301 E Mills Dr
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301 E Mills Dr
4 Unit Apartment Building $1,799,000 ($449,750/Unit) 3.82% Cap Rate Anaheim, CA 92805
Investment Highlights
- Exclusively Spacious Two-Bedroom Floor Plans | Rare 1980’s Construction Located on a Large Corner Lot
- Gated Pedestrian Access & a Spacious Common-Area Yard | Ample Gated Garage Parking: 10 Total Spaces
- Within a 2-Mile Radius of Local Hotspots Including Anaheim Packing District, Anaheim Plaza, The Rinks, Downtown Fullerton, & Fullerton Town Center
- Attractive Accessory Dwelling Unit (ADU) Potential: Currently Waiting to Receive Permit Approval & Estimated at 512 Square Feet
- Units Feature In-Unit Laundry Hookups, Individual Water Heaters, Private Balconies, Security Doors, Central A/C & Dual-Pane Windows
- SB-721 Balcony Work & Approval Completed
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 301 East Mills Drive, a 4-unit multifamily investment property located in Anaheim, California.
Built in 1986, 301 East Mills Drive offers exclusively two-bedroom units with in-unit laundry hookups, private balconies, security doors, and dual-pane windows. Residents enjoy the property’s amenities including gated pedestrian access leading to a spacious common-area courtyard and ample garage parking, with two reserved spaces per unit. Additionally, each unit features an individual water heater.
301 East Mills Drive offers new ownership the opportunity to diversify the unit mix and increase potential rental income through the development of an accessory dwelling unit (ADU). Current ownership is working on the permitting process with the city for the ADU, which is planned to be approximately 512 square feet. This ADU structure already has its own electrical meter and water connection.
The property is situated in an optimal North Orange County location, between Downtown Anaheim and Downtown Fullerton, and in close proximity of an abundance of parks, schools, and retail centers. Residents enjoy the property’s close proximity to a plethora or outdoor activities at La Palma Park and Dog Park, as well as Pearson Park, a 19-acre park featuring a 2,000 seat amphitheatre. Additionally, 301 East Mills Drive is within a 2-mile radius of numerous local hotspots including Anaheim Packing District, Anaheim Plaza, The Rinks - Anaheim ICE, Fullerton Town Center, and Fullerton Metrocenter. Finally, the property benefits from its proximity to State Route 91 and Interstate 5, connecting residents to employment hubs throughout Southern California.
Given its optimal Anaheim location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 301 East Mills Drive.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Built in 1986, 301 East Mills Drive offers exclusively two-bedroom units with in-unit laundry hookups, private balconies, security doors, and dual-pane windows. Residents enjoy the property’s amenities including gated pedestrian access leading to a spacious common-area courtyard and ample garage parking, with two reserved spaces per unit. Additionally, each unit features an individual water heater.
301 East Mills Drive offers new ownership the opportunity to diversify the unit mix and increase potential rental income through the development of an accessory dwelling unit (ADU). Current ownership is working on the permitting process with the city for the ADU, which is planned to be approximately 512 square feet. This ADU structure already has its own electrical meter and water connection.
The property is situated in an optimal North Orange County location, between Downtown Anaheim and Downtown Fullerton, and in close proximity of an abundance of parks, schools, and retail centers. Residents enjoy the property’s close proximity to a plethora or outdoor activities at La Palma Park and Dog Park, as well as Pearson Park, a 19-acre park featuring a 2,000 seat amphitheatre. Additionally, 301 East Mills Drive is within a 2-mile radius of numerous local hotspots including Anaheim Packing District, Anaheim Plaza, The Rinks - Anaheim ICE, Fullerton Town Center, and Fullerton Metrocenter. Finally, the property benefits from its proximity to State Route 91 and Interstate 5, connecting residents to employment hubs throughout Southern California.
Given its optimal Anaheim location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 301 East Mills Drive.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$104,160
|
$29.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,125
|
$0.90
|
| Effective Gross Income |
$101,035
|
$29.09
|
| Taxes |
$19,777
|
$5.69
|
| Operating Expenses |
$12,514
|
$3.60
|
| Total Expenses |
$32,291
|
$9.30
|
| Net Operating Income |
$68,744
|
$19.79
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $104,160 |
| Annual Per SF | $29.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,125 |
| Annual Per SF | $0.90 |
| Effective Gross Income | |
|---|---|
| Annual | $101,035 |
| Annual Per SF | $29.09 |
| Taxes | |
|---|---|
| Annual | $19,777 |
| Annual Per SF | $5.69 |
| Operating Expenses | |
|---|---|
| Annual | $12,514 |
| Annual Per SF | $3.60 |
| Total Expenses | |
|---|---|
| Annual | $32,291 |
| Annual Per SF | $9.30 |
| Net Operating Income | |
|---|---|
| Annual | $68,744 |
| Annual Per SF | $19.79 |
Property Facts
| Price | $1,799,000 | Apartment Style | Low Rise |
| Price Per Unit | $449,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 3.82% | Building Size | 3,473 SF |
| Gross Rent Multiplier | 17.28 | No. Stories | 1 |
| No. Units | 4 | Year Built | 1986 |
| Property Type | Multifamily | Parking Ratio | 2.88/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,799,000 |
| Price Per Unit | $449,750 |
| Sale Type | Investment |
| Cap Rate | 3.82% |
| Gross Rent Multiplier | 17.28 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 3,473 SF |
| No. Stories | 1 |
| Year Built | 1986 |
| Parking Ratio | 2.88/1,000 SF |
Unit Amenities
- Balcony
- Washer/Dryer Hookup
- Kitchen
- Garden
Site Amenities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 4 | - | 868 |
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PROPERTY TAXES
| Parcel Number | 035-064-05 | Total Assessment | $1,319,228 |
| Land Assessment | $935,549 | Annual Taxes | $19,777 ($5.69/SF) |
| Improvements Assessment | $383,679 | Tax Year | 2023 Payable 2023 |
PROPERTY TAXES
Parcel Number
035-064-05
Land Assessment
$935,549
Improvements Assessment
$383,679
Total Assessment
$1,319,228
Annual Taxes
$19,777 ($5.69/SF)
Tax Year
2023 Payable 2023
zoning
| Zoning Code | R-3 |
| R-3 |
-
Tyler Leeson -
Christian Tait -
Matthew Kipp -
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301 E Mills Dr
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