Address
1113 1119, 11 W Porter Avenue W Fullerton, CA
Price
$ 6,195,000
Property Attributes
  • MLS#OC21158324
  • TypeIncome
  • CountyORANGE
  • CityFullerton
  • AreaFullerton
  • NeighborhoodFullerton Heights
  • Zip92833
  • StyleApartment
  • Year Built1960
  • Taxes$ 6195000
  • Price$ 6,195,000
  • Bedrooms36
  • Full Bathrooms18
  • Half Bathrooms0
  • Sqr Footage14211
  • Lot Size7,841 SqFt
Listing Provided Courtesy Of:
Joseph Berkson with Marcus & Millichap RE Invest - 949-419-3232
Data Source:
California Regional MLS (CRMLS) - 25 - CA
Property Description

This offering consists of three buildings on three individual parcels with addresses including 1113, 1119 and 1125 West Porter Avenue. 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 are at least 11.24% below market with the current unit upgrades . That equates to an estimated NOI upside of over 18.31%. By leveling rents at the property in its as-is condition, an investor has an easy path of upside to a 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. PROPERTY TOURS MUST BE COORDINATED WITH THE LISTING AGENT. PLEASE DO NOT DISTURB TENANTS OR ONSITE STAFF. MAKE ALL OFFERS SUBJECT TO INSPECTION

Price History
7/26/2021 Listed $6,195,000

General Features

Additional Parcels Description 072-35-241, 072-35-242
Additional Parcels Y/N Yes
Appliances Built-In Range, Disposal, Gas Range, High Efficiency Water Heater
Community Features Sidewalks
Construction Materials Drywall, Frame, Stucco
Cooling None
Exterior Features Lighting
Flooring Vinyl
Garage Spaces 18
Garage Y/N Yes
Heating Wall Furnace
Interior Features Ceiling Fan(s)
Levels Two
Listing Agent Joseph Berkson - BRE#01031951
Listing Agent State License 01031951
MLS Area 83 - Fullerton
Pool Features None
Property Attached Y/N Yes
Property Sub Type Additional Apartment
Property SubType Apartment
Property Type Residential Income
PropertyCondition Turnkey
Roof Flat
Senior Community Y/N No
Sewer Public Sewer
Spa Features None
Special Listing Conditions Standard
Status Active
Stories 2
Subdivision Name Fullerton Heights (FULH)
Terms Cash, Cash to New Loan
Total Units 18
View None
Water Sewer Expense 14420

Interior Features

Common Walls 2+ Common Walls
Fireplace Features None
Heating Y/N Yes
Laundry Features Common Area
Window Features Double Pane Windows

Exterior Features

Lot Features 31-35 Units/Acre, Corner Lot, Cul-De-Sac, Landscaped
Lot Size Acres 0.18
Lot Size Area 7841
Lot Size Source Assessor
Lot Size Square Feet 7841
Lot Size Units Square Feet
Number of Buildings 3
Number of Separate Electric Meters 21
Number of Separate Gas Meters 21
Number of Separate Water Meters 3
Parking Features Garage Faces Rear
Road Frontage Type Alley, City Street
Road Surface Type Alley Paved, Paved
Total Parking 18
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 92833

Price
AVG $3.11M
$6.2M
Taxes
AVG $6,195,000
$6,195,000
Visits
AVG 31
47
Year Built
AVG 1962
1960
Walkscore
AVG 77
77
Data Provided by Walkscore ® not using MLS data

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