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1215 S Athena Way 4 Unit Apartment Building $1,850,000 ($462,500/Unit) 4.45% Cap Rate Anaheim, CA 92806
Investment Highlights
- The property features a highly marketable mix of one, 2 Bed/1 Bath, two, 2 Bed/2 Bath, and one, 3 Bed/2 Bath units.
- Ownership has completed multiple building-wide improvements, including new dual-pane windows and sliding doors, and more.
- The property is located approximately 0.5 miles from OCVibe, Anaheim’s emerging 100-acre entertainment and mixed-use district.
- Each unit benefits from private laundry hookups located within its assigned garage.
- Situated within walking distance of James Guinn Elementary School and Katella High School.
- Convenient access to State Route 57, Interstate 5, and ARTIC provides connectivity throughout the region.
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present the opportunity to acquire 1215 South Athena Way, a 4-unit multifamily property located in Anaheim, CA. Built in 1972, the property offers a desirable unit mix, strong parking, and meaningful recent improvements in a well-located Anaheim submarket. The property consists of two and three-bedroom units, each with private outdoor space and individual laundry hookups located within the unit’s assigned garage, a highly sought-after amenity that supports tenant retention and rental demand.
Current ownership has completed a full interior renovation of one unit while also investing in multiple property-wide improvements, establishing a clear and proven renovation path for future ownership. The renovated unit highlights the achievable rental and lifestyle upside through modern finishes, while the remaining units provide immediate value-add potential through continued interior upgrades over time.
The property is supported by 7 total parking spaces, including three single-car garages, one two-car garage, and two surface spaces, along with recently upgraded windows, garage doors, and major building systems. Combined with its proximity to major employment, entertainment, and transit corridors, 1215 South Athena Way represents a compelling opportunity for both owner-operators and long-term investors seeking a well-maintained Anaheim asset with future upside.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Current ownership has completed a full interior renovation of one unit while also investing in multiple property-wide improvements, establishing a clear and proven renovation path for future ownership. The renovated unit highlights the achievable rental and lifestyle upside through modern finishes, while the remaining units provide immediate value-add potential through continued interior upgrades over time.
The property is supported by 7 total parking spaces, including three single-car garages, one two-car garage, and two surface spaces, along with recently upgraded windows, garage doors, and major building systems. Combined with its proximity to major employment, entertainment, and transit corridors, 1215 South Athena Way represents a compelling opportunity for both owner-operators and long-term investors seeking a well-maintained Anaheim asset with future upside.
*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 |
$121,500
|
$27.96
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,645
|
$0.84
|
| Effective Gross Income |
$117,855
|
$27.12
|
| Taxes |
$21,022
|
$4.84
|
| Operating Expenses |
$14,561
|
$3.35
|
| Total Expenses |
$35,583
|
$8.19
|
| Net Operating Income |
$82,272
|
$18.93
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $121,500 |
| Annual Per SF | $27.96 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,645 |
| Annual Per SF | $0.84 |
| Effective Gross Income | |
|---|---|
| Annual | $117,855 |
| Annual Per SF | $27.12 |
| Taxes | |
|---|---|
| Annual | $21,022 |
| Annual Per SF | $4.84 |
| Operating Expenses | |
|---|---|
| Annual | $14,561 |
| Annual Per SF | $3.35 |
| Total Expenses | |
|---|---|
| Annual | $35,583 |
| Annual Per SF | $8.19 |
| Net Operating Income | |
|---|---|
| Annual | $82,272 |
| Annual Per SF | $18.93 |
Property Facts
| Price | $1,850,000 | Property Subtype | Apartment |
| Price Per Unit | $462,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 4.45% | Building Size | 4,345 SF |
| Gross Rent Multiplier | 15.23 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.61/1,000 SF |
| Zoning | RM1200 | ||
| Price | $1,850,000 |
| Price Per Unit | $462,500 |
| Sale Type | Investment |
| Cap Rate | 4.45% |
| Gross Rent Multiplier | 15.23 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 4,345 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.61/1,000 SF |
| Zoning | RM1200 |
Amenities
Unit Amenities
- Balcony
- Washer/Dryer Hookup
- Tile Floors
- Stainless Steel Appliances
- Patio
- Quartz Countertops
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | 900 |
| 2+2 | 2 | - | 1,050 |
| 3+2 | 1 | - | 1,345 |
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Walk Score®
Very Walkable (71)
Property Taxes
| Parcel Number | 253-171-03 | Total Assessment | $1,602,424 |
| Land Assessment | $1,371,033 | Annual Taxes | $21,022 ($4.84/SF) |
| Improvements Assessment | $231,391 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
253-171-03
Land Assessment
$1,371,033
Improvements Assessment
$231,391
Total Assessment
$1,602,424
Annual Taxes
$21,022 ($4.84/SF)
Tax Year
2025 Payable 2025
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1215 S Athena Way
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