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10442 Lampson Ave 33 Unit Apartment Building $12,350,000 ($374,242/Unit) 5.08% Cap Rate Garden Grove, CA 92840
INVESTMENT HIGHLIGHTS
- Contemporary Renovations Across the Community: All 27 original units have been thoughtfully renovated with modern upgrades.
- Secure & Convenient Resident Amenities: Controlled access with a call box, multiple laundry facilities, & a mix of carport, garage, & surface parking.
- Proximity to Quality Schools: Just minutes from Garden Grove High School and other local educational institutions.
- Brand-New ADUs Delivering Modern Living: Six accessory dwelling units added in 2023 offering highly desirable rental product within the community.
- Value-Add Potential in Expansive Courtyards: Future ownership has the opportunity to further activate and improve outdoor resident amenities.
- Retail & Dining at Tenants' Doorstep: The Promenade and Hanmi Plaza are close by, providing a wide range of grocery, dining, and shopping options.
EXECUTIVE SUMMARY
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 10442 Lampson Avenue, a 33-unit multifamily community located in Garden Grove, California. Originally built as a 27-unit property, the asset was expanded in 2023 with the addition of six newly constructed accessory dwelling units (ADU), bringing the total to 33 two-bedroom, one-bathroom units. This desirable unit mix appeals broadly to couples, families, and professionals seeking functional layouts in a central Orange County location.
The community has benefited from extensive interior renovations, with all of the original units upgraded to include contemporary finishes such as recessed lighting, quartz countertops, shaker-style cabinetry, vinyl flooring, stainless steel ranges with vent hoods, and modern bathroom vanities. Modern ceiling fans, faucets, and fixtures add both style and efficiency to the unit. The six newly built ADUs were designed with similar attention to detail, featuring dual-pane windows, mini-split air conditioning units, mirrored closet doors, quartz countertops, recessed lighting, and matching cabinetry and flooring, ensuring consistency throughout the property.
Residents enjoy controlled access with a call box, on-site laundry facilities, and a variety of parking options including carport, garage, and surface spaces. The property is framed by attractive landscaping, and its spacious courtyards present future ownership with the opportunity to enhance common area utilization and add further resident amenities.
10442 Lampson Avenue represents a rare opportunity to acquire a renovated and recently expanded multifamily community in a supply-constrained market. With its consistent two-bedroom unit mix, upgraded interiors, and strategic Garden Grove location, the property offers durable tenant appeal and long-term investment stability.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The community has benefited from extensive interior renovations, with all of the original units upgraded to include contemporary finishes such as recessed lighting, quartz countertops, shaker-style cabinetry, vinyl flooring, stainless steel ranges with vent hoods, and modern bathroom vanities. Modern ceiling fans, faucets, and fixtures add both style and efficiency to the unit. The six newly built ADUs were designed with similar attention to detail, featuring dual-pane windows, mini-split air conditioning units, mirrored closet doors, quartz countertops, recessed lighting, and matching cabinetry and flooring, ensuring consistency throughout the property.
Residents enjoy controlled access with a call box, on-site laundry facilities, and a variety of parking options including carport, garage, and surface spaces. The property is framed by attractive landscaping, and its spacious courtyards present future ownership with the opportunity to enhance common area utilization and add further resident amenities.
10442 Lampson Avenue represents a rare opportunity to acquire a renovated and recently expanded multifamily community in a supply-constrained market. With its consistent two-bedroom unit mix, upgraded interiors, and strategic Garden Grove location, the property offers durable tenant appeal and long-term investment stability.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$960,346
|
$35.97
|
| Other Income |
$27,760
|
$1.04
|
| Vacancy Loss |
$28,810
|
$1.08
|
| Effective Gross Income |
$959,296
|
$35.93
|
| Taxes |
$145,315
|
$5.44
|
| Operating Expenses |
$186,777
|
$7.00
|
| Total Expenses |
$332,092
|
$12.44
|
| Net Operating Income |
$627,204
|
$23.49
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $960,346 |
| Annual Per SF | $35.97 |
| Other Income | |
|---|---|
| Annual | $27,760 |
| Annual Per SF | $1.04 |
| Vacancy Loss | |
|---|---|
| Annual | $28,810 |
| Annual Per SF | $1.08 |
| Effective Gross Income | |
|---|---|
| Annual | $959,296 |
| Annual Per SF | $35.93 |
| Taxes | |
|---|---|
| Annual | $145,315 |
| Annual Per SF | $5.44 |
| Operating Expenses | |
|---|---|
| Annual | $186,777 |
| Annual Per SF | $7.00 |
| Total Expenses | |
|---|---|
| Annual | $332,092 |
| Annual Per SF | $12.44 |
| Net Operating Income | |
|---|---|
| Annual | $627,204 |
| Annual Per SF | $23.49 |
PROPERTY FACTS
| Price | $12,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $374,242 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.93 AC |
| Cap Rate | 5.08% | Building Size | 26,700 SF |
| Gross Rent Multiplier | 12.5 | Average Occupancy | 94% |
| No. Units | 33 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.05/1,000 SF |
| Zoning | R3, Garden Grove | ||
| Price | $12,350,000 |
| Price Per Unit | $374,242 |
| Sale Type | Investment |
| Cap Rate | 5.08% |
| Gross Rent Multiplier | 12.5 |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.93 AC |
| Building Size | 26,700 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.05/1,000 SF |
| Zoning | R3, Garden Grove |
AMENITIES
UNIT AMENITIES
- Balcony
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Vinyl Flooring
- Quartz Countertops
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 33 | - | 400 - 900 |
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PROPERTY TAXES
| Parcel Number | 089-064-09 | Total Assessment | $8,644,855 |
| Land Assessment | $7,597,665 | Annual Taxes | $145,315 ($5.44/SF) |
| Improvements Assessment | $1,047,190 | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
089-064-09
Land Assessment
$7,597,665
Improvements Assessment
$1,047,190
Total Assessment
$8,644,855
Annual Taxes
$145,315 ($5.44/SF)
Tax Year
2025 Payable 2025
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10442 Lampson Ave
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