • Insurance Expense: 4963.00
  • Laundry Income: 3600.00
  • Lot Size Area: 20038.0000 Square Feet
  • Maintenance Expense: 6500.00
  • Net Operating Income: 234400.00
  • Number Of Separate Electric Meters: 20
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 20
  • Number Of Units Total: 20
  • Operating Expense: 125607.00
  • Rent Control: Yes
  • Total Expenses: 125607.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 73128.00
  • Tax Census Tract: 998.03
  • Tax Lot: 17
  • Tax Tract Number: 4340
  • TaxOtherAnnualAssessmentAmount: 6639.00

Range of Values:

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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 List to Sale Price per Sq Ft
09/13/2022 09/13/22 Sold $5,960,000 -1.4% $480 / Sq Ft
09/10/2022 09/10/22 For Sale $6,045,000 0.0% $487 / Sq Ft
07/18/2022 07/18/22 Pending -- -- --
06/14/2022 06/14/22 For Sale $6,045,000 -- $487 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Randall Mycorn

    Seller's Agent in 2022

    Randall Mycorn

    R L M Equities

    (949) 862-1020

    2 in this area

    36 Total Sales

    Randall Mycorn
    Section Image
  • Mark Bridge

    Buyer's Agent in 2022

    Mark Bridge

    Mark Bridge, Broker

    (949) 419-3200

    1 in this area

    50 Total Sales

    Mark Bridge
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: NP22128415

California Regional Multiple Listing Service (CRMLS)
California Orange County Westminster 92683

8361 15th St, Westminster, CA

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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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