12702 Morningside Ave
8 Unit Apartment Building $2,700,000 ($337,500/Unit) 5.13% Cap Rate Garden Grove, CA 92843
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INVESTMENT HIGHLIGHTS
- Extensive interior and exterior renovations in 2022-2023, featuring on-site laundry & covered parking, and new separate electric meters & box
- Exterior renovations include new stucco & paint, new asphalt, double-pane vinyl windows, and upgraded wall air conditioning
- Interior renovations include new flooring, quartz countertops, refaced cabinets, updated lighting, new kitchen & bath sinks, vanities, and paint
- Prime location between 22 & 5 Freeways, located next to Northgate Market Shopping Center, and Intersection of Harbor Blvd & Westminster Ave
EXECUTIVE SUMMARY
Mark Bridge at Matthews REIS is proud to present 12702 Morningside Ave in Garden Grove, CA. This offering provides investors with the opportunity to acquire a well-located, recently renovated, turnkey property with strong building and curb appeal. Positioned next to Northgate Market Shopping Center and near the busy Westminster Ave and Harbor Blvd intersection, the property offers convenient access to the 22 and 5 Freeways.
Built in 1961, it underwent significant interior and exterior renovations in 2022-2023. The two-story garden-style walk-up features a slightly pitched roof, an on-site laundry room, covered parking for tenants, and recently separate metering for electricity. Each unit has been updated with new flooring, quartz countertops, refaced cabinets, upgraded lighting, new kitchen and bathroom sinks, modern bathroom vanities, new stovetop ovens and hoods, and fresh paint. The exterior has also seen substantial upgrades, including new stucco and paint, newly paved asphalt, double-pane vinyl windows, and wall air conditioning.
Centrally located between the 22 and 5 Freeways, the property provides easy access to all of Orange County and is near key destinations such as Main Place Mall, The Outlets at Orange, Disneyland Resort, Disney California Adventure Park, Anaheim Marketplace, and Downtown Santa Ana. Additionally, it is less than a mile from major retail centers and employment hubs, making it an attractive investment opportunity.
Broker of Record -David Harrington - License No. 02168060 (CA)
Built in 1961, it underwent significant interior and exterior renovations in 2022-2023. The two-story garden-style walk-up features a slightly pitched roof, an on-site laundry room, covered parking for tenants, and recently separate metering for electricity. Each unit has been updated with new flooring, quartz countertops, refaced cabinets, upgraded lighting, new kitchen and bathroom sinks, modern bathroom vanities, new stovetop ovens and hoods, and fresh paint. The exterior has also seen substantial upgrades, including new stucco and paint, newly paved asphalt, double-pane vinyl windows, and wall air conditioning.
Centrally located between the 22 and 5 Freeways, the property provides easy access to all of Orange County and is near key destinations such as Main Place Mall, The Outlets at Orange, Disneyland Resort, Disney California Adventure Park, Anaheim Marketplace, and Downtown Santa Ana. Additionally, it is less than a mile from major retail centers and employment hubs, making it an attractive investment opportunity.
Broker of Record -David Harrington - License No. 02168060 (CA)
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$201,600
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$37.75
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Other Income |
$2,400
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$0.45
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Vacancy Loss |
$6,048
![]() |
$1.13
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Effective Gross Income |
$197,952
![]() |
$37.07
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Taxes |
$31,860
![]() |
$5.97
![]() |
Operating Expenses |
$27,521
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$5.15
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Total Expenses |
$59,381
![]() |
$11.12
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Net Operating Income |
$138,571
![]() |
$25.95
![]() |
PROPERTY FACTS
Price | $2,700,000 |
Price Per Unit | $337,500 |
Sale Type | Investment |
Cap Rate | 5.13% |
Gross Rent Multiplier | 13.39 |
No. Units | 8 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.24 AC |
Building Size | 5,340 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1961 |
Parking Ratio | 2.25/1,000 SF |
Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Security System
- Ceiling Fans
- Kitchen
- Oven
- Range
- Tub/Shower
- Double Pane Windows
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Security System
- Tenant Controlled HVAC
- Gas Range
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
2+1 | 4 | $2,350 | 735 |
1+1 | 4 | $1,875 | 600 |
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PROPERTY TAXES
Parcel Number | 198-123-15 | Total Assessment | $2,203,200 |
Land Assessment | $2,011,541 | Annual Taxes | $31,860 ($5.97/SF) |
Improvements Assessment | $191,659 | Tax Year | 2024 |
ZONING
Zoning Code | R3 |