Westminster Apartments | 8342-8402 Westminster Blvd
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Westminster Apartments 8342-8402 Westminster Blvd
80 Unit Apartment Building $22,800,000 ($285,000/Unit) 4.09% Cap Rate Westminster, CA 92683
Investment Highlights
- Attractive Unit Mix of One & Two-Bedroom Floor Plans
- Value-Add Opportunity with Significant Rental Upside
- Phenomenal Visibility Along the City's Main Thoroughfare
- Four Contiguous Parcels (20 Units Each)
- Prime Westminster Location Near Liberty Park & City Hall
Executive Summary
Morgan Skenderian is pleased to present the Westminster Apartments, a portfolio of 80 apartment units laid out over 4 contiguous parcels of land (20 units each). Built in 1963, the property is comprised of one and two-bedroom floor plans. Property amenities include laundry facilities, an expansive courtyard and an open parking lot at the rear of the property. Newly renovated units offer new hardwood flooring, new granite countertops, new gas range/oven, custom hardwood cabinetry, custom tiled walls in the bathrooms, oversized vanities, gas heaters and ceiling fans. Through the continued modernization of the remaining units and increases on current rent levels that are projected to be nearly 37% below market, the Westminster Apartments has phenomenal growth potential and exceptional future cash-on-cash returns.
Ideally located in the city of Westminster and given its close proximity to Huntington Beach, Seal Beach, Garden Grove, and Fountain Valley, residents have access to an endless amount of dining, shopping, and entertainment options. Additionally, the property is located near Highway 39 (Beach Boulevard), State Route 22 (Garden Grove Freeway) and State Route 405 (San Diego Freeway), allowing for ease of access to regional employment hubs in Los Angeles and Orange Counties.
Ideally located in the city of Westminster and given its close proximity to Huntington Beach, Seal Beach, Garden Grove, and Fountain Valley, residents have access to an endless amount of dining, shopping, and entertainment options. Additionally, the property is located near Highway 39 (Beach Boulevard), State Route 22 (Garden Grove Freeway) and State Route 405 (San Diego Freeway), allowing for ease of access to regional employment hubs in Los Angeles and Orange Counties.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,472,880
|
$30.01
|
| Other Income |
$88,548
|
$1.80
|
| Vacancy Loss |
$46,842
|
$0.95
|
| Effective Gross Income |
$1,514,586
|
$30.86
|
| Taxes |
$278,200
|
$5.67
|
| Operating Expenses |
$304,694
|
$6.21
|
| Total Expenses |
$582,894
|
$11.87
|
| Net Operating Income |
$931,692
|
$18.98
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $1,472,880 |
| Annual Per SF | $30.01 |
| Other Income | |
|---|---|
| Annual | $88,548 |
| Annual Per SF | $1.80 |
| Vacancy Loss | |
|---|---|
| Annual | $46,842 |
| Annual Per SF | $0.95 |
| Effective Gross Income | |
|---|---|
| Annual | $1,514,586 |
| Annual Per SF | $30.86 |
| Taxes | |
|---|---|
| Annual | $278,200 |
| Annual Per SF | $5.67 |
| Operating Expenses | |
|---|---|
| Annual | $304,694 |
| Annual Per SF | $6.21 |
| Total Expenses | |
|---|---|
| Annual | $582,894 |
| Annual Per SF | $11.87 |
| Net Operating Income | |
|---|---|
| Annual | $931,692 |
| Annual Per SF | $18.98 |
Property Facts
| Price | $22,800,000 | Apartment Style | Garden |
| Price Per Unit | $285,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.84 AC |
| Cap Rate | 4.09% | Building Size | 49,087 SF |
| Gross Rent Multiplier | 14.6 | Average Occupancy | 99% |
| No. Units | 80 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment |
| Price | $22,800,000 |
| Price Per Unit | $285,000 |
| Sale Type | Investment |
| Cap Rate | 4.09% |
| Gross Rent Multiplier | 14.6 |
| No. Units | 80 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.84 AC |
| Building Size | 49,087 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built | 1963 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Storage Space
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Oven
- Range
- Tub/Shower
- Smoke Free
Site Amenities
- Courtyard
- Laundry Facilities
- Recycling
- Bicycle Storage
- Online Services
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 42 | - | 652 |
| 2+1 | 38 | - | 850 |
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Walk Score ®
Very Walkable (87)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $17,340,000 | |
| Land Assessment | $15,842,851 | Annual Taxes | $278,200 ($5.67/SF) |
| Improvements Assessment | $1,497,149 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$15,842,851
Improvements Assessment
$1,497,149
Total Assessment
$17,340,000
Annual Taxes
$278,200 ($5.67/SF)
Tax Year
2023
zoning
| Zoning Code | R2 |
| R2 |
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Doug Rodermund -
Rick Applebaum -
Paul Espinosa -
Morgan-Skenderian Investment Real Estate Group
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Westminster Apartments | 8342-8402 Westminster Blvd
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