Another four-plex in Orange has sold, this time on the eastern side of Old Towne.
The 66-year-old four-unit apartment property at 224 S. Oak St. traded hands for $1,590,000 or $397,500 per unit.
SEE MORE: Investors gobble up 4-plex apartment properties
The single-story building sits on a 10,809-square-foot lot near Loving Hut and Taco Los Reyes along Tustin Street. Built in 1957, the building has two one-bedroom and two two-bedroom units. All have laundry units inside. There are eight parking spaces on the site, plus four garage spaces with four tandem spaces.
“The property is a fully turnkey asset featuring 100% one-story, one- and two-bedroom units,” said Amanda Fielder at CBRE. “Extensive interior and exterior renovations totaling $200,000 were completed within the past year, including a full renovation of all four units.
CBRE said gross monthly rent of $9,500 “appealed to buyers seeking an in-place 5.25% cap rate.”
“The fourplex multifamily market is extremely competitive right now due to a low inventory of quality assets,” Fielder said. “We are witnessing interest from various types of investors, including seasoned buyers, vying for these properties.”
Earlier in July, three, four-unit apartment properties sold for a combined $5.48 million to three separate buyers in just 10 days. One of those deals included another Orange four-plex, which sold for $1.78 million or $443,750 per unit. The property near Holy Family Catholic Church had multiple bidders and sold for $75,000 over the asking price.
Dallas firm buys in Anaheim, its first California buy
Dallas-based Dalfen Industrial bought a two-building, 182,800-square-foot industrial park in Anaheim.
Terms of the deal were not disclosed.
The Mart, at 1340-1400 S. State College Blvd. and 2000 -2050 E. Winston Road, includes two buildings that were fully leased at the time of the sale.
“The acquisition of The Mart provides another strategic last mile location for Dalfen in Southern…
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