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10861 Walnut St 3 Unit Apartment Building $1,700,000 ($566,667/Unit) 2.42% Cap Rate Los Alamitos, CA 90720
Investment Highlights
- 3-unit multifamily property consisting of two separate buildings totaling 2,734 rentable square feet on a 0.15-acre parcel
- Front house features an attached garage and a spacious private yard, appealing to tenants seeking additional privacy and outdoor space
- Current rents below market with potential to increase income through a comprehensive renovation program
- Unit mix includes 1 two-bed/one-bath single-story house and 2 two-bed/two-bath units configured as an up/down duplex
- Ample on-site parking including 4 carport spaces and 1 single-car garage
- One vacant unit provides immediate opportunity to achieve market rents without tenant displacement
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present the opportunity to acquire a 3-unit multifamily property located at 10861 Walnut Street in Los Alamitos, California. Built in 1960 and 1985 on a 0.15-acre parcel, the property consists of two separate buildings totaling 2,734 rentable square feet.
The property features a desirable unit mix of 1 two-bed/one-bath single-story house and 2 two-bed/ two-bath units configured as an up/down duplex. The house includes an attached garage and a spacious private yard, appealing to tenants seeking additional privacy and usable outdoor space, while the duplex units offer efficient layouts with broad rental appeal.
The property benefits from ample on-site parking, including four carport spaces and one single-car garage, supporting tenant convenience in a supply-constrained parking market.
Current rents are below market, presenting a clear opportunity for a new owner to capture rental upside through a comprehensive renovation program.
Overall, the asset offers a low-density residential setting with a functional unit mix, providing both immediate leasing potential and the ability to enhance income in the desirable Los Alamitos market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property features a desirable unit mix of 1 two-bed/one-bath single-story house and 2 two-bed/ two-bath units configured as an up/down duplex. The house includes an attached garage and a spacious private yard, appealing to tenants seeking additional privacy and usable outdoor space, while the duplex units offer efficient layouts with broad rental appeal.
The property benefits from ample on-site parking, including four carport spaces and one single-car garage, supporting tenant convenience in a supply-constrained parking market.
Current rents are below market, presenting a clear opportunity for a new owner to capture rental upside through a comprehensive renovation program.
Overall, the asset offers a low-density residential setting with a functional unit mix, providing both immediate leasing potential and the ability to enhance income in the desirable Los Alamitos market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$74,400
|
$27.21
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,232
|
$0.82
|
| Effective Gross Income |
$72,168
|
$26.40
|
| Taxes |
$18,647
|
$6.82
|
| Operating Expenses |
$12,379
|
$4.53
|
| Total Expenses |
$31,026
|
$11.35
|
| Net Operating Income |
$41,142
|
$15.05
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $74,400 |
| Annual Per SF | $27.21 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $2,232 |
| Annual Per SF | $0.82 |
| Effective Gross Income | |
|---|---|
| Annual | $72,168 |
| Annual Per SF | $26.40 |
| Taxes | |
|---|---|
| Annual | $18,647 |
| Annual Per SF | $6.82 |
| Operating Expenses | |
|---|---|
| Annual | $12,379 |
| Annual Per SF | $4.53 |
| Total Expenses | |
|---|---|
| Annual | $31,026 |
| Annual Per SF | $11.35 |
| Net Operating Income | |
|---|---|
| Annual | $41,142 |
| Annual Per SF | $15.05 |
Property Facts
| Price | $1,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $566,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 2.42% | Building Size | 2,734 SF |
| Gross Rent Multiplier | 22.85 | No. Stories | 2 |
| No. Units | 3 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.67/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,700,000 |
| Price Per Unit | $566,667 |
| Sale Type | Investment |
| Cap Rate | 2.42% |
| Gross Rent Multiplier | 22.85 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 2,734 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.67/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | - | 960 |
| 2+1 | 1 | - | 814 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 242-201-14 | Total Assessment | $313,546 (2025) |
| Land Assessment | $139,496 (2025) | Annual Taxes | $18,647 ($6.82/SF) |
| Improvements Assessment | $174,050 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
242-201-14
Land Assessment
$139,496 (2025)
Improvements Assessment
$174,050 (2025)
Total Assessment
$313,546 (2025)
Annual Taxes
$18,647 ($6.82/SF)
Tax Year
2026 Payable 2026
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10861 Walnut St
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